topic Re: New First Premier Bank Offer ! in Credit Cards

New First Premier Bank Offer !

waqaszm1 — Fri, 08 Apr 2011 01:49:40 GMT

helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

Re: New First Premier Bank Offer !

mross1080 — Fri, 08 Apr 2011 02:01:37 GMT

I had First premier as a starter card and I would have to say avoid it. They try to get you anyway they can. They have very shady business practices. I say to get either a secured capital one or and orchard. I think capital one is the better of the 2 since its easy to setup the first deposit and you can add money to it easier and has a chance of unsecuring.

Re: New First Premier Bank Offer !

FicoScore626 — Fri, 08 Apr 2011 15:18:39 GMT

$175 ANNUAL FEE??? Are you sure that's the annual fee and not the set-up fee? If that's the annual fee then I say HELL to the NO! I also say HELL to the NO to the $14.50 monthly fee. A 35.9% APR means that carrying a balance on that card will hurt. A lot.

Re: New First Premier Bank Offer !

waqaszm1 — Fri, 08 Apr 2011 02:07:22 GMT

yes $175 annual fee applies only the first year. there is NO monthly fee the first year.

the second year there is no annual fee, but instead a $14.50 monthly fee.

Re: New First Premier Bank Offer !

mahendra82 — Fri, 08 Apr 2011 02:10:03 GMT

Why not try out for secured card? 175 is just way too high IMHO.

Re: New First Premier Bank Offer !

trumpet-205 — Fri, 08 Apr 2011 02:12:45 GMT

Go with Capital One, a much better bank than First Premier.

DO NOT DO BUSINESS WITH FIRST PREMIER.

Re: New First Premier Bank Offer !

FicoScore626 — Fri, 08 Apr 2011 02:20:03 GMT

@waqaszm1 wrote:
yes $175 annual fee applies only the first year. there is NO monthly fee the first year.

the second year there is no annual fee, but instead a $14.50 monthly fee.

The $14.50 monthly fee still adds up to $174.00 for the year. So, they're still gouging and raking customers over the coal and trying to get away with highway robbery.

Re: New First Premier Bank Offer !

nyqutie — Fri, 08 Apr 2011 02:24:24 GMT

I'm going to chime in here and say please AVOID First Premier at all cost.

If you have money to pay annual fees and monthly fees then at least go with a card that has a decent reputation. I would also suggest Cap1 just say NO to First Premier.

Re: New First Premier Bank Offer !

aftermath — Fri, 08 Apr 2011 02:38:51 GMT

@waqaszm1 wrote:
helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

@Anonymous @ First Premier

It's a clever (not really) marketing ploy.

Annual fee for the first year and no other fees = $175

$14.50 x 12 months = $175

So basically you pay all your fees up front the first year as opposed to monthly the following year. They just word it differently to try to throw you off. It's the same thing!

Re: New First Premier Bank Offer !

Anonymous — Fri, 08 Apr 2011 03:20:46 GMT

I wouldn't touch First Premier - they will suck the money right out of your wallet.

Do check out the Credit Card Center tab up top of this page. They have a section for getting a credit card with FICO scores below 640.

If your wife has pulled a FICO score from this site, and if you're willing, post her score and you'll get some good feedback on what rebuilder cards folks might recommend.

I'm a big fan of Orchard for rebuilding. I see from your siggy that you're not. But I have to wonder why you'd be willing to make nice-nice with FP and sing their praises when they are much snakier and much more fee-loaded than Orchard. My prediction is if you had a rough time with Orchard, you'll be wallowing in fees and fines with FP. FP will likely do you in and kill your FICO scores while they're at it.

If you're not a fan of Orchard, definitely skip FP and look for some of the other recommendations folks here will give you - you'll probably find something you're comfortable with that won't eat you alive!

edited for silly spelling errors

Re: New First Premier Bank Offer !

Anonymous — Fri, 08 Apr 2011 03:17:11 GMT

@waqaszm1 wrote:
helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

Yes -- run the other way. FP is the subprime of the subprimes. I agree with the other posters -- look into an Orchard Bank or Capital One card. The annual fee for this card is obscene.

Re: New First Premier Bank Offer !

aftermath — Fri, 08 Apr 2011 03:48:38 GMT

@Anonymous wrote:
I wouldn't touch First Premier - they will suck the money right out of your wallet.

