79% Credit Card – May Be a Good Idea…


– If you’re terrible with credit and need to rebuild it.

Premier Bankcard is offering a credit card with not only a 79.9% APR, but also a $75 fee on a $300 limit card. Usury? Perhaps but is anyone forcing you to take it?


For many of the large number of people responding to this offer, their credit wouldn’t qualify them for any other card. And if Daddy Government (good ole “Daddy O”) institutes maximum rates on cards, then these people won’t get any credit. At least this is an opportunity to rebuild. This rate likely reflects how bad people are today at repaying.

There is a definite shift in our culture with many people feeling absolutely comfortable punting on debt obligations. This attitude certainly contributes to situations such as this. I am sure if you were lending your money, there are many people that you would not lend to at less that 79% either! (that’s the best way to cut through the politically correct BS – ask yourself when you see this rate if it were your money, would you lend it out at 8% to people with 500 credit scores?).

In one of my earliest articles on this site (to read click HERE), I wrote about this – and the faux indignation that gas bag politicians show at the credit card industry. I agree that their practices can be predatory at times (on people with good credit no less!) but let’s be honest in this debate. There are a lot of people out there with a poor level of personal responsibility and their credit score reflects it.

For a list of the articles I have written that have mentioned credit cards, click HERE.