I'm not as Dumb as I look, and Yes I can read...
Sep 17, 2011 (Updated Sep 18, 2011)
Review by jlava73
Rated a Very Helpful Review
User Rating: Disappointing
Web Site Experience:
Pros:The envelope is very pretty.
Cons:Fees continue to increase and are charged to your account.
The Bottom Line: Just because your credit may be damaged, does not mean you must suffer the abusive terms and restrictions these crooks are dishing out.
Every Credit Card Invitation to apply comes with an Initial Disclosure. Before you get excited about the $700.00 dollar credit line they are offering - open up the disclosure and read about what that will cost you.
Recommend this product?
I used to think the worst offender for upfront charges and fees was Orchard Bank. First Premier Bank has got them beat. I get about one offer per month from them. Too bad for them I can spot Abusive Terms when I see them. I will say, the envelopes are pretty, looks like all those fees you pay are spent at the printer.
I went through my share of financial difficulties. Even when my credit was at its worst, I was approved for an account with Capital One with no upfront fees and an initial credit line of $300.00. Disclosure (they did not pay me to write that) unless you count the fact they gave me full use of my $300.00 credit line.
The initial Credit line is $700.00 Wow, that's great right? NO it's not. It's a Set-up AKA Set up fee. And I quote ”Some of these set-up and maintenance fees will be charged will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $700.00, your initial available credit will be only about $525.00”
WHOA - I'll pause here and allow you to put your eyes back in their sockets. So the $175.00 disappearing credit limit reducer is really called an Annual fee. It gets better though this is only for the first year - because they are taking such a huge risk on you. After that they will lower it to $49.00 which is a bit more normal.
BUT After the first year you will pay $14.50 per month monthly Servicing Fee which adds up to how much ($174.00). Tricky little devils (double whammy). Year One - you pay $175.00 Annual Fee and Year Two after you prove yourself - you pay $223.00 in fees.
If that isn't punishment enough, the APR is a whopping 36%. They say they will not charge interest on purchases, if you pay your balance in full each month for the first 12 months. That does not apply in the case of a cash advance, which carries the same APR. Cash Advances also have a fee of 5% of the amount.
Late Payment Penalty
Credit limit Increase fee: The fee is 25% of the increase amount, which means if you get an increase of $100.00 you will be charged $25.00 resulting in a true increase of $75.00. Now imagine a $500 increase the fee is $125.00. Leaving you with a whopping $375.00
Additional card fee $29.00 if you want a card for another person. If you choose this option it will further reduce your available credit to $496.00. Return Item fee $35.00 if you pay them and the payment is returned.
By signing up you are agreeing to allow calls and text messages to your cell phone and you agree to pay any charges related to those calls and texts.
Residency Restrictions AKA consumer friendly States:
If you live in New York and Wisconsin the offer is not available to you.
To apply online:
If after reading this review, you still feel this card would be a good option for you, then you can apply online by going to this site: www.60secondpremier.com or www.firstpremier.com or calling them 1-800-603-8383
I called to be removed from their mailing list and was treated a little rudely. I take this as another sign that they probably do not have a good system for resolving problems and or complaints.
The good news is you can make an informed decision before signing up to be abused. This card is a debt-trap. I can't imagine a situation where signing up for this card would be a good idea. I am pretty sure you could get a better rate from a loan shark (not that I recommend that either) since I'm pretty sure they break legs. Heck if you really need a small personal loan Grandma or Uncle Larry will probably give you a longer grace period and likely won't charge you interest or set up fees.
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