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oh the pre approvals are getting better!

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Skye12329
Valued Contributor

oh the pre approvals are getting better!

I just got a first premier pre approval. $500 line and the AF is only $25 with a $8.25 monthly fee. It's a shame my shredder is craving some food though. Gotta feed it I guess.

Doesnt their card usually have a $125 AF? I don't usually look >.<


Also side question: doesn't first premier offer a high class card? Because I thought they offered a black card with the diamonds on the front or something? You would think they would try mailing those out.

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: oh the pre approvals are getting better!

They sure are pesky. Even when I didn't have any revolving lines, I avoided them. There is nothing worst than paying for little credit.

Message 2 of 9
chwebb1
Established Contributor

Re: oh the pre approvals are getting better!

<sarc> That sounds like a GREAT card. You should have jumped all over that. </sarc>

 

I'm sure that offer was complete with no grace period on purchases too.

 photo NUS000000180_160X101_STRAIGHT.gif photo DISCOVER_IT_LG.gif photo card_1.png photo night-launch.png photo NUS000000012_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png
$15000 ........... $12500 ............ $11750 ............ $10000 ........... $9400 ............ $5000 ............. $5000
In the Garden until at least November 2015
Message 3 of 9
Anonymous
Not applicable

Re: oh the pre approvals are getting better!


@Skye12329 wrote:

I just got a first premier pre approval. $500 line and the AF is only $25 with a $8.25 monthly fee. It's a shame my shredder is craving some food though. Gotta feed it I guess.

Doesnt their card usually have a $125 AF? I don't usually look >.<


Also side question: doesn't first premier offer a high class card? Because I thought they offered a black card with the diamonds on the front or something? You would think they would try mailing those out.


All of their cards are pretty unattractive IMO.  They have one that says it'll make a donation in your name to a charity benefiting breast cancer after you make a couple payments that looks a little different with the hot pink stripe, which is kind of ok until you see the First Premier logo on it.  Haha.

The card USUALLY has a $95 application fee + $75 annual fee for the first year, and then a $45 annual fee + $6.25 monthly fee after the first year for their $300 limit card.  APPARENTLY they can offer a card with a starting limit of $400 ($95 app fee + $100 annual fee first year, then $45 annual fee + $8.30 monthly fee after the first year) or a starting limit of $500 ($95 app fee + $125 annual fee first year, then $45 annual fee + $10.40 monthly fee after the first year).  So essentially, the more they give you, the worse it gets.

 

It also usually has a 36% interest rate, but it DOES have a grace period.

TL;DR: RUN FOR THE HILLS.

Message 4 of 9
pipeguy
Senior Contributor

Re: oh the pre approvals are getting better!


@Anonymous wrote:

@Skye12329 wrote:

I just got a first premier pre approval. $500 line and the AF is only $25 with a $8.25 monthly fee. It's a shame my shredder is craving some food though. Gotta feed it I guess.

Doesnt their card usually have a $125 AF? I don't usually look >.<


Also side question: doesn't first premier offer a high class card? Because I thought they offered a black card with the diamonds on the front or something? You would think they would try mailing those out.


All of their cards are pretty unattractive IMO.  They have one that says it'll make a donation in your name to a charity benefiting breast cancer after you make a couple payments that looks a little different with the hot pink stripe, which is kind of ok until you see the First Premier logo on it.  Haha.

The card USUALLY has a $95 application fee + $75 annual fee for the first year, and then a $45 annual fee + $6.25 monthly fee after the first year for their $300 limit card.  APPARENTLY they can offer a card with a starting limit of $400 ($95 app fee + $100 annual fee first year, then $45 annual fee + $8.30 monthly fee after the first year) or a starting limit of $500 ($95 app fee + $125 annual fee first year, then $45 annual fee + $10.40 monthly fee after the first year).  So essentially, the more they give you, the worse it gets.

 

It also usually has a 36% interest rate, but it DOES have a grace period.

TL;DR: RUN FOR THE HILLS.


