2:18 pm December 18, 2009, by Rana Cash
A 79.9 Percent APR on a credit card?
Are you kidding me? No, I’m not.
The Associated Press report says:
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It’s a strategy other subprime card issuers could start adopting to get around the new rules.
Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card’s credit line.
Now that you’ve caught your breath, read the whole story here.
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