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Old 12-18-2009, 09:24 AM
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Business: Preying Upon The Poor

This just disturbs me deeply. This credit card company tries to rationalize their services as helping the poor and low-income when what they are really doing is further enslaving them to poverty!

They deserve to go OUT of business with tactics like this! (And I hope they do.)


Credit card's newest trick: 79.9 percent interest


By Candice Choi, AP Personal Finance Writer , On Thursday December 17, 2009, 6:38 pm EST

NEW YORK (AP) -- It's no mistake. This credit card's interest rate is 79.9 percent.

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.

In a recent mailing for a preapproved card, First Premier lowers fees to just that limit -- $75 in the first year for a credit line of $300. But the new law doesn't set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.

Full story here.
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Old 12-18-2009, 09:35 AM
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wait till you get a load of health care.
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Old 12-18-2009, 10:46 AM
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It is very disturbing indeed.
A practice such as that is illegal in South Africa.
 
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Old 01-03-2010, 10:10 PM
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What can I say? I mean what the credit card company is doing is bad enough but if anyone goes for this "sweet" deal what does that say about the state of our collective intelligence as a society of human beings?

I guess I shouldn't be too surprised that such company's can make money using such tactics. After all those Nigerians who keep offering to split 1,000,000 dollars with me must be making some money or they wouldn't keep making such offers to people.

Beats me how people fall for these kinds of scams.

Carlos
 
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Old 01-03-2010, 10:30 PM
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Such practices USED TO BE illegal in the US, too, but Congress, in their infinite "wisdom", decided to allow it to expire.

On my Wells Fargo Visa card (one of the BETTER cards out there), they are now charging 200% interest on "cash advance", when my checking account needs overdraft protection. The real kick is, I have cash in my Wells Fargo savings account, but I'm only allowed to get overdraft protection from my credit card, NOT my savings account!

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Old 01-07-2010, 10:09 AM
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Quote:
Originally Posted by carlos124 View Post
What can I say? I mean what the credit card company is doing is bad enough but if anyone goes for this "sweet" deal what does that say about the state of our collective intelligence as a society of human beings?

I guess I shouldn't be too surprised that such company's can make money using such tactics. After all those Nigerians who keep offering to split 1,000,000 dollars with me must be making some money or they wouldn't keep making such offers to people.

Beats me how people fall for these kinds of scams.

Carlos

When you are out of money and have no other alternative, that's how people end up signing up for these types of deals. Desperate people do desperate things. They will even grasp at the slimmest straw offered to them even when they know it is a deal with the devil.

Unfortunately, the poor are the most desperate. But rather than having a conscience, companies such as this put profit before people.
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Old 01-07-2010, 10:45 AM
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Hi Allen,

I have been almost completely out of money more times than I can remember. I mean literally not just symbolically or figuratively. Just a couple of days ago was another such time where I had only about $12 to my name. That's it. Nothing else.

I went and gave blood.

There is always an alternative if one is inclined to do the right thing by God.
Always.

As poor as I have been and still am (at least in a worldly sense on paper) there are certain things worse than being in need. One of those is losing respect in yourself enough to go after everything that promises you money.

To do that is a choice. Whether rich or poor makes no difference. Everyone has a choice.

As bad as it is for these companies to rip people off it is no less bad for the poor to give them business in an act of desperation. Just the other side of a very bad coin.

Carlos

Quote:
Originally Posted by Allen Farlow View Post
When you are out of money and have no other alternative, that's how people end up signing up for these types of deals. Desperate people do desperate things. They will even grasp at the slimmest straw offered to them even when they know it is a deal with the devil.

Unfortunately, the poor are the most desperate. But rather than having a conscience, companies such as this put profit before people.
 
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