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Issuer of 79.9% Interest Rate Credit Card Defends Its Product
CreditCards.com ^ | 2/12/2010 | Connie Prater

Posted on 02/14/2010 2:04:43 PM PST by tfbcowinafog

If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.

The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Society
KEYWORDS: business; outrageous
Response to 79.9% Offer 'Phenomenal'

People who have been getting dropped or turned down on most common interest rate cards must be those jumping on these offers. The new generation of loan sharks?

1 posted on 02/14/2010 2:04:43 PM PST by tfbcowinafog
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To: tfbcowinafog
If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit.

It's about time bad habit's of individuals are payed for by "bad habit individuals" exclusively!

2 posted on 02/14/2010 2:09:23 PM PST by EGPWS (Trust in God, question everyone else)
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To: tfbcowinafog

I got two cards like that once. Didn’t read the fine print. When I saw the fees on the first bill, I promptly didn’t send a payment in. I still haven’t paid the bills and the issuer can kiss my rosy red big toe. Been getting letters and payoff offers for years from them. What a shame they are past the statute of limitations.

parsy, who knows how to deal with usurers


3 posted on 02/14/2010 2:09:46 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: tfbcowinafog
issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law.

Charge fees to the ones who pay off their monthly bill, I heard. Am I wrong? Afterall this is another day.

4 posted on 02/14/2010 2:12:29 PM PST by TribalPrincess2U (demonicRATS ... taxes, pain and slow death. Is this what you want?)
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To: parsifal
I got two cards like that once. Didn’t read the fine print. When I saw the fees on the first bill, I promptly didn’t send a payment in. I still haven’t paid the bills and the issuer can kiss my rosy red big toe.

How Honorable. /s

5 posted on 02/14/2010 2:13:15 PM PST by EGPWS (Trust in God, question everyone else)
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To: parsifal

Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.


6 posted on 02/14/2010 2:16:22 PM PST by ClearCase_guy (I was born in America, but now I live in Declinistan.)
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To: tfbcowinafog

I haven’t had a credit card in 15 years and I’m still alive.


7 posted on 02/14/2010 2:18:28 PM PST by goseminoles
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To: TribalPrincess2U

The article states “interest rate will only affect revolvers — people who do not pay their entire balances off each month”. High interest rate in lieu of annual fees, you might say.


8 posted on 02/14/2010 2:20:06 PM PST by tfbcowinafog
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To: EGPWS

I think I’m doing the Lord’s work. Just a good ‘ol boy sticking it to a bunch of Yankee bankers. Plus, they’re corporations so it ain’t like they are real people. And if the stockholders want to invest in usurious business, then ZAP! to those greedy b*stards. Serves ‘em right.

parsy, who ain’t in the least bit ashamed of it


9 posted on 02/14/2010 2:26:01 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: ClearCase_guy

Most places there is a 3 to 5 year statute on credit card bills. Now the time usually runs from the date of last payment. That is why people get letters off of 20 year old credit card debts asking just for $1 to show the debtor is honest. BUT, this re-opens the time period.

parsy, who knows a lot about skinning the usurers


10 posted on 02/14/2010 2:27:51 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: tfbcowinafog

I have absolutely no problem with this.

If your credit is so abyssmal that you have completely destroyed your credit ratings, be glad you have a credit card at 80% annual interest.

This time, make your monthly payments and don’t welsh or go bankrupt.

The card holder is providing a service to losers who have totally ruined their credit. You now have a chance to rebuild your credi ratings.


11 posted on 02/14/2010 2:28:14 PM PST by FormerACLUmember (The urge to save humanity is almost always a false front for the urge to rule. - H. L. Menken.)
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To: parsifal
Didn’t read the fine print. When I saw the fees on the first bill, I promptly didn’t send a payment in. I still haven’t paid the bills and the issuer can kiss my rosy red big toe

So whose fault is that that you did not read the fine print? You used the card, therefore agreeing to the fine print. You need to own up and pay them.

12 posted on 02/14/2010 2:30:04 PM PST by rawhide
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To: ClearCase_guy

Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.
*****************************************************
After 7 years it’s uncollectible. Credit card companies have been prepackaging quantities of debt in advance of the debt being charged by their customers in CDO’s ... The big wallstreet banks may be your actual lender and not the credit card issuer (or it may be the buyer of the CDO) ... The credit card issuer may never have had it’s capital at risk as most often the CDO instrument was sold prior to the debt being placed on your account. Chances are if you are sued for collections by a card issuer that they will be unable to prove that they are the actual lender and that they have standing.


