NBC San Diego found a local wine distributor who was issued a credit card with a 79.9 percent APR.
The Premier card from South Dakota’s First Premier Bank is responsible for the usurous, loan shark-style rate. The station’s Bob Hansen writes:
On its Web site, First Premier says it is the country’s 10th largest issuer of Visa and MasterCard credit cards. The site also says it “focuses on individuals who have less than perfect credit but are actually still creditworthy.”
“I think they’re trying to take advantage of me,” said Hageman.
The story says the California Attorney General can’t do anything about the card because it comes from an out-of-state bank. Anyone with a Premier card would be wise to check out the fine print on their billing statements.
No, You’re Reading That Right [NBC San Diego]
(Photo: Bob Hansen, NBC San Diego)