A Lifetime of Financial Slavery
A Lifetime of Financial Slavery
A South Dakota Bank offers a credit card with a 79.9% interest rate.
Someone needs to get a good shaking here. Even the hardest hit people here in Florida know better.
“The first thing they do is laugh. They think it is one of the most ridiculous things out there.” Gordon Hageman is talking about a credit card offer that just came in the mail, an offer he could hardly believe. “I think they are trying to take advantage of me. I think that’s what’s going on right now with the economy, maybe just trying to see what they can get away with,” says Hageman; and this card comes with an interest rate you won’t believe. Not 20 or 30 percent, not even 50 or 60 percent, the Mastercard offer from Premium Bank in South Dakota is 79.9 percent!
“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,” says Hageman. “Gosh, I hope nobody would do that. I hope nobody would say I’m going to sign up for this card without even looking at the interest rate,” says San Diego State University Marketing Professor Michael Belch. But there’s nothing in the letter that tells you the interest rate. For that, you have to read the fine print. Belch says, “I think you’re beginning to border on deception there.”
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. “Anyone looking to rebuild their credit is definitely going to end up in worse shape than before they got this card,” says Belch.
Another tidbit I’d like to share with you is Pharmaceutical Company Pfizer (yes, the one that brings us Viagra) which
…in an effort to become a good corporate citizen, is offering an unemployment benefit program that should get some awareness. It’s called the Pfizer Maintain Program.¬† Watch the video and find out how you can get free Pfizer medication if you find yourself unemployed. This information is intended for residents of the United States.
Who is eligible for the Pfizer MAINTAIN Program?
Individuals and their immediate family members are eligible for this program if:
•    They have become unemployed since January 1, 2009
•    They were prescribed and have been taking a Pfizer medicine for at least 3 months prior to becoming unemployed and enrolling in the program
•    They have no prescription coverage
•    They can attest to their financial hardship
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