Saturday, October 24, 2009

Does it include a gold-plated toaster?

The above bankster pictured is Dana J. Dykhouse. President and CEO. of First Premier

It has been reported that many banks are raising their credit card interest rates before new federal regulations come into effect as part of the Credit Card Act of 2009, but First Premier Bankcard of Sioux Falls, SD, took it to the next level and is now offering some of their customers credit cards at interest rates as high as 79.9% APR.

The story first broke when San Diego’s NBC affiliate received a report from a viewer that he had received a pre-approved credit card offer from First Premier Bankcard, LLC at with a 79.9% APR.

Although the interest rate that First Premier Bankcard offered Hageman is extraordinarily high, it’s perfectly legal. Credit card interest rates are regulated on a state-by-state basis and South Dakota removed the ceiling on the interest rates that credit card companies can charge in hopes of attracting national banks to the state.

(This bankster is a classic .. here is an earlier complaint with minor corrections... -AM)

In the year 2001 First Premier bank solicited my home with a credit card offer for an unsecured Gold Mastercard with a credit limit of $250.00. I declined their offer each and every time they contacted my home in a 2 month period. I had even tried to block their company telephone telemarketer from calling my home.

I was unable to block this business from contacting my home because the phone call was generated by an unknown source. They then began to call my home 3-4 times a day. They explained that I would only have to pay an annual fee of $49.00 and I would not have to send any money... the $49.00 annual fee would be applied toward the card.

I received the credit card with $250.00 as the credit limit. I received the first billing statement 3 weeks later.I thought they made a billing error because I had a balance owed of $234.00.

I contacted the billing department at 1-800-987-5521 and spoke with a customer services rep. She told me it was not a billing error and it was my responsibility to pay the minimum monthly payment of $20.00 or I could issue First Premier bank a payment in the amount of $234.00 to avoid being reported to the credit bureau.

I asked if I could close the account she stated she could but she would need me to make the full payment of the outstanding balance owed.

It has now been 13 months and I have made $50.00 in payments above the minimum payments due and know I don't have any credit on this card nor have I used this card. In February 2003 I contacted the billing department again and spoke with Sharon the supervisor.

I told her I don't owe them any money and that I am demanding that Mr.Dana Dykhouse-CEO of First Premier bank refund all of my money.

Tacoma, Washington

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