First Premier Bank credit card offer (BEWARE)

I apologize if this is in the wrong forum.

Today, I received a credit card offer from First Premier Bank of Sioux Falls, SD. The first hook was on the outside of the envelope. "5% rebate on all on time payments". Wow! Once opened (out of curiosity only) the next thing to catch the eye was "9.9% APR". Wow, again!

Knowing the nature of credit cards, I had to read all of the fine print and discovered I was correct in my suspicions. Here are the gotchas:

Minimum Initial Credit Limit $250
Program Fee -$ 95
Account Set Up Fee -$ 29
Annual Fee -$ 48
Monthly Servicing Fee -$ 7
Additional Card Fee -$ 20
Available Credit on First Statement (drum roll, please) $51 !!!

Just send in the application and owe $199 !!! But wait! Act now and be charged $3.95 to access your account online and be charged a Credit Limit Increase Fee, of $25, every time your credit limit is 'eligible' for an increase!

I hope I don't find out they received any bailout funds. Just wanted to remind folks to be cautious and, always, read the fine print. Don't be a victim.

reply to post by WTFover


Throw it in the shredder.
Save those for winter and put them in the fireplace for warmth.

reply to post by Eurisko2012


Rather than shred it, I will stuff their return envelope, with their own garbage and a letter telling them what I think of their attempt to defraud Americans. They don't have to pay the postage, unless it is returned and then it is by weight.

Now these are the types of scams you would think government could easily do something about.



I bet you many people are now in debt to this credit card company just for signing on the dotted line.

reply to post by jam321


Google is loaded with sites dedicated to consumer complaints about First Premier Bank. I guess it doesn't matter to them as long as P.T. Barnum's philosophy continues to be correct.

Good thread, OP.

The gf was applying for this card earlier today.

I talked her out of it.

The harvest is coming.

Originally posted by WTFover
reply to post by Eurisko2012

 

Rather than shred it, I will stuff their return envelope, with their own garbage and a letter telling them what I think of their attempt to defraud Americans. They don't have to pay the postage, unless it is returned and then it is by weight.

That's what I would do.

And as a friendly reminder, in big red letters.

"Shove this up your ***"

You have to remind them, to recycle their ****.

reply to post by ItsTheQuestion


I am glad to hear you were able to intervene in a potential mugging by FPB!

i have this card, just got it.

I make really good money and have really bad credit. I paid the card off already, and the fees are worth it to me to have a second chance at making payments on time.

I applied for several cards and got rejected. I got this card and a secured card through my bank and now my credit score increased and is 20 points from average.

Its a high risk card, thats why the fees are so high. When I get the chance, Ill upgrade and shred it. Buts its a small price to pay for my mistakes in the past.

Originally posted by Eurisko2012
reply to post by WTFover

 

Throw it in the shredder.
Save those for winter and put them in the fireplace for warmth.

Dude, I seriously do that! .. I am paranoid of throwing em' away so I save em in a garbage bag and use it for fire starters lol.

Credit cards = hell. My advice is 1. Never accept a credit card that is not from the bank you do business with. 2. Never have more than 1 card. 3. NEVER EVER EVER EVER apply and use "store" credit cards unless its an insane deal like no interest for 3 years on new purchases (my bestbuy card is this way)..

Of course you better pay it off in the time allotted your.... bad things happen...

Anyways, I've gotten maybe 5 card offers since the credit crisis began, not complaining.

I had this credit card.

Every year I was charged $199 for having the card, whether I owed anything or not. Then I was charged every month for a service fee to have the card, whether I owed anything or not.

After I figured out how much money it was costing me just to have a credit card, I canceled the card. I haven't had a card since.

I've had some bad experiences with my credit card...

There are so many hidden costs and clauses on most credit cards you would never be able to keep up.

Every month I would get three separate charges taken off, I thought it was crazy, service costs, interest and some other extra cost,

Those costs combined and ADDED to my original debt almost dwarfed my monthly payment, In the end i realized that the way they had set up my card was so that my monthly payments would almost never be able to pay off the debt..

I mean it goes like this...

I have -$5000 ( minus five thousand )
I am paying off $150 a month ( the minimum monthly payment fee )

But the extra costs every month come to around $60 and my interest is around $35 and some other service fee is like $25

That comes to $120 taken off every month, so out of that $150 payment I make every month, only $30 goes towards actually paying off the $5000 every single month...

I watched this go on for a while and realized how insane it is to own a credit card ( especially using it beyond your means )

Paid it off and canceled it as soon as i could