79.9% Credit Card

jeffrey · #1 (**permalink**) 10-15-2009, 09:56 AM

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...

No, You're Reading That Right | NBC San Diego

Broken Arrow · #2 (**permalink**) 10-15-2009, 10:24 AM

Where do I sign up?!

disneysteve · #3 (**permalink**) 10-15-2009, 10:32 AM

Plus a $75 annual fee.

It is pathetic that our government allows this type of predatory lending to take place. These types of things didn't used to be allowed. There were usury laws to prevent such practices. Congress went and repealed them and that's when things really went down hill - payday loans, tax refund anticipation loans, credit cards for everyone and anyone, zero-down interest-only mortgages, etc.

Bring back the good old days when in order to borrow money, you had to first prove that you were actually capable of repaying it.

GREENBACK · #4 (**permalink**) 10-15-2009, 11:15 AM

If I were offered a first class unbeatable rewards card at this rate I would take it in a heartbeat because I would pay in full every month, reap the rewards, and keep a close eye on the snakes offering it. Otherwise, this is nothing short of loansharking minus "Bronco" to break your legs on de-fault.

disneysteve · #5 (**permalink**) 10-15-2009, 11:38 AM

Quote:

Originally Posted by GREENBACK

If I were offered a first class unbeatable rewards card at this rate I would take it in a heartbeat because I would pay in full every month, reap the rewards, and keep a close eye on the snakes offering it.

You've just described my Marriott Rewards Premier card.

(although I'm sure the interest rate isn't 80% though I have no idea what it actually is).

BudgetShipping · #6 (**permalink**) 11-17-2009, 03:22 PM

Wow - that's unbelievable!