Credit card's newest trick: 79.9 percent interest

[Hugo Chavez]

this is the card offer I was talking about a while ago in a different thread.  the article says it's new but this is the offer I received several times back in 2000.

LOL

the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250

http://finance.yahoo.com/news/Credit-cards-newest-trick-799-apf-3359014390.html?x=0&.v=4

[outby43]

jeezus you would be better going to a loanshark

[Hugo Chavez]

jeezus you would be better going to a loanshark

exactly, it shouldn't be legal imo.  I know it's part the fault of the person if they're that stupid, but I still don't think it should be legal.  It also Amazes me the story says this is knew.  Back when I received this offer 10 years ago, they would send it nearly twice a month. I think what they did was blanket areas around colleges.  We were right across the street from a college my wife was going to.  When we moved, no more of those offers.

[Skip8282]

I think most of us figured that banks would find some way to circumvent the new regulations, but jeez.

They claim they are trying to appeal to people with bad credit, but if a person can't pay their bills, a 79.9% interest rate just puts them further in the hole.  And I'm sure the prospect of a quick $300 bucks is enticing to somebody with serious financial troubles. 

Just something wrong with this system.