Why would somebody ever want a first premier or credit one credit card !?

[Anonymous]

i was destroying a couple papers the other day and stumbled across this old card offer and opened it when i read the rates and fees I almost cried of happiness that I don't own one lolololol . But seriously what is the income , demographics , credit score . That they target !? 

[Anonymous]

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@Anonymous wrote:

i was destroying a couple papers the other day and stumbled across this old card offer and opened it when i read the rates and fees I almost cried of happiness that I don't own one lolololol . But seriously what is the income , demographics , credit score . That they target !? 

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It is marketed heavily to rebuilders but based on what I have read about the company, they have done their research and know people looking to rebuild their credit have limited choices so it is a nice way to exploit them whilst helping them achieve their credit goals.

[Anonymous]

So basically people fresh off BK ? That's another thing wouldn't BK show you to not borrow more than what you can pay off ever again  !? (I know some bk's are medical or job loss) 

[coffeegal]

It's an option for rebuilders who didn't know they had other, better options at the time.  For the record, I never had CC debt issues, my low scores were a result of a tax lien and some student loan issues.  Looking back, they were issues that were easily resolved and took about 90 days to clean up after spending some time on MyFICO.  For a time, I thought my debt was a lost cause, as I had no idea forums like this existed.  I had an FPB card (one of two cards -- I also had a Target card, then eventually a J Crew card I carried for a few years).  It was a costly option, but one that paid off in the end as I am now able to show a few years of perfect payments.  With a low credit score, came some low confindence, so I thought FPB was the best I could do.  

Of course, this is just my personal experience.  

Edit:  I never declared BK.  

[Anonymous]

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@Anonymous wrote:

So basically people fresh off BK ? That's another thing wouldn't BK show you to not borrow more than what you can pay off ever again  !? (I know some bk's are medical or job loss) 

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It's not just BK.  I used it for rebuilding for other reasons. I fully believe one year of on-time payments on my Credit One helped me obtain my Chase Freedom that I currently just received.  I called to cancel my Credit One since I paid if off and they offered to keep it open with no AF for the next 6 months.  I took the offer and put a note on my calendar to call to cancel in June. I figured I'd leave a PIF card on my file that reports to all three credit bureaus.

[Anonymous]

I've never declared BK either ( im only 24) no student loans just a car payment and a couple of credit cards ... That's why I found it strange when I used to receive those offers . Some people don't learn from the BK for instance my fiancés dad went BK in 2010 , right before the bk he bought a brand new Toyota , I'n 2012 or 13 I believe , he traded it in for a newer version ( rave 4 ) yeah he's raped with the interest but in his head who cares one day he will dies and not make payments ..... 'Merica ! 

[Anonymous]

For many, getting an "unsecured" credit card like First Premier sounds a whole lot better than a  "secured" card you have to put $300 down on.

At least it sounds good until their $300 credit limit card comes home with only $125 available credit

Credit One isn't as predatory and is somewhat ok aside from charging interest from the minute you swipe the card.

BTW, I got a mailer for the "Blaze" credit card and chucked it in the trash without really reading it, anybody seen one of those and know what it is?

[Anonymous]

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@Anonymous wrote:

For many, getting an "unsecured" credit card like First Premier sounds a whole lot better than a  "secured" card you have to put $300 down on.

At least it sounds good until their $300 credit limit card comes home with only $125 available credit

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Insane the amount of fees they charge.

First AF is $175 and is IMMEDIATELY billed.

Second AF is $49, also billed on 13th statement + $14.50/mo for "Account maintenance"

If one were to keep one of these cards for two years and pay no interest. You will have paid just under $400 in fees for absolutely zero real benefit.

How that helps ANYONE is beyond me. Only someone who plans to charge off this card should apply for it IMHO.

[EDGE1230]

I opened a credit one card in November of 2013 as my only option with a $75 annual Fee.  That card has helped me build into the cards in my signature however reamining a low limit.  It has really helped me and the only reason its open still is for my AAOA with all new accounts i opened at the end of 2014.   It serves its purpose if used correctly. Never had one single issue with them.

[Anonymous]

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@EDGE1230 wrote:

I opened a credit one card in November of 2013 as my only option with a $75 annual Fee.  That card has helped me build into the cards in my signature however reamining a low limit.  It has really helped me and the only reason its open still is for my AAOA with all new accounts i opened at the end of 2014.   It serves its purpose if used correctly. Never had one single issue with them.

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This all depends on what terms you got into with them. The no grace period thing negates what little advantage this creditor has over First Premier.