Such a deal! New credit card offers a mere 79.9% interest


It's like some credit card companies want to be ridiculed. What else can you say about a company offering a credit card with a 79.9% APR?

At first, I thought it was a joke or a misprint. But then I saw it confirmed in no less a reputable source than American Banking News, and realized that--Oh. My. God. It's true. Yes, First Premier Bank is offering a "Premier Card" credit card with a 79.9% APR.

Yes, 79.9%.

San Diego's NBC affiliate broke the story when alerted by a viewer Gordon Hageman, who told reporter Bob Hansen, "I think they're trying to take advantage of me." Hageman's retort: "Ya think?"

The comments among WalletPop writers were along the same lines. WalletPop regular Zac Bissonnette offered some words that my editors would censor if I repeated them here, but he did see one bright side: "79.9% is one HELL of an incentive to pay your balance in full each month."