New First Premier Bank Offer !

[waqaszm1]

helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

[mross1080]

I had First premier as a starter card and I would have to say avoid it. They try to get you anyway they can. They have very shady business practices. I say to get either a secured capital one or and orchard. I think capital one is the better of the 2 since its easy to setup the first deposit and you can add money to it easier and has a chance of unsecuring.

[FicoScore626]

$175 ANNUAL FEE??? Are you sure that's the annual fee and not the set-up fee? If that's the annual fee then I say HELL to the NO! I also say HELL to the NO to the $14.50 monthly fee. A 35.9% APR means that carrying a balance on that card will hurt. A lot.

[waqaszm1]

yes $175 annual fee applies only the first year. there is NO monthly fee the first year.

the second year there is no annual fee, but instead a $14.50 monthly fee.

[mahendra82]

Why not try out for secured card? 175 is just way too high IMHO. 

[trumpet-205]

Go with Capital One, a much better bank than First Premier.

DO NOT DO BUSINESS WITH FIRST PREMIER.

[FicoScore626]

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@waqaszm1 wrote:

yes $175 annual fee applies only the first year. there is NO monthly fee the first year.

the second year there is no annual fee, but instead a $14.50 monthly fee.

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The $14.50 monthly fee still adds up to $174.00 for the year. So, they're still gouging and raking customers over the coal and trying to get away with highway robbery.

[nyqutie]

I'm going to chime in here and say please AVOID First Premier at all cost.  

If you have money to pay annual fees and monthly fees then at least go with a card that has a decent reputation.  I would also suggest Cap1 just say NO to First Premier.

[aftermath]

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@waqaszm1 wrote:

helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

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@Anonymous @ First Premier

It's a clever (not really) marketing ploy.

Annual fee for the first year and no other fees = $175

$14.50 x 12 months = $175

So basically you pay all your fees up front the first year as opposed to monthly the following year.  They just word it differently to try to throw you off.  It's the same thing!

[Anonymous]

I wouldn't touch First Premier - they will suck the money right out of your wallet.

Do check out the Credit Card Center tab up top of this page.  They have a section for getting a credit card with FICO scores below 640.

If your wife has pulled a FICO score from this site, and if you're willing, post her score and you'll get some good feedback on what rebuilder cards folks might recommend.

I'm a big fan of Orchard for rebuilding.  I see from your siggy that you're not.    But I have to wonder why you'd be willing to make nice-nice with FP and sing their praises when they are much snakier and much more fee-loaded than Orchard.  My prediction is if you had a rough time with Orchard, you'll be wallowing in fees and fines with FP.  FP will likely do you in and kill your FICO scores while they're at it.

If you're not a fan of Orchard, definitely skip FP and look for some of the other recommendations folks here will give you - you'll probably find something you're comfortable with that won't eat you alive!

edited for silly spelling errors