Think it’s impossible? First Premier Bankcard is targeting consumers with sub prime credit scores, below 599. They have a new credit card product that has new customers paying 59% interest. That’s not even the penalty rate. What about the CARD ACT of 2009? I hear you. This law only caps interest rates for existing customers. Enter a loophole large enough to fly a plane through.
They’ve attracted 700,000 new customers with this product. Success like this ensures that other bank products are not far behind. Legislators try as the may, can not stop you from going into debt. They best way to avoid mistreatment at the hand of the credit card companies is to eliminate all consumer debt balances and commit to pay cash for purchases. Otherwise, you leave yourself open to the whims of the legislative loophole.