topic Re: How do premier cards work? in Rebuilding Your Credit

How do premier cards work?

user365735 — Sun, 04 Dec 2022 21:40:03 GMT

I was approved for premier but if I am understanding this:

You have to pay a processing fee and annual fee upfront? That's $150. On top of that you have to pay a monthly fee?

Is that correct? For the first year it's not just the processing fee?

That seems like highway robbery.

Re: How do premier cards work?

Jnbmom — Sun, 04 Dec 2022 21:44:44 GMT

@user365735 wrote:
I was approved for premier but if I am understanding this:
You have to pay a processing fee and annual fee upfront? That's $150. On top of that you have to pay a monthly fee?

Is that correct? For the first year it's not just the processing fee?

That seems like highway robbery.

I assume you are talking about first premier? Really bad card , there are other options .

Re: How do premier cards work?

user365735 — Sun, 04 Dec 2022 22:05:29 GMT

Yes, I think I'm going to call them and cancel before they even ship the card.

Re: How do premier cards work?

GZG — Sun, 04 Dec 2022 22:26:30 GMT

@user365735 wrote:
Yes, I think I'm going to call them and cancel before they even ship the card.

you're probably still on the hook for any annual fees and any first monthly fee even if you cancel, so be sure to ask them what you're responsible for so they don't report you for not paying your bill.

Re: How do premier cards work?

user365735 — Sun, 04 Dec 2022 22:33:49 GMT

Thanks. The fine print says you can cancel without fees before receiving your disclosure agreement in the mail...

Re: How do premier cards work?

GZG — Sun, 04 Dec 2022 22:38:54 GMT

@GZG wrote:
@user365735 wrote:
Yes, I think I'm going to call them and cancel before they even ship the card.
you're probably still on the hook for any annual fees and any first monthly fee even if you cancel, so be sure to ask them what you're responsible for so they don't report you for not paying your bill.

After that, make another thread here after pulling your credit reports from: https://www.annualcreditreport.com/

Creditor Name/ Credit Line/ Balance/DoFD

So people here can make suggestions for what your next steps should be for your situation

@user365735 wrote:
Thanks. The fine print says you can cancel without fees before receiving your disclosure agreement in the mail...

Remain vigilant about checking, asking if you have any balance with them before and after you cancel. I would treat this with the assumption that they are out to get you/charge you as much as they can, regardless of what the terms say.

Re: How do premier cards work?

user365735 — Sun, 04 Dec 2022 22:44:37 GMT

thanks for the tip. This is what the agreement says. I would keep the card if they would just wave the processing fee.

You may still reject this plan, provided you have not used the Credit Account or paid a fee after receiving a billing statement. If you do reject the plan, you are not responsible for any fees or charges, including any Program Fee(s) paid prior to receipt of your Account Opening Disclosures. Any such Program Fee(s) previously paid will be refunded upon rejection of the plan.

Re: How do premier cards work?

7774x — Mon, 05 Dec 2022 04:57:28 GMT

@user365735 wrote:
I was approved for premier but if I am understanding this:
You have to pay a processing fee and annual fee upfront? That's $150. On top of that you have to pay a monthly fee?

Is that correct? For the first year it's not just the processing fee?

That seems like highway robbery.

$248 in fees before getting the card...with a $700 credit limit . then 30 - 36% interest. yes they charge interest on the fees .. ,,,,,,,,,,,,, They raise credit limits by issuing a 2nd card .. with again with $248 fees added to 2nd card...

Re: How do premier cards work?

IamWesty12 — Sat, 10 Dec 2022 13:23:49 GMT

@user365735 wrote:
I was approved for premier but if I am understanding this:
You have to pay a processing fee and annual fee upfront? That's $150. On top of that you have to pay a monthly fee?

Is that correct? For the first year it's not just the processing fee?

That seems like highway robbery.

@user365735 I hope you are able to get this figured out, these credit cards (and I say that term loosely) are predatory and border on but not illegal. If I were you, I would much rather apply for a Discover Credit Card using their prequalify link that you search on our credit card forum. Once there you will get a good sense of next steps, all w/o having a hard inquiry ding. If you are only approved for a their secrured credit card, I would most def proceed with this option. A Disco secured credit card will always trump a card like premier. Send in ANY amount to secure that card. Then use it for the next 6 months by putting Netflix or Spotify on it. After 6 months of doing so, they will most likely refund your security deposit and then turn the card into a regular credit card w/ a credit limit. I personally did this about 2 years ago and at the time I could only muster up $200 but I did this and flash forward they have been one of my fav credit card relationships. Plus whatever you charge in the first year, they match that and also send you that total however you opt (applied to the card, receive a check, sent to another account etc.). All while giving 100% US based customer service. Wow, sounds like I am helping them make a commercial rn, lol, but serioulsy it is a GREAT credit card and they will take care of you if you take care of them. Plus no predatory fees, no obnoxious AF or any other fees on top of fees). I highly recommend this, let us know what you decide and keep us posted!

Re: How do premier cards work?

Jeffster1 — Mon, 12 Dec 2022 03:20:21 GMT

BEWARE. Very frequently, ultra-subprime card companies such as First Premier and Credit One, are known to sneakily play games which can end up keeping your credit in the toilet and worsening it. I have never had either card but I know, and have read the stories of, many people who have told tales of horror regarding the games these cc companies employ.

I personally believe that a monthly fee is to give you the maximum number of opportunities to mess up. Those terms and conditions you are reading? They've been known to flout all the rules and when they did, good luck on getting them to rectify it.

Even after you close, keep a close eye on them for at least a year. Do not just close over the phone. Send a certified return receipt requested letter to their corporate address and retain all documentation.

Re: How do premier cards work?

sarchin — Tue, 13 Dec 2022 20:19:24 GMT

When I started out with my rebuild I looked at a lot of cards. I got a Discover secured card, which I still have though now unsecured and they've raised my limit once, a Quicksilver from Capital One that my son uses as an authorized user and Credit One. Seeing all the horror stories about Credit One I was hyper vigilant with them. I usually had to carry a balance so I made sure to pay it as soon as I got the statement and checked the website every day to make sure it posted. They were allright with me, got a few credit limit increases (with a fee of course), was offered a second card but I turned that down even though it was tempting to get it. After about three years I was in a position where I could close the account. When I called the rep asked why I was closing it and I said I didn't want to pay that monthly fee and the interest was way too high. He offered a six month break on the monthly fee so I said OK to keep it as a backup. At the fifth month I called them back up to close it and again the rep asked why and I told him no monthly fee and I'll keep it. He said "thanks for being a great customer, your account is now closed." I checked the website every couple of weeks to make sure nothing came up. Now, a few years later I'm still getting offers in email and mail for preapproved $2,500 limit, no inquiry card offers from them, and for them a decent interest rate, but I'm not getting another one. Anyways, if you're careful and PIF if you can and the card will help if you don't have other options.

Re: How do premier cards work?

markbeiser — Wed, 14 Dec 2022 05:21:32 GMT

Get the Discover secured card, they are not in business to screw you out of every dime they can, and will graduate you to an unsecured card in not too much time, as little as 7 months.
You also get a monthly Transunion Fico score, with some details on the factors that contribute to it, and some limited identity protection and allerts.