Credit Card Offers 79.9% Interest Rate
Category: Credit Cards, News and Notes- fhuff- 3:59 pm/ October 29, 2009If you think you’re paying a lot of interest on your credit card, it may not be as bad as one being offered by First Premier Bank. The Sioux Falls, S.D.-based bank recently sent a mailing to a potential customer for a pre-approved credit card that offers 79.9% interest and a $300 limit, according to WKYC.com.
Credit card offers with interest rates that high don’t seem to be that common. But such offers from banks are usually targeted at people struggling with their credit. Gordon Hageman, who received the offer, said he doesn’t have the best credit but didn’t think it was that bad. He discovered the high interest rate when reading through the terms of the offer.
In addition to the high interest, First Premier Bank credit card offers can have up to $180 in start up fees, according to Consumer Affairs. Those fees include:
- A $29 set-up fee
- $95 program fee
- $48 annual fee
- $72 participation fee
An important lesson to learn from this situation is to always read through all the terms of any credit card offers you receive from banks. The terms should break down all fees, interest rates, and other features of an account. Also look for information on the grace period for payments and how interest is calculated.
- 6 Month CD 1.08 %
- 1-year CD 1.34 %
- 2-year CD 1.74 %
- Money Market Account 1.05 %
- Savings Account 1.05 %
- 30-year Fixed Mortgage 4.89 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you. Whether you work with the bank or you found a deal in the newspaper, simply click on the submit a bank deal on the right hand side and help us all out!
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
-
Confused on what you should invest in? Let the GoTalkMoney.com community help you when it comes to investing into a CD. If you already know what you're going to invest in, please vote on the poll on the right. If you want to see the results and you don't know what to vote, simply hit "I'm Not Sure" to see the results.
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
