Tuesday, October 20, 2009

Yes, You’re Reading It Right

Gordon Hageman couldn’t believe the credit card offer he got in the mail.
“My first thought, it was a mistake,” Hageman said.
The wine distributor called the number on the offer, gave them the offer code and verified his information. Sure enough, it was right: the pre-approved credit card came with a 79.9 percent APR.
Yes, 79.9 percent.
The offer is for a Premier card from First Premier Bank, which is based in South Dakota. 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.

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