Posted on 12/17/2009 7:56:50 PM PST by GOPsterinMA
NEW YORK (AP) -- It's no mistake. This credit card's interest rate is 79.9 percent.
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules.
(Excerpt) Read more at finance.yahoo.com ...
Why wouldn’t it be legal? Is it your business what they charge suckers?
Is it your business who takes money from the mob?
I don’t care what they charge deadbeats, but 80% interest?
A person would be better off getting a loan from a loanshark - it’s cheaper.
Usury laws pre-date the United States by thousands of years. That’s how long we’ve known it’s wrong.
Not long ago, I got an offer for an “ultra-priveleged” credit card with a $495 membership fee, all so I could credit at the phenomenal rate of 13.9 percent.
After a good laugh, it went straight to the circular bin.
If you want a good credit card rate, go see a local bank that didn’t take TARP money. If your credit isn’t ruined, they should give you a good offer. Mine did (6.9 percent).
If you don’t like the price, shop elsewhere.
Thats why Wal-Mart is so big.
WTH is a “ultra-priveleged” credit card? What nerve to even mail that to you or anyone else!!! Idiots.
For sure on the non-TARP local banks. I love mine!
I believe our current Vice President has a son who was, or is, a lobbiest for the credit card companies up in Wilmington DE.
Of course, it’s not corruption when it’s Democrat corruption.
From 9.9 percent to 79.9 percent.....
lol....
80% is usery, which I thought was illegal. That’s the point of my posting this article.
I avoid WallyWorld as much as I can.
RIGHT!!! I forgot about that!
“Of course, it’s not corruption when it’s Democrat corruption.”
Ain’t that the truth!!!
“From 9.9 percent to 79.9 percent.....”
Right! I guess it’s legal, but wow. I don’t think a loanshark would increase the vig that much, at least not all at once.
It talked about "consierge service" and other assistance I didn't need. It wasn't that great an offer, particularly with the membership fee and the interest rate.
I guess the offer is attractive if one of Tiger's concubines comes free with your first purchase or something but, otherwise, it was a laughable offer.
Trick? Illegal?
Seems about right....When you lend to extraordinary poor credit risks, you need an extraordinary rate of return (to compensate for the risk).
HAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!
Tiger’s whores!!! HAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!
I wouldn’t touch any of them with a twenty foot pole.
In the old days, even the mob didn’t charge that much.
Exactly!
Different days, different mob.
If they agree to it in advance then no one is being “used”
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