Like paying excess fees? You'll LOVE this card
Written: Oct 11 '07
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Pros: Payments are reported to bureaus
Customer service okay
Cons: Fees
Does it make sense to charge someone to make a payment?
The Bottom Line: Not recommended. Too many fees, very low credit limit. Actually hurts your credit score to keep cards nearly maxed out.
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| cochranb's Full Review: First PREMIER Bank Secured Visa |
I received this card almost a year ago. I read all the fine print, so I knew what I was getting myself into as far as set-up fees. I didn't like the deal, but I really needed to try to rebuild my credit.
I got my card and kept up on the payments, usually sending double the minimum amount. I normally used the website to make payments. However, my balance never seemed to go down much, and I was always flirting with the credit limit.
It turns out that the monthly maintenance fee of $6.00 (used to cover the cost of reporting my on-time payment to the credit bureaus)and the online payment fee of $7.00 (presumably to cover the cost of their website)was eating up a lot of the extra money I was sending in above the minimum payment, thereby basically making it like I was only sending the minimum payment every month, and the interest charges took care of a big chunk of that.
I solved the problem by setting up my payment through the online bill pay service from my bank. my payment is always on time, and my bank doesn't charge me anything. Can't get rid of that $6.00 charge though.
It's still a bad deal that I suggest everyone avoid.
Recommended:
No
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Epinions.com ID:
cochranb
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Reviews written: 1
Trusted by: 0 members
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