Credit Cards

[Quietly]

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?

[wmarat]

http://www.loanback.com/lending-101/basics/usury-laws-by-state

[ArisGreek]

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

[madratmedia]

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

[gangof4]

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

[stan_the_man]

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

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

[Bcunniff9]

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. 

[madratmedia]

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.

[wollepopolle]

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.

[casinoannie97]

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.