So I got a First Premier junk mail for the 1st time in a long while yesterday (to be fair, I only opted-out last month so this was probably already in process)....
$75 application fee
$75 annual fee
What's the legal definition of usury anyway?
59.9%!?! That's insane!! Maybe it's a typo? No one in their right mind should app for that.
They sure have made a name for themselves and it's not a good one.
Looking back I wish I never would have had them, it kinda makes me feel like even when my credit is perfect under manual review I'll always look like I had trouble at one time due to them being on my report.
I mean it kinda looks reckless that at one time I had a card from this company
Just be happy they didn't send you a pre-approval for 79.9%.
I have it. No problems with it so far. The 59.99% means nothing to me if I pay the balance off every month. Be responsible with credit and you wont be hit with apr and fees.
I had first premeir too at one time but there is no way to justify 59.9% whether you pay PIF each month or not that APR is just crazy. If you read the fine print they also have monthly service fees of approx $6.25 + a $75 one time fee.
When I had FP I believe the APR was 9% but they also charged up front fees exceeding $200 + $8/mo + $65/year
To anyone considering them I would suggest trying to get a secured card from a real lender, at least you get your money back if you choose to close the account.
First Premier got a ton of money from me and if I had to do it all over I never would have had their card.
I read in the link that was posted here that First Premier is the 10th largest issuer of MasterCards with a total customer base of 3.5 million cardholders. So many people are their customers, that's a shame!
I understand their argument that in the subprime market they face a much bigger risk of being stiffed, though. Nonetheless, I think they turn a handsome (read: big) profit on their cards. They probably could give their customers a break and treat them better. But then, they're also right that the fees and APR charged are clearly shown in the info sheet. Everyone can read before they apply.