Was First Premier ever decent?

ilovelisa · ‎03-23-2015

I was just looking at the website for First Premier and admiring the fees and interest rates on their credit cards. Their website leads me to believe that it is a normal bank that offers decent services.

Did the bank ever issue non high-risk cards?

You would think they would offer at least one card that is targeted toward their bank customers with decent credit scores.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500

Anonymous · ‎03-23-2015

@ilovelisa wrote:
I was just looking at the website for First Premier and admiring the fees and interest rates on their credit cards. Their website leads me to believe that it is a normal bank that offers decent services.

Did the bank ever issue non high-risk cards?
You would think they would offer at least one card that is targeted toward their bank customers with decent credit scores.

Doubtful.

Anonymous · ‎03-23-2015

I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.

10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

Anonymous · ‎03-23-2015

@Anonymous wrote:
I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.
10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

I am dying.

First Premier was never decent. In fact, they used to be worse. They offered at one point a credit card with 79.9% APR.

ilovelisa · ‎03-23-2015

@Anonymous wrote:

@Anonymous wrote:
I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.
10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

I am dying.

First Premier was never decent. In fact, they used to be worse. They offered at one point a credit card with 79.9% APR.

Oh my!

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500

nyancat · ‎03-23-2015

@Anonymous wrote:

@Anonymous wrote:
I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.
10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

I am dying.

First Premier was never decent. In fact, they used to be worse. They offered at one point a credit card with 79.9% APR.

I'm not sure that's worse. What were the other terms? The harm of First Premier to someone GENUINELY trying to rebuild their credit is all the other fees, not the APR. If you pay in full every month on a card with a grace period, you should never see the APR...

American Express Blue Cash Everyday - $11,000; American Express Platinum Cashback Everyday - £3,000; American Express Rewards Credit Card - £7,500; Aqua Reward Mastercard - £3,500; Bank of America Travel Rewards - $5,000; Barclaycard Freedom Rewards - £3,500; Citi Forward - $5,800; Discover It - $10,000; Halifax Clarity - £1,500; HSBC Platinum with Rewards - $5,000, MBNA Everyday Plus - £3,500

cashnocredit · ‎03-23-2015

Wow. I see they have added an up front "processing fee" of $95. There is also a $75 AF but in a fit of generosity it is reduced to $45 after the first year. Oh, and 36% APR.

So, to get a $300 CL you have to start off in the hole to the tune of $170. It's almost like they expect half their customers to stop paying within a year or so.

Looks like the processing fee is to get around the CARD Act AF limitation of 25% of the CL. Unlike the AF, the up front processing fee has to be paid at application time.

If you make it past the first year the AF drops to $45 or 15% of the total CL. Probably 90% of people that make it a year paying on time go on to other cards and close this puppy anyway.

There is one rather unique feature the card has that is actually the same as Amex charge cards. There is no APR interest charge if you pay before the next monthly statement cuts. Most places just give 21 days. So, I did find something nice to say about them.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k

Anonymous · ‎03-23-2015

@nyancat wrote:
@Anonymous wrote:

@Anonymous wrote:
I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.
10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

I am dying.

First Premier was never decent. In fact, they used to be worse. They offered at one point a credit card with 79.9% APR.
I'm not sure that's worse. What were the other terms? The harm of First Premier to someone GENUINELY trying to rebuild their credit is all the other fees, not the APR. If you pay in full every month on a card with a grace period, you should never see the APR...

http://www.dailyfinance.com/2009/10/16/such-a-deal-new-credit-card-offers-a-mere-79-9-interest/

Except that FP still had all those exorbitant fees even on the 79.9% card. As I said, they used to be worse. And let's be real, over half of the people who carry a FP card carry a balance on it.

ilovelisa · ‎03-23-2015

@cashnocredit wrote:
Wow. I see they have added an up front "processing fee" of $95. There is also a $75 AF but in a fit of generosity it is reduced to $45 after the first year. Oh, and 36% APR.

So, to get a $300 CL you have to start off in the hole to the tune of $170. It's almost like they expect half their customers to stop paying within a year or so.

Looks like the processing fee is to get around the CARD Act AF limitation of 25% of the CL. Unlike the AF, the up front processing fee has to be paid at application time.

If you make it past the first year the AF drops to $45 or 15% of the total CL. Probably 90% of people that make it a year paying on time go on to other cards and close this puppy anyway.

But then after the first year you pay the AF of $45 and a monthly servicing fee of $6.25 for a total of another $75 AF. So, $45 AF and $75 servicing fee.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500

nyancat · ‎03-23-2015

@Anonymous wrote:
@nyancat wrote:
@Anonymous wrote:

@Anonymous wrote:
I have no idea, but i got curious and decided to check out their website, they're hiring... I wonder how much they pay.
10 bucks an hour but have to pay to first premier "hiring fee", "monthly employement fee", and "granted raise fee"?

I am dying.

First Premier was never decent. In fact, they used to be worse. They offered at one point a credit card with 79.9% APR.
I'm not sure that's worse. What were the other terms? The harm of First Premier to someone GENUINELY trying to rebuild their credit is all the other fees, not the APR. If you pay in full every month on a card with a grace period, you should never see the APR...
http://www.dailyfinance.com/2009/10/16/such-a-deal-new-credit-card-offers-a-mere-79-9-interest/

Except that FP still had all those exorbitant fees even on the 79.9% card. As I said, they used to be worse. And let's be real, over half of the people who carry a FP card carry a balance on it.

Holy darn. And yes, that's why I capitalised GENUINELY trying to rebuild their credit.

American Express Blue Cash Everyday - $11,000; American Express Platinum Cashback Everyday - £3,000; American Express Rewards Credit Card - £7,500; Aqua Reward Mastercard - £3,500; Bank of America Travel Rewards - $5,000; Barclaycard Freedom Rewards - £3,500; Citi Forward - $5,800; Discover It - $10,000; Halifax Clarity - £1,500; HSBC Platinum with Rewards - $5,000, MBNA Everyday Plus - £3,500