Let the Big Banks Burn (My credit card offer and how can it possibly be legal?!?)

I have to admit...I had a terrible day at work. It's just been one of those days. Anyway, when I got home I checked the mail and seen I had the usual credit card offer in there.

I opened it up for the hell of it just to see what they were offering. I don't have a credit card...and have had only one in my entire life when I was younger. I'd also like to point out that I don't have the best credit either...although it's not terrible. I made some mistakes when I was younger but I've learned from them. I have also never filed for bankruptcy or anything like that. I had trouble paying a student loan...but I payed that off years ago.

Well...here is a scan of the offer I received:

[im][atsimg]http://files.abovetopsecret.com/images/member/3c2c44dc165c.jpg[/atsimg][/im]

[im][atsimg]http://files.abovetopsecret.com/images/member/b4a3f057964e.jpg[/atsimg][/im]

I couldn't believe what I was reading when I opened it. 79.9 percent!!?!?! Are you freaking kidding me? A credit limit of 300 dollars with tons of fees as well? NO WONDER THE COUNTRY IS GOING TO HELL!!!!!!!!!!!!! The only person who would accept this is someone who is a complete idiot...or has no other options.

ANd to top that off....The GD stockbrokers and CEO's are making billions in bonuses while I struggle to put food on the table...and they had help FROM OUR TAX DOLLARS AND THIS IS WHAT THEY F'N OFFER ME!?!?!?!?!

I was so angry I called the number in the offer, First Premier Bank. I asked the woman on the phone if this was some kind of joke and if it was even legal. She told me that they can charge up to 99.9 percent.

This crap NEEDS TO END NOW!!! I can't believe it. People are struggling..losing their jobs...yet the stock holders and CEO's are making out like BANDITS.

ENOUGH. The little guy needs to stand up. We're all getting screwed.

[edit on 23-10-2009 by David9176]

[edit on 23-10-2009 by David9176]

[edit on 23-10-2009 by David9176]

Actually, the reason our country is in the proverbial hand basket is because people will actually sign up for that kind of stuff! Where would the banks be if nobody accepted their offers? We'll never find out because idiots do sign up.

reply to post by jjkenobi


That's the thing though....you are paying so much in fees that you are basically borrowing YOUR OWN MONEY. It's insane. The only person that would sign up for this would be desperate. I don't have terrible credit...I have little credit. I get offers all the time...and I've never seen one like this. IT's just unbelievable.

First Premier Bank. It just ticks me off to no end that the banks are profiting like bandits right now after receiving billions in taxpayer money and they are sending out garbage like this to people who are just scraping by...which would most likely get them into more trouble than they are already in.

I thought it was illegal for the APR to be above 29.9%. Is this not accurate? Either way, I'm right with you.

Let them all burn

It's the only sane way out of this mess.

Why's the "79" look diffrent than the rest of the type? Kind of odd, the rest is lighter and not as crisp, but the top line is dark and bold and very crisp.

Just though it was unusual as a scan image

[edit on 23-10-2009 by severdsoul]

I believe what we have here is called "USURY". Once upon time, way back the United States of America was a Constitutional Republic that actually enforced its laws, such incidents were unlikely to occur. One can learn more about "Usury" and its meaning here.

Back around the early half of the 1900s when the mob or mafia was getting big they had guys called "loan sharks". These guys would typically lend you money at a high interest rate and would destroy you if you didn't pay on time or in full. The banks, seeing as this was competition and bad for business, pressed the federal government to implement the RICO Act and bring these guys down. Now that the federal government has succeeded in bringing down Tony Da Shark and Vinnie Da Lender the banks have simply stepped in to fill the void. Now that the banks have the monopoly, they keep the politicians quiet by paying them off with HUGE campaign contributions and special "VIP loans" (like those issued via Countrywide). Now it is the banks who destroy you if you do not pay on time or in full and they do so legally with the full blessing of our corrupt government.

Now for the good news... the whole house of cards is coming undone and is crashing to the ground as you read this! Do not believe the news that the economy is improving - it isn't even close. In fact, if last October's near melt-down was a 5 on the Richter and the Great Depression was a 10 on the Richter, what is about to occur will register about a 12 or so! What these idiots have failed to realize is that their silly paper funny-money isn't going to be worth the paper it's printed on when this comes to pass. So, these bastards may have succeeded in sequestering 99.9% of the "money" for themselves, but it isn't going to be worth SQUAT!

And since none of these banksters possess any real skills in building anything of REAL value and will have nothing to contribute to the new society, I will sit back and enjoy watching them either starve to death hiding in their caves or swinging from their necks from the lamp posts.

Have a great weekend everybody!!!

reply to post by severdsoul


I swear to you that it is real and I didn't believe it at first as well. I told me wife about it after I opened it and she couldn't believe it as well.....she then listened to me complain about for a half hour..lol.

Hell....if you don't believe me I can record a webcam vid showing it on ATS...if you think I need to go that far....although it would be a pain in the ass.

reply to post by unityemissions

I thought it was illegal for the APR to be above 29.9%. Is this not accurate? Either way, I'm right with you.

That's what I thought...and that's why I called. The woman I talked to said that they can charge up to 99.9 percent. I swear. Call up Premier bank and find out for yourself!

Here's the number: 1-800-603-8383

Just tell them what I did and ask if it's legal to have a 79.9 percent rate because you just received the offer. (lie)



[edit on 23-10-2009 by David9176]

It's out there, and it's legit.

