First Premier Bank is offering credit cards with an annual interest rate of 79.9%.
The only difference between First Premier Bank and your local loan shark is that your kneecaps are safe if you default on First Premier.
(H/T)
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Thursday, October 22, 2009
9 comments:
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This is legal how?
ReplyDeleteJesus.
It's legal in South Dakota, where First Premier is chartered and where there is no maximum interest rate.
ReplyDeleteYou think it is by chance that so many banks have their credit card operations in South Dakota? Citibank pioneered that decades ago.
Anyone who signs up for something like that deserves it.
ReplyDeleteI admire the exquisitely delicate touch of that "79.9". It sounds so much less than "80".
ReplyDeleteBob, I sort of agree, but it is very unsettling that there are states which allow this sort of loan-sharking by "legitimate" banks.
ReplyDelete79.9%? God, the predation is stark bloody naked--aren't there any anti-usury laws that apply against this?
ReplyDeleteeumenidis,
ReplyDeleteNot in South Dakota.
I'm not so sure about those kneecaps anymore. Of course you could probably keep your kneecap by donating a kidney. Check the fine print for that one.
ReplyDeleteI saw someplace that payday loans are now in excess of 100% interest.
ReplyDeleteNothing like feeding on other people's misery.
Regards,
Tengrain