Bank Boosts APR To 79.9% To Skirt New Laws
It's no mistake. This credit card's interest rate is 79.9 percent.The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules....Source
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