Skip to comments.No, You're Reading That Right 79.9 percent rate targets credit-challenged
Posted on 10/18/2009 7:18:23 AM PDT by FromLori
Gordon Hageman couldnt 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.
(Excerpt) Read more at nbcsandiego.com ...
Gotta pay for advertising too.
lol good point!
That’s it, exactly. And then their greed and ignorance creates drops in the housing market that hits every one of us. So many people are underwater — people who paid a fair market value, pay their mortgage or paid it off completely — and now are stuck.
Your home is an investment, and so many ‘good’ homeowners are hurting. It’s a risk you take when you buy, but the market was tainted. I think if we sit it out and get the gov’t turned around, we’ll be ok, but I feel for those in the meantime who are transferred or relocate for work and are stuck with a home they cannot unload. The foreclosure rate’s just going to keep on keeping on.
What's up with that? I have a bank issued Visa card that gives me one dollar every time I charge 25.00. Since I always pay the full amount each month it's just free money to me. I don't understand how they can profit from that.
This idiot called them up and verified for them that he responds to stupid solicitations and now is contact info will be shared with all the scammers.
This on par with replying to an Ambassador from Nigeria.
Mr. Dana Dykhouse, prsident of First Premier Bank, political donations go predominately to republicans.
Google “First Premier Bank Scams” to get an idea of what a SOB the business is. Every politican and political party should return contributions and write laws to provide full and clear disclosure regarding fees.
They're so sleazy tho....instead of just increasing her limit, every month they send her a new card (the cardboard one) and tell her she's such a good customer, she gets to have TWO accounts with them - complete with an additional $14 in fees every month!
Mrs. Prince of Space
I don’t know but I like it.
caveat emptor....let the buyer beware.
I'm so glad it wasn't 80%. I don't think I could afford 80%. ;)
They make 2 1/2 to three points on every purchase you make, billed to the retailers.
Most Republicans voted for all the recent credit card legislation too.
This is probably a bank set up just to issue rip off credit cards. I doubt if they even have any retail depositers. Even if you pay the balance in full every month they still eat you alive with monthly and annual fees.
One of my clients had his home loan through Countrywide which is now Bank of America. Had always paid his bill through Countrywide on-line with no special fees. Bank of America, however, charges $6.00 to pay on-line using their website. Wonder how many other fees they have added that nobody knows about.
I use BofA on an as needed basis and don’t pay any fees. What’s up with that?
The $6.00 per transaction fee seems to apply to just those whose Countrywide real estate loans were bought up by BofA. There is a separate log-in site apart from the one you use for credit cards or for real estate loans which originated through BofA. They also have a separate telephone number just for those whose Countrywide loans were transferred to BofA. My client also has a BofA credit card which we always paid monthly on line which does not have a transaction fee but we have now cancelled that credit card.
The merchant who accepts the card pays fees to the payment processor, usually in the 2% - 3% range (higher for American Express), but these fees don't accrue to the bank or financial institution that issues the card.
Most of this money goes back to Visa, MasterCard, American Express, etc. The rest go to the merchant account payment processor. So, if I'm a merchant who accepts credit cards, I accept any Visa or MasterCard issued by any institution.
But when I run a credit card transaction, it's through my merchant account, and the credit card transactions are processed through my payment processor, which is with a company that does the credit card processing for me and makes sure that I get my money and puts it in my bank account. I pay my fees on each transaction (I might also pay monthly account fees, minimum transaction fees and other fees) to the payment processor company. So the 2.5% - 5% (the most frequently used card in my business is American Express, and their rates hurt) that I pay goes directly to the payment processing company. Then the payment processing company kicks back a chunk of that for “interchange fees” to Visa, MasterCard, American Express, etc.
Now, of course, any bank who issues cards can also serve as a payment processor, but banks don't get back the merchant transaction fees paid when the cards they've issued are used for purchase. The payment processors get the fees, and then the credit card companies (Visa, etc.) get their cut.
There are people here and in the Republican party who call that "free market capitalism."
I rarely use the card. My home was gobbled up by chase. If any company dares extend me credit then charge me for it they are bye bye. I pay enough for my home loan as is at 5.5
Usery - has the word been deleted from Webster’s yet?
Is this really legal for a credit card company? Does anyone know?
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