Are You Willing to Pay 80% Interest on Your Credit Card???

I'm not sure about PayPal requiring a credit card. I get paid through PayPal & just have a debit card. I've never sold anything on eBay, I've only bought there. I also don't take my money out of PayPal. I usually just let it build up until I want to buy something online. Then I can buy guilt free as it's not coming out of my checking account. I paid for my computer protection software with money I had earned on myLot. At that time, my checking account didn't have enough to cover it. It's NOT legal to charge that kind of interest rate, but they found a loophole. They are just trying to make every dollar they can before the new Consumer Protection laws go into affect the first of February. Other credit card companies have been sending out new contracts for their holders to sign in hopes that they can enforce those contracts after the new rules become permanent. This particular credit card was created simply to dupe those who cannot afford it most. Then when their holders cannot pay them back, they'll be crying we need help. Personally, I would rather see ALL credit card debt dismissed than to loan another bank money to keep them floating so they can rip us off again!!!

You will be shocked to hear that here in England there is no leagl limit on interest they can charge what they like. I think that is so unfair!

UNSCRUPULOUS is the right words for the bastids!!! There is a regulation going into effect in about 33 days. That's why this company is pushing their cards now. The letter even says that they can no longer offer the guaranteed card after February 1. That is true because it will be ILLEGAL then. Actually, I think it is illegal now, but they've found a way to skirt ALL the rules in place now & it appears nobody is willing to go after them because they will have to STOP in about 1 month. So, MY way to counteract them is to put the word out that, if you sign up with First Premier, you will be paying 79.9% interest rates & since it's a new contract, you will be locked in at that rate after the new law protecting us goes into affect. They also targeted people they know are desperate for money around the holidays. Personally, I think this should be as illegal, if not more so, as people who don't pay their bills. They are in effect setting up people they KNOW can't afford their card to fail & then whine when they fail. Citibank did this years ago, made billions of dollars & then got a Federal loan saying they were broke. BULLCHIT!!!

HEYYYYYYYYY STEPH!!! Long time NO see...Where ya been???? WELCOME HOME!!! I got caught up in the credit card trap years ago. Once I finally got out of it, I promised myself I'd NEVER go back!!! I use cash now. If I can't pay cash, I don't need it!!! I've learned that what I want & what I need is usually 2 different things!!! Interest can eat you alive even at 15-20%. I can only imagine how hard it would be to get out from under 79.9% interest!!! These people are preying on the group of people that get excited when they see the words "guaranteed acceptance" & don't read the "screw you" clause in the fine print. This is SO WRONG on soooo many levels!!!

Most credit card companies are now giving negative ratings to customers that pay off their balance every month as that makes them NO money. So, you've got bad credit if you use your card, you get bad credit if you don't use your card, & you get bad credit if you use it & pay it off. What a crock!!! This interest rate would have been illegal a couple of months back. However, since they are targeting the poor, nobody cares & those being affected don't have the money to sue. The response above you said his friend is suing & his lawyer is telling him he will most likely lose. I hope the lawyer is WRONG!!! As of February 1, there is supposed to be new protections for new applicants making the contract clearer & written so we can understand what we're agreeing to. I have serious doubts about that!!! Credit card companies have recently been sending out new contract agreements in hopes of hooking old customers into new agreements that won't be covered by the new laws. The only thing I know for sure is any credit card holder is getting ready to be screwed!!!

Then you are very blessed!!!

They depend on the people who don't call up to verify the small print. They also depend on the fact that a large majority of these people won't have the money to hire a lawyer in order to sue. GOOD FOR YOUR FRIEND!!! I hope he doesn't give in & keeps the suit going!!!

They have found some freaking loophole & the NEW laws will be going into affect in about a month so NOBODY cares. Anyway, it's NOT affecting anybody that's considered important!!!

I know it is NOT ethical!!! They are preying on people who are desperate; & even if they read the small print, they probably wouldn't understand it. It's written in legaleze that few will understand!!!

This is a new card that was unveiled on December 18 (a week before Christmas) & sent into neighborhoods that are known to be poor. The first person that didn't read ALL the fine print called & was immediately approved for a credit card. They call their neighbor & says...guess what. I was just approved for the First Premier credit card & you know I don't have any credit. So, the neighbor pulls their letter out of the trash & calls the number. BOOM they got their credit card. And the cycle goes on!!! Now, these people have NOT used their card, they get their bill & owe $256.00 & are over their credit limit. That means there is an "over the limit fee" tacked onto their card. Without EVER using the card they are making payments PLUS $20.00 a month in interest is being added back to the account. The minimum payment due is $25.00. The "over the limit fee" is $25.00 PLUS the $20.00 in interest. They're paying on their bill but when they get the next bill, they owe $276.00 & the cycle continues!!! Now they can't use their card because they are over their limit. These are families that couldn't afford food to begin with & a carrot was dangled in front of their nose. Their only mistake was jumping for the carrot. It should be ILLEGAL to dangle the carrot before hungry people!!! Yet, it is NOT.

NO, there are NO services offered with this card....ONLY an increasing bill every month.

OMG Char...I can see how easily it would be for him to be drawn in. In large letters is reads "GUARANTEED ACCEPTANCE". The trap I'm sure was in tiny letters & it might as well be written in Latin for the ease of being able to read & understand it. Fortunately, come February 1, the laws will be changing to help protect new applicants. Unfortunately, it won't help those who already have the card.

I agree Benny!!! I worked 3 jobs & paid off my last credit card about 6 years ago. The stores are always asking me to take one of their credit cards & I have to decline!!! At my lowest point, I was $27,000 in debt & drowning. YES, it was irresponsible on my part, but it was soooo easy to do. I needed a birthday present & had no cash, I could still get it & NOT look cheap!!! Normally, I don't care what others think of me, but there were certain times, that I was goaded into using that card. Now I'm PROUD to say I don't (& WON'T) have a credit card. I use my debit card now & when the money is gone, I STOP!!! My bank has given me a $1,000 line of credit, but I NEVER use it. I was told I'd NEVER get auto insurance if I didn't have a credit card. I've changed companies since my last credit card & I pay about $5 a month more than when I had my card. That is LESS than interest on ANY credit card out there. I work HARD for my money & REFUSE to just give it away anymore!!! Citibank was the one that screwed me royally. They would call up with an interesting offer saying you can cancel whenever you want. When I was getting close to my credit limit I'd call to cancel. They said we can;t cancel it for you, but call this number to get it canceled. I called the other number & it would say my billing had been canceled & the next month I'd find out it hadn't. Once I reached my limit & I attempted to make a needed purchase, they would decline the transaction, yet they still added the amount they were supposed to cancel. No matter who i talked to, I couldn't get that charge stopped. Of course, once over my credit limit, they began charging "over the limit fees" & I was NO longer using the card. It was their own charges that were running up my card...charges they NEVER would STOP & I didn't know how to force them to STOP!!! That is what upset me so much when MY tax dollar was used to bail out Citibank. I felt as though they had raped me 3 times!!!