First Primer offer unbelievable

[Anonymous]

36% For a woping $700CL
$175 AF
$14+ Monthly membership fee ($174 a year) waived for the first year.

How is this even legal? That is predatory at the least. I have several big bank cards with very nice limits and good score (680-700). Why the heck are they sending me this?

I wrote some very nice (wink) words on the application and sent it back on their postage.

[flan]

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@Anonymous wrote:

How is this even legal? That is predatory at the least. I have several big bank cards with very nice limits and good score (680-700). Why the heck are they sending me this?

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They're targeting you because you're a good risk.  They -- and the other bottom barrel credit card companies -- seem to think there are enough people with not great credit who think they have really bad credit and who will pay them $300 a year for a credit card to be worth marketing to them.

[takeshi74]

There are all sorts of offers out there.  If one is not for you then move on.  Offers like this are legal because state laws vary.  Note where the creditor is located and read on up on the relevant law.

It's standard for creditors marketing to high risk consumers (not saying that you are one -- they just think you might be for wahtever reasons[s]) to offer low limits, high APR's and to charge fees.  It does not make any business sense to do otherwise.  Again, if the offer isn't for you then toss it and move on.  No point in getting worked up over it or putting that much thought or effort into it IMO.  I have scores in the low 800's and I get all sorts of junk offers.  It's just aother form of junk mail.

[black_citi]

I get those too sometimes. They always meet my best friend: shredder.

[Anonymous]

I will do my best to always send the prepaid postage envelope back. With those fees they sure can afford it.

[Anonymous]

They are just ridiculous with their offers... That is why it is a good thing for people to educate themselves credit wise...

[Anonymous]

HAHA, Thursday I recived 4 pre-approved card offers...

Im not ready for another card so I tear these up a toss them but I found this funny...

1. Discover it - I get these ALOT! I did not look at the terms before I disposed of it.

2. Amex - I get these ALOT! I did not look at the terms before I disposed of it.

3. Citi Saph Plat. - 12.99 Var Apr - 0% for 21 months - I get these ALOT! I disposed of it.

And then the Gem... The one I have been waiting for! This will make me app over all the others I get;

4. Credit One - Similar tems to what the OP posted... I thought I was above their targeted audience? It gave me a good laugh before it joined it's friend in the trash.

[Sharingan]

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@takeshi74 wrote:

There are all sorts of offers out there.  If one is not for you then move on.  Offers like this are legal because state laws vary.  Note where the creditor is located and read on up on the relevant law.

It's standard for creditors marketing to high risk consumers (not saying that you are one -- they just think you might be for wahtever reasons[s]) to offer low limits, high APR's and to charge fees.  It does not make any business sense to do otherwise.  Again, if the offer isn't for you then toss it and move on.  No point in getting worked up over it or putting that much thought or effort into it IMO.  I have scores in the low 800's and I get all sorts of junk offers.  It's just aother form of junk mail.

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I agree. It's also worth mentioning that First Premier (and the like) wouldn't be around if their products and terms weren't agreeable to some customers. I simply group their offers with the nonstop FNBO mailings and shred them regularly.