79.9% APR!!!

[nissangirl74]

In order to 'stay profitable' First Premier Bank is issuing credit cards with interest rates as high as 79.9% APR!!! Additionally, they charge $135 in fees, EVERY year!!

http://finance.yahoo.com/news/Credit-ca ... 3.html?x=0

They are marketed to people with poor credit, who typically will not qualify for a card with a decent interest rate. If you had poor credit and couldn't get another card, would you accept this one or just do without?

[dre1507]

absolutely do without. no ifs, ands, or buts about it. that's not even classifiable as ridiculous.

[Jesda]

Usury!

[nissangirl74]

what amazes me the most is that the company is getting THOUSANDS of applications per month. Are people trying to rebuild their credit or are they just looking for an easy $300?

[dre1507]

that's an interesting way to look at it Becky. I think to some people it doesn't even matter, because they've already adopted the mentality that they'll always be in debt for as long as they're alive.

[RCA]

what amazes me the most is that the company is getting THOUSANDS of applications per month. Are people trying to rebuild their credit or are they just looking for an easy $300?

If they are trying to build their credit back, then they better pay it off in full every month. I see this hurting SO many people

[PoorManQ45]

Usury, as Jesda said.

If they pay the card off in full every month there would not be an issue. I suspect that will not be the case...

What are the fees for?

[sentrastace]

thats redonkulous.
will do without credit cards....i have for 2 years now. jesus effing christ.

[mmkeller]

loan sharks,





almost

[Encryptshun]

What are the fees for?

The fees are to generate revenue even in the case that the user pays off the balance every month.

[AppleBonker]

Which is of course only supplementing the revenue earned from fees charged to the business where the card is used!

[Urabus GodofTraction]

Which is of course only supplementing the revenue earned from fees charged to the business where the card is used!

Traditionally Mastercard/Visa etc get the lion's share of those fees.

[themadscientist]

I don't like to see people cheated, and I hate a banker with every fiber of my being, but at some point people have to be responsible for the dumb choices they make. I heard an advertisement for rent to own TIRES! Yes, tires. In the same breath the pitchman added, "any why not get some rims?"

Why? Because you are so F-ed you can't afford a set of friggin tires and you are renting to own, THAT'S WHY! Better sell the car, get a bus pass and get your finances in order dumbass. That's the problem with Americans, no fiscal responsibility.

And speaking of fiscal responsibility, If you think this is scary, check the credit card statement for our country.
http://www.usdebtclock.org/

After you look at your personal debt, check out your debt as a citizen.

[Dittoz7]

Scary numbers are scary...

[DamonDread]

Never had a CC never will. Im come from a family notorious for burying their money thought LMAO.

[LongBeachCoupe]

Never had a CC never will. Im come from a family notorious for burying their money thought LMAO.

Whats your address?


Guys I am a bank employee, and I know a whole lot about all this stuff... Ive known about this card for a while, and of people who have it!

www.creditkarma.com is a good site to look at...

Its hard to see how people would want X... you are not them!

Sometimes the situation dictates your decisions...

[themadscientist]

Your situational decisions are affected by your cognitive abilities. Stupid is stupid and despite whiny liberals funding their misguided philanthropy with other people's money, life still finds a way of punishing stupid.

[Urabus GodofTraction]

Lol debtors.

[themadscientist]

It's the modern paradigm. People who are not carrying around needless debt are seen as kooks these days.

[Urabus GodofTraction]

It's the modern paradigm. People who are not carrying around needless debt are seen as kooks these days.

It's a bit of a bummer not to have all the latest cool s***. One of the guys at work who makes about 3/4ths what I do just bought a used Lotus Elise. Heavily financed, of course.

[themadscientist]

Knowing your ride is paid for, though, has a value of its own. All my cars are old and kind of dogged-out but they are mine free and clear. The house, well; the bank is nice enough to let me live in it because it's theirs.

[nissangirl74]

Knowing your ride is paid for, though, has a value of its own. All my cars are old and kind of dogged-out but they are mine free and clear. The house, well; the bank is nice enough to let me live in it because it's theirs.