South Dakota landed several major credit card companies after 1980 because of the state’s lack of laws restricting interest rates. In the 1970s, credit card companies were losing money with every swipe because most states had laws that capped interest rates. The lack of a usury law in South Dakota combined with a Supreme Court ruling that said companies could use the state’s laws where the company was headquartered led to a financial boom. Even if a card was used in another state, South Dakota laws governed interest rates. Today, Wells Fargo, Citi and First PREMIER Bank/Premier Bankcard are three of the top 15 employers in Sioux Falls, employing up to 5,000 people.