Bank card offer has 79% interest rate - KWWL - Eastern Iowa Breaking News, Weather, Closings

Bank card offer has 79% interest rate


CALIFORNIA (KWWL) - This card comes with an interest rate you won't believe. Not 20 or 30%, not even 50 or 60%, the Mastercard offer from Premium Bank in South Dakota, 79.9%.

Gordon Hageman said, "My first thought was it was a mistake so I called the 800 number on the back of the offer and gave them the offer code and verified my information and sure enough they verified it at 79.9 percent."

But there's nothing in the letter that tells you the interest rate. For that, you have to read the fine print.

San Diego State marketing professor Michael Belch says card offers like this are usually targeted at people struggling with their credit.  The card comes with a $300 limit and a $75 annual fee.

Calls to First Premier were not returned, but on their website it says the bank is the 10th largest issuer of Visa and Mastercard credit cards in the country.

It also says, "Premier Bankcard focuses on individuals who have less than perfect credit but are actually still creditworthy."

It also says, "We take pride in offering a transitional tool to help our customers nationwide develop better credit habits."



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