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Established Member
Posts: 26
Registered: ‎11-22-2010
0

59.9% APR

[ Edited ]

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?

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: 59.9% APR

Frequent Contributor
Posts: 477
Registered: ‎09-24-2010
0

Re: 59.9% APR

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

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Established Member
Posts: 35
Registered: ‎02-23-2010
0

Re: 59.9% APR

[ Edited ]

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 :smileyhappy:

Frequent Contributor
Posts: 309
Registered: ‎07-19-2010
0

Re: 59.9% APR

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

Established Contributor
Posts: 855
Registered: ‎06-29-2010
0

Re: 59.9% APR

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

 

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

New Contributor
Posts: 72
Registered: ‎08-13-2009
0

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. 


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Established Member
Posts: 35
Registered: ‎02-23-2010
0

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. :smileyhappy:

 

 

Established Contributor
Posts: 545
Registered: ‎09-12-2010
0

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.

Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

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.

 

 

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