T. Denny Sanford: From Predatory Credit Cards to Philanthropy
T. Denny Sanford, the richest person in South Dakota, has a net worth of $1.3 billion. He made his fortune as the owner of First Premier Bank and its subsidiary Premier Bankcard, which were known for issuing credit cards with high fees, including an annual fee of $256 until federal law banned such fees. Today, their fees remain the highest in the country at 79.9%.
Despite the predatory nature of his business, Sanford is also known for his philanthropy. He has donated an estimated $500 million to various charitable organizations throughout his career. Most of these donations have been geared towards organizations that help children, such as the Sanford Health Foundation and the Sanford Children’s Hospital.
