First Premiere Loan Sharks?
Written: Jul 31 '01
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Pros: I suppose if your credit is bad, this card could prove helpful.
Cons: Ridiculous, hidden fees.
The Bottom Line: Stay away from these people. They are no better than loan sharks.
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| Writerip's Full Review: First PREMIER Bank Secured Visa |
I'll admit I made a hasty decision. The credit card offer arrived via e-mail. My credit is good. So is my husband's. But on a whim I decided to apply to give myself the cushion of an extra credit card.
This was probably one of the most foolish mistakes I've made. Financially it was stupid. It has wound up costing money for fees and I didn't even realize it was a secured card.
I honestly believe First Premiere is targeting people who are completely desperate or completely oblivious to their tactics. I qualify among the second group. Never before had I heard of a set-up fee or a fee to process my credit card application. My credit is practically flawless, so when I received the offer to sign up for the card, I admit I foolishly failed to read between the lines.
When a statement arrived within days of receiving the card in the mail, and I already had a balance of $120, I nearly died. I was on the phone immediately, asking what on earth this was all about and could this account please be cancelled immediately.
My reply was negative. I was told that these stipulations were clearly marked. I had failed to read the fine print.
Fortunately I can afford to take care of these ridiculous charges. However many folks are receiving these cards because they have no credit or bad credit, and this probably means they cannot afford to pay these charges.
I think it is a crime that these companies are allowed to prey on such individuals. I have absolutely no excuse for what I did. But what about the naiive 18-year old who never had a credit card? What about the lower-income single mom who is trying to make ends meet and repair her damaged credit from a past relationship? What about a young person with a less-than-stellar IQ? They might not understand that in order to obtain this "credit" it will cost them a bundle.
Consumer warnings come with many products. These companies should be made to issue their stipulations in bold and clear print, so that all perspective credit card applicants are forewarned of the hidden charges.
Recommended:
No
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Epinions.com ID:
Writerip
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Member: Kimberly Ripley
Reviews written: 321
Trusted by: 61 members
About Me:
Wife, mother, full-time writer and published author.
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