Do check out the Credit Card Center tab up top of this page. They have a section for getting a credit card with FICO scores below 640.
If your wife has pulled a FICO score from this site, and if you're willing, post her score and you'll get some good feedback on what rebuilder cards folks might recommend.

I'm a big fan of Orchard for rebuilding. I see from your siggy that you're not. But I have to wonder why you'd be willing to make nice-nice with FP and sing their praises when they are much snakier and much more fee-loaded than Orchard. My prediction is if you had a rough time with Orchard, you'll be wallowing in fees and fines with FP. FP will likely do you in and kill your FICO scores while they're at it.

If you're not a fan of Orchard, definitely skip FP and look for some of the other recommendations folks here will give you - you'll probably find something you're comfortable with that won't eat you alive!

edited for silly spelling errors

Hey that's my sig, not his!

Re: New First Premier Bank Offer !

Anonymous — Fri, 08 Apr 2011 04:13:33 GMT

I would say you have a good chance of getting a Standard Platinum card from Cap1 or a Best Buy RZMC that may have a $39-$59 annual fee tagged to it, but not a whopping $175 bucks on the card that Orchard Bank is offering.

I would steer clear of this card offer and not look back.

Re: New First Premier Bank Offer !

Walt_K — Fri, 08 Apr 2011 04:31:19 GMT

Doesn't Capital One counteroffer you their secured card if they deny you for a Classic Platinum card? I think I read that on here somewhere, maybe a post by JayRizzo. If so, that would seem to be a good bet.

Re: New First Premier Bank Offer !

mtva24 — Fri, 08 Apr 2011 04:52:53 GMT

Stay away from these bums...$175 for an annual fee, that is highway roberry!!!

Re: New First Premier Bank Offer !

trumpet-205 — Fri, 08 Apr 2011 05:25:53 GMT

@mtva24 wrote:
Stay away from these bums...$175 for an annual fee, that is highway roberry!!!

Back then, First Premier bank offers a card with 79.9% APR. Now that's truly highway robbery.

http://money.cnn.com/2011/02/07/pf/credit_card_interest_rate/index.htm?iid=EL

Re: New First Premier Bank Offer !

Anonymous — Fri, 08 Apr 2011 05:52:50 GMT

@aftermath wrote:

@Anonymous wrote:
I wouldn't touch First Premier - they will suck the money right out of your wallet.

Do check out the Credit Card Center tab up top of this page. They have a section for getting a credit card with FICO scores below 640.
If your wife has pulled a FICO score from this site, and if you're willing, post her score and you'll get some good feedback on what rebuilder cards folks might recommend.

I'm a big fan of Orchard for rebuilding. I see from your siggy that you're not. But I have to wonder why you'd be willing to make nice-nice with FP and sing their praises when they are much snakier and much more fee-loaded than Orchard. My prediction is if you had a rough time with Orchard, you'll be wallowing in fees and fines with FP. FP will likely do you in and kill your FICO scores while they're at it.

If you're not a fan of Orchard, definitely skip FP and look for some of the other recommendations folks here will give you - you'll probably find something you're comfortable with that won't eat you alive!

edited for silly spelling errors
Hey that's my sig, not his!

Ha! That's funny! Well, then - go for the Orchard OP!!!! (Or whatever else toots your horn!)

Re: New First Premier Bank Offer !

Walt_K — Fri, 08 Apr 2011 07:10:21 GMT

@trumpet-205 wrote:

@mtva24 wrote:
Stay away from these bums...$175 for an annual fee, that is highway roberry!!!

Back then, First Premier bank offers a card with 79.9% APR. Now that's truly highway robbery.

http://money.cnn.com/2011/02/07/pf/credit_card_interest_rate/index.htm?iid=EL

Never fails, every time someone reposts this story, I always get a kick out of how the CEO talks about the card. It was extremely popular with consumers. Ha.

Re: New First Premier Bank Offer !

JonStur — Fri, 08 Apr 2011 09:21:47 GMT

I definitely wouldnt do this..take all the money you're giving them in fees and get a Cap 1 secured card if she doesn't qualify for their Plat. Card...

Re: New First Premier Bank Offer !

Anonymous — Fri, 08 Apr 2011 15:06:38 GMT

To All the Above Posts,I say AMEN,AMEN,AMEN!!!!

If she can pif every month then she doesn't need to get robbed by those crooks...IMO