13 posted on 02/14/2010 2:31:30 PM PST by Neidermeyer
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To: parsifal
I think I’m doing the Lord’s work. Just a good ‘ol boy sticking it to a bunch of Yankee bankers. Plus, they’re corporations so it ain’t like they are real people. And if the stockholders want to invest in usurious business, then ZAP! to those greedy b*stards. Serves ‘em right. parsy, who ain’t in the least bit ashamed of it

Never heard anybody say that stealing was God's work before. Sounds like you'd be in favor of shoplifting too. Just make sure you can figure out how to get away with it.

14 posted on 02/14/2010 2:32:54 PM PST by Wissa ("So this is how liberty dies... with thunderous applause."-Padme Amidala)
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To: goseminoles
I haven’t had a credit card in 15 years and I’m still alive.

How do you get a rental car or buy an airline ticket?

15 posted on 02/14/2010 2:33:43 PM PST by byteback
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To: rawhide

He didn’t charge anything ,, just opened an account that wasn’t used... he should have called them as a courtesy but never using the card and not paying the account opening fees should just eliminate the account ... The bank has nothing in the deal but a $0.25 piece of plastic and a first class stamp...


16 posted on 02/14/2010 2:34:27 PM PST by Neidermeyer
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To: parsifal

Great Conservative values there.

I’m oh so impressed.

No you are not doing the Lords work. You purchased product with the card you owe the money. You are no different than those that got loans on houses they could not afford and then refused to pay on them.

In the Lord’s eye you are a thief. But He can forgive if you repent.

RB


17 posted on 02/14/2010 2:34:52 PM PST by Rightly Biased (If Clinton was the first black president then Obama is the first black Jesus.)
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To: byteback

How do you get a rental car or buy an airline ticket?
*******************************************
debit cards work fine for both.


18 posted on 02/14/2010 2:35:30 PM PST by Neidermeyer
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To: Wissa

Well, there’s laws against stealing property. OTOH, not paying your bills is an old and honorable tradition. And not criminal. No debtor’s prisons in America! Look up Solon and the Great Shaking Up.

parsy, who will try to find the Olde fraudulent conveyance language on the net. Hilarious.


19 posted on 02/14/2010 2:35:44 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: Wissa

Well, there’s laws against stealing property. OTOH, not paying your bills is an old and honorable tradition. And not criminal. No debtor’s prisons in America! Look up Solon and the Great Shaking Up.

parsy, who will try to find the Olde fraudulent conveyance language on the net. Hilarious.


20 posted on 02/14/2010 2:35:45 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: goseminoles

Neither have I.

We go on vacations rent cars and buy airline tickets just fine..

To say that one needs a credit card is a lie.


21 posted on 02/14/2010 2:36:50 PM PST by Rightly Biased (If Clinton was the first black president then Obama is the first black Jesus.)
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To: byteback

Debit card.


22 posted on 02/14/2010 2:37:05 PM PST by goseminoles
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To: goseminoles

“I haven’t had a credit card in 15 years and I’m still alive.”

Right on!

I got mine all paid off about 5 years ago and carry ONE for an ‘emergency’. Haven’t had that emergency yet.

I am my OWN credit card company now. I set my credit limit. I impose a balance payoff each month. How nice it is to have ZERO debt after each Christmas. Unlike everyone else I know...


23 posted on 02/14/2010 2:38:49 PM PST by joethedrummer
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To: joethedrummer

My credit card bills were pretty big and having those extra bills really cramped my style and provided a lot of stress.
If I want something, I save for it. There’s nothing better than paid for stuff.


24 posted on 02/14/2010 2:42:36 PM PST by goseminoles
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To: goseminoles
Debit card.

I have 500 dollars waiting for me from using my VISA credit card with points. You don't get that with a debit card. If you pay it off every month you're not spending any more money.

25 posted on 02/14/2010 2:44:50 PM PST by 1raider1
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To: 1raider1

My VISA debit card also has points.


26 posted on 02/14/2010 2:47:34 PM PST by 4yearlurker ("Damn the King and double damn him!")
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To: parsifal
not paying your bills is an old and honorable tradition.

There's nothing honorable about it.

27 posted on 02/14/2010 2:47:41 PM PST by Wissa ("So this is how liberty dies... with thunderous applause."-Padme Amidala)
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To: 4yearlurker
My VISA debit card also has points.

Is it one point per dollar spent? If it is then good for you.

28 posted on 02/14/2010 2:51:50 PM PST by 1raider1
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To: 1raider1

I’m not that disciplined and I own up to that. I’m happy paying cash.


29 posted on 02/14/2010 2:52:03 PM PST by goseminoles
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To: Wissa

Oh heck, if it wasn’t for deadbeats, there wouldn’t have been an America. Or Australia. Beating debts is an old and established custom among our people. Like I used to tell bill collectors on the phone, after they would start calling me names, “ If it wasn’t for people like me, YOU wouldn’t have a job!”