Here

The California Attorney General's office said there's nothing it can do about the cards since they are issued out of state and out of its jurisdiction.

A spokesman with the Federal Deposit Insurance Corporation (FDIC) said interest rate limits on bank cards are set by the individual state and not on a federal level. According to information on the South Dakota Legislative Web site, there is "no maximum or usury restriction." In other words, the individual bank can set its own interest rate limits.

There was another thread here in the past week with the same outrageous interest rate offer. I would contact your state regulatory agency just to make them aware that it's out there. Very disappointing to say the least!

This may or may not be helpful

Usury Laws by State

www.usurylaw.com...

reply to post by David9176


Don't worry David - I believe you... I've seen those exact same offers with my own two eyes. They ARE REAL folks!

Edited to add: Payday loans can have APRs well over 500% into the thousands of percent!!!

[edit on 23-10-2009 by kozmo]

I just though it was odd.

I knew the secured cards were high but man that is crazy.
We only have one credit card, its got a $500 limit, which is all i want on it, for emergenceis etc. Other than that, i dont want it. I prefer cash, even for cars when i can, bought our seabring convertable a few years ago with cash, got a good deal, only $7K they were asking 8.5. Sure took us a LONG time to save, but sure beats the heck out of monthly bills.
We are not bill free yet, student loans, med bills etc. But one of these days that is my plan, totaly bill free, only cost is rent/payment, utilities and net and phone. Although with the wife's biz we keep adding up more stuff as we get other stuff paid off. But biz cost money to run.

reply to post by severdsoul

I just though it was odd.

It thought it was too...but others are saying they have seen them as well.

Here's the thing:

My wife (who I'm not actually married to...but been with 9 years, i just refer to her as that as she basically is) has great credit...almost perfect. Has never been late on anything her entire life. Why does she have such great credit? Because the banks now she is good for the money....but me...Oh...I must not be because someone's formula in a damn computer decides how trustworthy I am. But really...what it mounts to me is this....

It's money given that could have been had if it had not been loaned. I bought a truck 3 years ago...I've always had junkers and was finally able to buy something nice for once. I was pretty happy..I took a crappy deal to get it as well..but at the time I was making enough money to do it. Then I lost my job as the company relocated to Mexico (THANKS NAFTA!) and I've been struggling since. The baby and hospital bills are killing me as well. Looking at my statement, I still owe TWICE what I could sell it for outright! Sometimes I wish someone steal it and crash it in a ditch or something so I could get rid of it! I can't imagine losing my job now. Everything would fall apart financially as it would for so many.

Then of course H1N1 is all over the place and I'm worried that my 3 month old daughter will get it.

Too much to worry about and not enough money to make it go away. I can't imagine what it's like to not worry about bills. Growing old sucks.

[edit on 23-10-2009 by David9176]

reply to post by David9176

79.9 percent!!?!?! Are you freaking kidding me?

Personally I'm more amused by the $75 annual fee and $300 limit.

This crap NEEDS TO END NOW!!!

You've already decided to not give them your money, right? There's no point in getting angry and giving them your heart instead.

Originally posted by severdsoul
Why's the "79" look diffrent than the rest of the type? Kind of odd, the rest is lighter and not as crisp, but the top line is dark and bold and very crisp.

Just though it was unusual as a scan image

[edit on 23-10-2009 by severdsoul]

Going out on a limb here. It's most likely bolded, along with the other bolded numbers of available credit on the first statement & after extra cards limit, so they can say 'we drew attention to the numbers, so you knew what you were signing up for'. That's their out, you see?

reply to post by LordBucket

Personally I'm more amused by the $75 annual fee and $300 limit.

You're right. After you've payed start up fees....you already owe money on your card before you've actually used the damn thing. You get a card and a bill to borrow from your own money.

It's nuts.

reply to post by LordBucket

You've already decided to not give them your money, right? There's no point in getting angry and giving them your heart instead.

I understand that. But getting this was like hearing "Haha...F U!" I'll only lend you money if you give it to me to loan to you.

The big banks are evil man. The small banks are mostly not. You have personal relationships with the people and know them...it's a trust. It's not some sheet of paper that comes in the mail and decides how many digits you do or do not need. The big banks treat us like statistics....just like the government does.

Think about it. The government doesn't care about what you "personally" need. They only care about the majority as that gets their BS bills passed. The minority always gets screwed in this country....but's it's not just the minority anymore. It's the majority of us now.

It has to change and someday I hope it does. Things could be so much better and we all let it be S*** and watch the sideshow as it unfolds...wondering when the day comes that the SRHTF.



[edit on 23-10-2009 by David9176]

reply to post by LadySkadi


This offer has an address of South Dakota. I'm guessing that means South Dakota allows 99.9 percent interest rates on credit cards?

Exact address:

P.0. Box 5525
Sioux Falls, SD 57117-5525

This is why the Dow Jones is rising while the US dollar is plummeting to its doom. When the people run out of money the DJ will plummet and catch up to the dollar.

Originally posted by David9176
reply to post by severdsoul

 

I swear to you that it is real and I didn't believe it at first as well. I told me wife about it after I opened it and she couldn't believe it as well.....she then listened to me complain about for a half hour..lol.

Hell....if you don't believe me I can record a webcam vid showing it on ATS...if you think I need to go that far....although it would be a pain in the ass.

www.abovetopsecret.com...

This thread has more about it.

You're not the first to get one.

I had a card with them once. You don't want to get one.