What a deal !! Hold me back.

 

You know, I know there are rebuilders and there are people that think they are in need of this kind of product, but this kind of product and terms really should be out lawed as usury violations. 

 

Makes Capital One look pretty good doesn't it, even with toy limits.

Message 5 of 9
Anonymous
Not applicable

Re: oh the pre approvals are getting better!


@pipeguy wrote:

@Anonymous wrote:

@Skye12329 wrote:

I just got a first premier pre approval. $500 line and the AF is only $25 with a $8.25 monthly fee. It's a shame my shredder is craving some food though. Gotta feed it I guess.

Doesnt their card usually have a $125 AF? I don't usually look >.<


Also side question: doesn't first premier offer a high class card? Because I thought they offered a black card with the diamonds on the front or something? You would think they would try mailing those out.


All of their cards are pretty unattractive IMO.  They have one that says it'll make a donation in your name to a charity benefiting breast cancer after you make a couple payments that looks a little different with the hot pink stripe, which is kind of ok until you see the First Premier logo on it.  Haha.

The card USUALLY has a $95 application fee + $75 annual fee for the first year, and then a $45 annual fee + $6.25 monthly fee after the first year for their $300 limit card.  APPARENTLY they can offer a card with a starting limit of $400 ($95 app fee + $100 annual fee first year, then $45 annual fee + $8.30 monthly fee after the first year) or a starting limit of $500 ($95 app fee + $125 annual fee first year, then $45 annual fee + $10.40 monthly fee after the first year).  So essentially, the more they give you, the worse it gets.

 

It also usually has a 36% interest rate, but it DOES have a grace period.

TL;DR: RUN FOR THE HILLS.


What a deal !! Hold me back.

 

You know, I know there are rebuilders and there are people that think they are in need of this kind of product, but this kind of product and terms really should be out lawed as usury violations. 

 

Makes Capital One look pretty good doesn't it, even with toy limits.


I should mention that FP has a secured card that is better than their unsecured - 19.9% interest, $50 annual fee, no monthly fee, no application fee.  But WHY would you do that?  If you're in the market for a secured card, there are SO MANY BETTER OPTIONS, including the aforementioned Cap One.  At least Cap One won't charge you 25% for every CLI.

Message 6 of 9
Skye12329
Valued Contributor

Re: oh the pre approvals are getting better!

@michikade I agree. I think it's terrible there are vultures like them and credit one and others that get away with this highway robbery. Like I'm the long run a secured card is worth more. Personally I don't have anything against cap1 besides the customer service. But the 3 HPs aren't bad either especially when rebuilding.
BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 7 of 9
Anonymous
Not applicable

Re: oh the pre approvals are getting better!


@Skye12329 wrote:
@Anonymous I agree. I think it's terrible there are vultures like them and credit one and others that get away with this highway robbery. Like I'm the long run a secured card is worth more. Personally I don't have anything against cap1 besides the customer service. But the 3 HPs aren't bad either especially when rebuilding.

If you can believe it, FP used to be worse before the laws changed.  They used to charge $250 worth of fees upon approval and only issued the $300 card so when you got it in the mail you had $50 available credit, AND they didn't have the first year's worth of monthly fees waived so far as I can recall.  And they didn't lower the annual fee so if you weren't paying attention that annual fee could equal over the limit fees too (which could happen to anyone but when the annual fee is $95+ on a $300 card it's setting up these poor people to fail).  They also used to issue cards with 79% APR.

And interestingly enough, before the laws changed and 99% of the "bad credit" credit cards went out of business or quit issuing cards because they knew they couldn't keep being leeches legally anymore, FP was actually one of the cheaper ones.

I've been maintaining a list of secured cards here and hopefully people looking at these companies will see the significantly better options and choose to put the money they were going to spend on the fees into a secured card instead. 

Message 8 of 9
joedtx
Valued Contributor

Re: oh the pre approvals are getting better!

Their offers usually get worse as your credit gets better.

Message 9 of 9
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