First Premier Bank Offers Pre-Approved Credit Cards with ‘Only’ 79.9% APR

Not yet convinced that a bank will charge stratospheric interest rates on your credit card?

Well, check out First Premier. The South Dakota-based bank,  which claims to be the country’s 10th largest issuer of Visa (V) and MasterCard (MA) credit cards, is currently offering a pre-approved MasterCard that comes with a 79.9% yearly interest rate. Yes, you are reading it right. That’s ‘only’ 79.9% APR.

As many Americans are finding out, credit card rates are still way out of control.

NBC San Diego: “Gordon Hageman couldn’t believe the credit card offer he got in the mail.

“My first thought, it was a mistake,” Hageman said.

The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR.

Yes, 79.9 percent.

Though Gordon acknowledges his credit “isn’t perfect, but he said it’s about average. He said the pre-approved offer didn’t mention the actual interest rate on the card..”

Needless to say that increasing rates to such exorbitant levels is outrages. This is nothing more than legalized loan sharking. But then again, scams come in all shapes and sizes.

7 Comments on First Premier Bank Offers Pre-Approved Credit Cards with ‘Only’ 79.9% APR

  1. I just got one of these pre approved things … and like many Americans I’m scraping … especially since it’s nearing the end of the month… I don’t have any credit cards right now (paid off my last one 4 months ago! YAY!!!)… I thought I would just have a look… I looked alright and was completely shocked! For goodness sakes, I’ll bet loan sharks offer better rates than this bank! SO I did what everyone should do … I picked up my phone and started asking questions…
    by the way …. here are some numbers for anyone who wants them:
    First Premier Bank 1-800-603-8383 (credit card call center)
    First Premier Bank 1- 605-358-3001 (open during business hours only)
    Federal Reserve Board 1-888-851- 1920 (they hold FDIC Certificate #6085)

    I contacted the FDIC… if it had been earlier in the day, I would have lodged my complaint already. However, I got to my mail late this evening… so first thing tomorrow, I am calling and exercising my right to COMPLAIN as an American! (LOL!)

    In today’s economy this is tantamount to price gouging in a disaster. If someone is caught price gouging during a disaster (for things like water, gas, food…etc…) they can be tried for TREASON!
    In my opinion, our economy is disasterous … and this is price gouging…. if it walks like a duck (you know the rest…)
    Not to mention, what about our elderly who may not read all of the fine print?
    Not fair and frankly UNAMERICAN!

  2. OK YES IT SOUNDS HI BUT DO THE MATH, THE DIFFERENCE BETWEEN 19.9 % AND THE 79.9% CARD PER $100 IS LESS THAN $5.50 AND IF YOU LISTEN WHEN YOU ARE TALKING TO YOUR CC REP THEY WILL TELL YOU THAT IF YOU USE THE 25 DAY GRACE PERIOD AND PAY OFF YOUR CHARGES IF WON’T COST YOU ANYTHING. AND IF YOUR SMART THIS IS WHAT YOU DO IN THE FIRST PLACE !! ONE MORE THING, THIS IS A GREAT CARD FOR REESTABLISHING YOUR CREDIT, YOU GOT YOURSELF INTO THIS MESS SO YOU EXPECT THEM TO FEEL SORRY FOR YOU, WHAT OTHER CREDIT CARD IS OFFERING YOU A SECOND CHANCE AFTER YOUR SMEAR YOUR CREDIT ? AND THEY REPORT MONTHLY TO THE 4 MAJOR CREDIT BUREAUS SO IF YOU PAY IT OFF MONTHLY (LIKE YOU SHOULD BE) THEN YOU ARE REPAIRING YOUR CREDIT SO YOU CAN GET OUT OF THE BAD CREDIT LINE AND GET BACK TO BEING IN A NORMAL PERCENTAGE. SO GIVE THIS COMPANY SOME CREDIT, THEY ARE THERE TO HELP YOU, ITS THE GOVT THAT HAS CAUSED THIS AND NOT TO MENTION ALL THE IDIOTS THAT APPLY FOR CREDIT CARDS, MAX THEM OUT AND THEN NEVER PAY FOR THEM, THAT IS WHY THEY HAVE FEES APPLIED TO THE CARDS, BECAUSE OF THE RISK IINVOLVED KNOWING YOU HAVE BAD CREDIT. SO NOW THAT THERE ARE LIMITS TO THE FEES THERE STILL HAS TO BE A WAY TO RECOUP IF YOU DON’T PAY YOUR CREDIT CARD, NOW DO YOU UNDERSTAND….

  3. I got one of their offers in the mail today and decided to go online and check it out, after reading all of the horror stories and doing some research about the bank itself…I think I’ll take a pass.

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