I received a First Premier card in the mail the other day and today I finally sat down and looked at the terms. Here it goes: 49.9% APR!!! $75 annual fee the first year then $45 after. Then, no monthly servicing fee the first year, $6.50/mo after. They want me to pay the $75 up front and will have $300 limit ($225 available). I would be okay with this card, but APR is a deal breaker. Has anyone been able to negotiate with First Premier about lowering the APR?
I already have a Capital One card and a HSBC card. I am happy with both of these cards and thought I would try to get a third card. My scores are not very good at all so that offer was a real eye opener for me. The papers say I can reject this offer but it doesn't say how to reject it. There's no phone number to call. I have no intention of accepting anything like this, ever. It seems like they are trying to set me up for failure with rebuilding my credit.
If I were you, I would not get that card. The fees and APR are just horrifyingly wicked. You already have 2 cards, getting the FP wouldnt help that much IMO, and it leeches money from you.
I would garden the 2 cards for a while and look at other options, but that's just me.
Starting Score (08/11/11): TU08: 643
@Sheridan wrote:I received a First Premier card in the mail the other day and today I finally sat down and looked at the terms. Here it goes: 49.9% APR!!! $75 annual fee the first year then $45 after. Then, no monthly servicing fee the first year, $6.50/mo after. They want me to pay the $75 up front and will have $300 limit ($225 available). I would be okay with this card, but APR is a deal breaker. Has anyone been able to negotiate with First Premier about lowering the APR?
My advice: PIF. EVERY MONTH!
I have had the same card now with the same terms for 6 months and not paid a dime in interest to them. No, they will not lower the APR. When your year anniversary comes up you can use that as a crutch to keep the acct going or cancel it.
I PIF my cards every month and it wouldn't be a problem to do the same with this card. I just can't get over the APR. I'm not that desperate for this card, I think I'll pass. I just hope they don't make it difficult for me and still put something on my credit reports. I appreciate all of your advice. I looove this site!!!
@Sheridan wrote:
I PIF my cards every month and it wouldn't be a problem to do the same with this card. I just can't get over the APR. I'm not that desperate for this card, I think I'll pass. I just hope they don't make it difficult for me and still put something on my credit reports. I appreciate all of your advice. I looove this site!!!
If you PIF every month it is just like any other VISA/MC w/o rewards. I would use it for 1 year and cancel it. You'll have the the positive TL for 10 years.
@n777ua wrote:FYI . . some lenders will deny an app if they see a First Premier tradeline, Amex is one. Do not accept this card offer, and if you have get rid of it, then try and get the tradeline off your CR.
AMEX will not not deny you for having an FP card. Everyone has to start somewhere. If you have a good history with all of your accounts and everything is up to par on your CR FP will not hold someone back from an AMEX.