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First Premier Bank credit card offer (BEWARE)

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posted on Sep, 30 2009 @ 10:10 PM
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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.




posted on Sep, 30 2009 @ 10:27 PM
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reply to post by WTFover
 


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



posted on Sep, 30 2009 @ 10:32 PM
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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.



posted on Sep, 30 2009 @ 10:40 PM
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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.



posted on Sep, 30 2009 @ 10:49 PM
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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.



posted on Sep, 30 2009 @ 10:55 PM
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Good thread, OP.

The gf was applying for this card earlier today.

I talked her out of it.

The harvest is coming.



posted on Sep, 30 2009 @ 10:59 PM
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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 ****.



posted on Sep, 30 2009 @ 10:59 PM
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reply to post by ItsTheQuestion
 


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



posted on Sep, 30 2009 @ 11:00 PM
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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.



posted on Oct, 1 2009 @ 04:34 AM
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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.



posted on Oct, 1 2009 @ 06:15 PM
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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.



posted on Oct, 1 2009 @ 06:40 PM
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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




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