Anyway, for some of the long and noble history of screwing your creditor, see here. Page 11 is hilarious.

http://books.google.com/books?id=bZM9AAAAIAAJ&pg=RA1-PA10&lpg=RA1-PA10&dq=statute+of+elizabeth+13+fraudulent+sanctuaries&source=bl&ots=IURi9kc3Ih&sig=bUoZEdtRxl20T_JuCY1YvUeUfP0&hl=en&ei=CH94S4L8KMGUtgfiwNG9Cg&sa=X&oi=book_result&ct=result&resnum=8&ved=0CCgQ6AEwBw#v=onepage&q=statute%20of%20elizabeth%2013%20fraudulent%20sanctuaries&f=false

parsy, who has been one of those “divers” people


30 posted on 02/14/2010 3:05:03 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: 1raider1

I earn miles with my VISA debit card - Alaska Airlines mileage program where I can earn and spend miles with a dozen airlines (Internationally and domestically). I earn a mile for every 2 dollars spent.

I USED to be able to buy postal money orders and earn miles; for $180 worth of money order fees I could earn 60,000 miles (buy $2000 worth of money orders, pay the $3 fee, earn 1000 miles, deposit the money orders back in your bank account that afternoon, repeat the next day). Enough for a round trip international flight on NWA, Delta, or American Airlines. However, they finally got wise to that last year and stopped giving mileage for money spent on stamps or money orders. Racked up 300,000 miles until they caught that one, though...

It was nice, though, to fly to Bangkok, Munich, Santiago, Beijing, and Tel Aviv for $180 each!


31 posted on 02/14/2010 3:12:53 PM PST by PugetSoundSoldier (Indignation over the Sting of Truth is the defense of the indefensible)
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To: Rightly Biased

Putting the weenie to usurers is noble! I refuse to believe otherwise. C’mon, these people charge 79.9% and you still don’t see them for what they are?

And what about Jesus? The only time he got p*ssed off enough to kick some *ss was over the usurers and moneylenders in the temple. If it was enough to p*ss Jesus off, I got to think I am on pretty solid ground.

parsy, who’s type will “lo, be with us forever”


32 posted on 02/14/2010 3:14:42 PM PST by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: tfbcowinafog
If you don't want to pay 79.9% interest, don't get the card.

How complicated is it?

People who are dumb enough to owe credit card debt are dumb enough to owe it at any rate.

33 posted on 02/14/2010 3:14:55 PM PST by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: tfbcowinafog

79.9% interest. Isn’t that thievery or usery?


34 posted on 02/14/2010 3:32:25 PM PST by tob2 (I would rather have a nuclear power plant in my backyard than Gitmo detainees.)
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To: Rightly Biased

Don’t waste your time on “farsy”. He’s not a conservative in any way, shape or form. He’s just a little fairy that flits around FR trying to tell others how to be a “true conservative”, i.e a socialist. He’s such a joke (see some of his previous posts) I don’t even read his responses. Just a friendly warning!


35 posted on 02/14/2010 3:47:29 PM PST by safeasthebanks ("The most rewarding part, was when he gave me my money!" - Dr. Nick)
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To: goseminoles

How do you buy airline tickets?


36 posted on 02/14/2010 3:55:50 PM PST by WaterBoard
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To: tfbcowinafog

I don’t have much sympathy for these usurers.


37 posted on 02/14/2010 3:59:30 PM PST by mysterio
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To: rawhide

What about the biblical laws against usury? Where do they fit in?


38 posted on 02/14/2010 4:04:02 PM PST by Persevero
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To: goseminoles

Amen to that!!!! I pay cash for everything. Very Very rare I use credit cards now. Debit works just fine for car rentals etc...

People, you dont need credit cards. I am trying to stay off the grid as much as possible.

It feels really good and free to have that debt hanging over your head.


39 posted on 02/14/2010 4:12:26 PM PST by waxer1 ( "The Bible is the rock on which our republic rests." -Andrew Jackson)
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To: waxer1

;o)


40 posted on 02/14/2010 4:39:29 PM PST by goseminoles
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To: EGPWS

I can see this trend turning into a nightmare.

People who are one day late will be cancled and then will have to start using this ripoff.

As this ripoff grows we’ll see the major credit card companies buying them out and start charging the same rates under another name.


41 posted on 02/14/2010 5:07:58 PM PST by chiefqc
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To: joethedrummer

You get 1% cash back from Discover. I pay my credit card bills off every month. I’ve gotten thousands back from Discover.


42 posted on 02/14/2010 6:19:30 PM PST by Gapplega
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To: chiefqc

People who are one day late will be cancled and then will have to start using this ripoff.
******************************************
Many credit card processors will hold back a percentage of their mail on a regular basis so that you will eventually be late and get the penalty rate.. The phone company I used to work at used to hold 2 rolling carts of mail bags back a full week each month... Pay online or get slammed with fees...


43 posted on 02/15/2010 3:24:29 PM PST by Neidermeyer
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