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.