cancel
Showing results for 
Search instead for 
Did you mean: 

59.9% APR

Established Member

59.9% APR

So I got a First Premier junk mail for the 1st time in a long while yesterday (to be fair, I only opted-out last month so this was probably already in process)....

 

MasterCard PLATINUM:

 

59.9% APR

$75 application fee

$75 annual fee

 

What's the legal definition of usury anyway?

Message 1 of 16
15 REPLIES
Valued Contributor

Re: 59.9% APR

Message 2 of 16
Frequent Contributor

Re: 59.9% APR

59.9%!?! That's insane!! Maybe it's a typo? No one in their right mind should app for that.

===========
TU: 745(TU98) | EQ: 774 | EX: ? | NO BADDIES!
What's in my wallet? AMEX Platinum, United Presidential Plus World Elite MC, AMEX JetBlue, Nordstrom Visa Sig, Chase Sapphire Preferred, Discover More, AMEX Zync, Citi AAdvantage Plat Select Visa, Banana Republic, Home Depot
Message 3 of 16
Established Member

Re: 59.9% APR

They sure have made a name for themselves and it's not a good one.

Looking back I wish I never would have had them, it kinda makes me feel like even when my credit is perfect under manual review I'll always look like I had trouble at one time due to them being on my report.

 

I mean it kinda looks reckless that at one time I had a card from this company Smiley Happy

Message 4 of 16
Frequent Contributor

Re: 59.9% APR

Better hope you're never late with a payment.  They probably have some bone crushers that collect for them.

Message 5 of 16
Established Contributor

Re: 59.9% APR

Just be happy they didn't send you a pre-approval for 79.9%. Smiley Happy

 

http://www.usatoday.com/money/perfi/credit/2009-12-17-subprime-credit-card-apr_N.htm

Message 6 of 16
Regular Contributor

Re: 59.9% APR

I have it. No problems with it so far. The 59.99% means nothing to me if I pay the balance off every month. Be responsible with credit and you wont be hit with apr and fees. 

BK7 Filed | 3/25/2016 | EQ: 530 | EX: 526 | TU: 505
BK7 Discharged | 7/11/2016 | EQ: 535 | EX: 574 | TU: 506
Current FICO 8’s 10/28/2017 | EQ: 680 | EX: 680 | TU: 665
Message 7 of 16
Established Member

Re: 59.9% APR

I had first premeir too at one time but there is no way to justify 59.9% whether you pay PIF each month or not that APR is just crazy. If you read the fine print they also have monthly service fees of  approx $6.25 + a $75 one time fee.

 

When I had FP I believe the APR was 9% but they also charged up front fees exceeding $200 + $8/mo + $65/year

 

To anyone considering them I would suggest trying to get a secured card from a real lender, at least you get your money back if you choose to close the account.

First Premier got a ton of money from me and if I had to do it all over I never would have had their card. Smiley Happy

 

 

Message 8 of 16
Established Contributor

Re: 59.9% APR

I read in the link that was posted here that First Premier is the 10th largest issuer of MasterCards with a total customer base of 3.5 million cardholders. So many people are their customers, that's a shame!

I understand their argument that in the subprime market they face a much bigger risk of being stiffed, though. Nonetheless, I think they turn a handsome (read: big) profit on their cards. They probably could give their customers a break and treat them better. But then, they're also right that the fees and APR charged are clearly shown in the info sheet. Everyone can read before they apply.

Message 9 of 16
Valued Contributor

Re: 59.9% APR

when I had FP they gave me a 250CL and the fees

were 178.00 which meant I could use a whopping 72.00.

I closed them immediately.

 

 

Message 10 of 16