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First Premier Bank
First Premier Bank, headquartered in Sioux Falls, South Dakota, is an issuer of MasterCard brand credit cards in the United States. The bank is known for specializing in a wide range of subprime credit cards that are marketed to individuals with low credit scores.
The bank was founded in 1986 and is owned and controlled by T. Denny Sanford.
In 2007, the bank settled a case with the New York Attorney General, who claimed that the bank used deceptive practices to market its credit cards. As part of the settlement, the bank paid $4.5 million. In 2014, it was announced that First Premier Bank had filed a lawsuit against cardhub.com for allowing customers to view rates and terms, as well as for enabling users to review the card. However, the lawsuit was dropped a few months later.
The typical First Premier Bank MasterCard user uses the card for about 18 months before transitioning to another card with better terms. Sanford described the company as providing a "lifeline" for those with poor credit.
As of December 2010, First Premier Bank was reportedly offering a credit card with a 79.9% interest rate and a $300 limit. This was cited by Senator Bernie Sanders as an example of what he called "extortion and loan sharking".
First Premier Bank's CEO, Dana J. Dykhouse, was referenced in a 2014 piece in the Argus Leader as belonging to a group of would-be local benefactors who the author wrote, "should quit gouging poor people who can't make it from paycheck to paycheck, or don't qualify for regular credit cards. ... Loan sharks who charge an obscene profit just because they can don't make good community leaders."
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First Premier Bank
First Premier Bank, headquartered in Sioux Falls, South Dakota, is an issuer of MasterCard brand credit cards in the United States. The bank is known for specializing in a wide range of subprime credit cards that are marketed to individuals with low credit scores.
The bank was founded in 1986 and is owned and controlled by T. Denny Sanford.
In 2007, the bank settled a case with the New York Attorney General, who claimed that the bank used deceptive practices to market its credit cards. As part of the settlement, the bank paid $4.5 million. In 2014, it was announced that First Premier Bank had filed a lawsuit against cardhub.com for allowing customers to view rates and terms, as well as for enabling users to review the card. However, the lawsuit was dropped a few months later.
The typical First Premier Bank MasterCard user uses the card for about 18 months before transitioning to another card with better terms. Sanford described the company as providing a "lifeline" for those with poor credit.
As of December 2010, First Premier Bank was reportedly offering a credit card with a 79.9% interest rate and a $300 limit. This was cited by Senator Bernie Sanders as an example of what he called "extortion and loan sharking".
First Premier Bank's CEO, Dana J. Dykhouse, was referenced in a 2014 piece in the Argus Leader as belonging to a group of would-be local benefactors who the author wrote, "should quit gouging poor people who can't make it from paycheck to paycheck, or don't qualify for regular credit cards. ... Loan sharks who charge an obscene profit just because they can don't make good community leaders."