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Regular Contributor
Posts: 108
Registered: ‎06-07-2011
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First Premier.... HELP!!!!

I received a First Premier card in the mail the other day and today I finally sat down and looked at the terms. Here it goes: 49.9% APR!!! $75 annual fee the first year then $45 after. Then, no monthly servicing fee the first year, $6.50/mo after. They want me to pay the $75 up front and will have $300 limit ($225 available). I would be okay with this card, but APR is a deal breaker. Has anyone been able to negotiate with First Premier about lowering the APR?

In the garden 4/2015 to 3/2016
Established Contributor
Posts: 513
Registered: ‎01-27-2011
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Re: First Premier.... HELP!!!!

I would suggest getting a secured card through Cap1, the annual fee is like $19 and the apr is less than half of the one you are looking at.  I also think I have heard about people getting turned away from places like AMEX just becuase they have an account with a place like First Premier.  Heck, you may even get approved for an unsecured card with Cap1...what is your credit score?

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: First Premier.... HELP!!!!


Sheridan wrote:

I received a First Premier card in the mail the other day and today I finally sat down and looked at the terms. Here it goes: 49.9% APR!!! $75 annual fee the first year then $45 after. Then, no monthly servicing fee the first year, $6.50/mo after. They want me to pay the $75 up front and will have $300 limit ($225 available). I would be okay with this card, but APR is a deal breaker. Has anyone been able to negotiate with First Premier about lowering the APR?


Seriously, the APR is a deal breaker. After all those fees, and we know there are others you aren't even mentioning.  LOL.

 

I hope this is an offer and you haven't accepted.    Secured card with Capital One, Orchard (just about anybody) are much better less expensive deals.   

Regular Contributor
Posts: 108
Registered: ‎06-07-2011
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Re: First Premier.... HELP!!!!

I already have a Capital One card and a HSBC card. I am happy with both of these cards and thought I would try to get a third card. My scores are not very good at all so that offer was a real eye opener for me. The papers say I can reject this offer but it doesn't say how to reject it. There's no phone number to call. I have no intention of accepting anything like this, ever. It seems like they are trying to set me up for failure with rebuilding my credit.
In the garden 4/2015 to 3/2016
Established Contributor
Posts: 768
Registered: ‎04-08-2011
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Re: First Premier.... HELP!!!!

If I were you, I would not get that card. The fees and APR are just horrifyingly wicked. You already have 2 cards, getting the FP wouldnt help that much IMO, and it leeches money from you. 

I would garden the 2 cards for a while and look at other options, but that's just me.


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: First Premier.... HELP!!!!


Sheridan wrote:

I received a First Premier card in the mail the other day and today I finally sat down and looked at the terms. Here it goes: 49.9% APR!!! $75 annual fee the first year then $45 after. Then, no monthly servicing fee the first year, $6.50/mo after. They want me to pay the $75 up front and will have $300 limit ($225 available). I would be okay with this card, but APR is a deal breaker. Has anyone been able to negotiate with First Premier about lowering the APR?


My advice: PIF. EVERY MONTH!

 

I have had the same card now with the same terms for 6 months and not paid a dime in interest to them. No, they will not lower the APR. When your year anniversary comes up you can use that as a crutch to keep the acct going or cancel it.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Posts: 108
Registered: ‎06-07-2011
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Re: First Premier.... HELP!!!!

I PIF my cards every month and it wouldn't be a problem to do the same with this card. I just can't get over the APR. I'm not that desperate for this card, I think I'll pass. I just hope they don't make it difficult for me and still put something on my credit reports. I appreciate all of your advice. I looove this site!!!
In the garden 4/2015 to 3/2016
Established Contributor
Posts: 573
Registered: ‎05-29-2011
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Re: First Premier.... HELP!!!!

FYI . . some lenders will deny an app if they see a First Premier tradeline, Amex is one.  Do not accept this card offer, and if you have get rid of it, then try and get the tradeline off your CR.

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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: First Premier.... HELP!!!!


Sheridan wrote:
I PIF my cards every month and it wouldn't be a problem to do the same with this card. I just can't get over the APR. I'm not that desperate for this card, I think I'll pass. I just hope they don't make it difficult for me and still put something on my credit reports. I appreciate all of your advice. I looove this site!!!

If you PIF every month it is just like any other VISA/MC w/o rewards. I would use it for 1 year and cancel it. You'll have the the positive TL for 10 years.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: First Premier.... HELP!!!!


n777ua wrote:

FYI . . some lenders will deny an app if they see a First Premier tradeline, Amex is one.  Do not accept this card offer, and if you have get rid of it, then try and get the tradeline off your CR.


AMEX will not not deny you for having an FP card. Everyone has to start somewhere. If you have a good history with all of your accounts and everything is up to par on your CR FP will not hold someone back from an AMEX.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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