First premier raised credit card interest rates up to 79.9%. No, don’t think that you have read wrong.
By this huge increase in interest rates First Premier Bank, a subprime credit card issuer, found away around new regulations. These regulations have intention to control abusive practices in the industry.
Usually, the First Premier card for a credit line of $250 charge a $256 minimum fee in the first year.
But no cap is set on interest rates by the new law. Therefore the current APR is 79.9, raised up from the previous 9.9%.
A cardholder has to pay $20 a month in interest for a $300 balance.
It has been said by First Premier that they are just testing the 79.9 APR offer and that it’s too early to tell that whether it will be continued or not.
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