My husband received the application for a charge card from the First Premier Bank recently. He was about to sign it and send it in for a "No savings or security deposit...send no money...no forms to complete" card when he decided to read the fine print. Good thing he did before sending this application in!

Yes, he was "pre-approved" for a card, with a credit limit from $250-1,000, something tells me that 90% of the people "pre-approved" get the $250 credit limit...

Anyway the fees for late payments and/or overlimit (important to hear about for this card) are $25.00 each time the payment is late (and remember...if your check gets "side-tracked" in the mail, it'll count as being late, even if you sent it long before the payment date!).$25.00 each month the balance exceeds the credit limit...Kind of expensive, don't you think?

Now, then...let me get to the "fine print" which isn't that small, it's out in the open, where its easy to miss! It states "Fees for issuance or availability of credit" (Most of us will glance through that section...my advice? Don't. Read it carefully). This is where they get you...

Account Set Up Fee: $29.00
Program Fee:$95.00
Annual Fee:$48.00
Monthly Participation Fee: $3.00 ($36.00 annually)
Additional Card Fee: $20.00 Annually

Thats a LOT of money for a "No savings or security deposit" card...isn't it? That adds up to....let me see...$228.00, BEFORE you even actually get the card! Now, if you have the $250.00 credit limit card...you can only charge $22.00! Is this even worth your time? I didn't think so! Think about it...if you accidently charge $30.00 on the card, you are already overlimit!

This is one card in which I think "no credit" is better then trying to get credit. My advice? Get a card in which you pay $49.00 security deposit! Much cheaper in the long run!

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