@smc733 wrote:
I think the big banks are pushing secured cards for credit building as opposed to "rebuilding", as it seems like people with no credit aren't able to get prime cards unsecured, but they don't seem to want to give out secured cards to people with problems, despite that the line is secured.
In any case, I did some searching and found First Premier's secured card through creditcards.com:
https://www.premiersecured.com/PersonalInfo.aspx?appid=OO110108165666C8P
Really not a bad deal. 19.9% APR and only a $50 AF, no fees like the crap "Gold" card they offer.
For more info on the card:
http://www.creditcards.com/credit-cards/first-premier-bank-secured-mastercard.php
You can choose your limit here too, from $200 to $5000, surprisingly, after doing some reading, it seems FP's secured card takes almost anyone like the regular fee-based unsecured card, but has much better terms. Good luck getting it unsecured, but as with the Gold or Public Savings Bank, this seems to be a tradeline to help bolster the scores, apply for better cards, then close.
All in all, I was surprised to learn this card really isn't that bad!
The major terms for this card are not so bad. Here are some of the terms, I don't like.
Additional Card Fee: If you authorize us to issue an additional Card on the Credit Account to you or other Authorized Users, there is an Additional Card Fee of $29.00 imposed annually for each additional Card.
Autodraft Fee: There is an $11.00 fee for each expedited payment completed through an autodraft service we provide if the payment is completed with the assistance of a live representative.
Credit Limit Increase Fee: Each time your Credit Account is eligible for and approved for an unsecured credit limit increase, a Credit Limit Increase Fee in the amount of 25% of the amount of the credit limit increase will be assessed to your Credit Account. For example: If approved for a $100.00 credit limit increase, a $25.00 Credit Limit Increase Fee will be assessed to your Credit Account, which will result in an additional available credit of $75.00 on your Credit Account. The maximum credit limit increase under this program is $100.00. This may or may not change in the future. This fee is automatically assessed upon approval of your credit limit increase, which could be as soon as 13 months after your Credit Account is opened. Refer to the Refund Disclosure for additional information.
Qualify For Future Credit Limit Increases: You will be eligible for consideration of an unsecured credit limit increase as soon as your Credit Account reaches month 13. Decisions on credit limit increases may be based on your performance under this Credit Account and other Related Credit Accounts you have with us and other credit criteria.
Copying Fee: If you request a copy of any Statement, sales draft or other document, we will charge you $3.00 for each copy we provide.
Express Delivery Fee: We impose a $35.00 fee for the express delivery of your Card. This service is only available for lost, stolen or replacement cards.
Internet Access Fee: We impose a fee of $3.95 for Internet access. This is a one-time fee, which will only be assessed after you have agreed to this service.
Wire Transfer Fee: $5.00 per transaction.
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Public Savings Bank has much better terms. First Premiere is still not a card to be recommended.
