First PREMIER Bank BEWARE OUTRAGEOUS CREDIT CARD OFFER Sioux Falls South Dakota
I'm not looking for a new credit card, but received this outrageous offer (?) for an unsecured credit card this week. It's so outrageous, I felt the need to send in this information about the promotion.
The promo information looks nice (9.9%); but when you read the disclosure form it indicates this is a very bad offer. Even if someone made the mistake of signing up for this card in haste, they would owe a lot of money to this company.
Note the conditions of the offer:
Minimum Initial Credit Limit: $250.00
Program Fee -95.00
Account Set Up Fee -29.00
Annual Fee -48.00
Monthly Servicing Fee -7.00
AVAILABLE CREDIT ON FIRST STATEMENT $71.00
IF ACCOUNT IS CLOSED WITH A BALANCE OF $20 or more, $3.00 month additional fee until paid in full.
Charge of $11.00 for autodraft service.
We all know about annual fees, but fees on top of that? A program fee? And a monthly servicing fee? An account set up fee? And a fee to pay your bill?
Just a reminder, always be careful and read the disclosure notices.
Drzoe131
Pembroke Pines, Florida
U.S.A.
5 Updates & Rebuttals
Drzoe131
Pembroke Pines,Florida,
U.S.A.
Just simple comment on this thread
#6Author of original report
Sat, May 09, 2009
It's good to hear that there are individuals who took this card to rebuild their credit and havent had any problems. My reason for posting, was the very unusual fees associated with the offer, that could lead those who respond, impulsively, to card offers in trouble.
When I needed to rebuild my credit, I was able to obtain a card that had a low interest rate and a charged an annual fee. I have never received a card offer from any company with such unusual and unusually high fees as Premiere's. It shocked me. I obtained a card with a low credit limit, $49 annual fee, and no interest for a year, then upped to 9.9%. no other charges and the purpose to rebuild credit. they seem to go out of their way to have you get it paid on time each month by offering reminders and online payments for free. i was shocked to read premiere charges you to pay your bill online, i've never seen that from any company. why would a company charge you to do what your expected to do?
I believe, bottom line, is that consumers need to forget what the promo letter says and just open up the disclosure notice. the disclosure notice is filled with a bulk of information that says exactly what it is. i only wish it was written in PLAIN ENGLISH. the response to another message about this company written by a Premier Employee noting that "this card is not for everyone...." and is a high risk bank helping people rebuild credit," would be great to put in the letter a consumer receives. this kind of honesty seems like it would be more helpful to consumers than a letter that says, "we know you've had credit problems, but here is an offer you won't want to turn down."
not everyone is able to make sound choices for various reasons, and invariably, this can lead them into trouble. i wish the companies would stop sending out these offers - if people want credit, they can go looking for it and have a discussion, with all the disclosure available, when they apply for credit, not because the letter arrived in the mail of a vulnerable individual's mailbox.
Drzoe131
Pembroke Pines,Florida,
U.S.A.
Just simple comment on this thread
#6Author of original report
Sat, May 09, 2009
It's good to hear that there are individuals who took this card to rebuild their credit and havent had any problems. My reason for posting, was the very unusual fees associated with the offer, that could lead those who respond, impulsively, to card offers in trouble.
When I needed to rebuild my credit, I was able to obtain a card that had a low interest rate and a charged an annual fee. I have never received a card offer from any company with such unusual and unusually high fees as Premiere's. It shocked me. I obtained a card with a low credit limit, $49 annual fee, and no interest for a year, then upped to 9.9%. no other charges and the purpose to rebuild credit. they seem to go out of their way to have you get it paid on time each month by offering reminders and online payments for free. i was shocked to read premiere charges you to pay your bill online, i've never seen that from any company. why would a company charge you to do what your expected to do?
I believe, bottom line, is that consumers need to forget what the promo letter says and just open up the disclosure notice. the disclosure notice is filled with a bulk of information that says exactly what it is. i only wish it was written in PLAIN ENGLISH. the response to another message about this company written by a Premier Employee noting that "this card is not for everyone...." and is a high risk bank helping people rebuild credit," would be great to put in the letter a consumer receives. this kind of honesty seems like it would be more helpful to consumers than a letter that says, "we know you've had credit problems, but here is an offer you won't want to turn down."
not everyone is able to make sound choices for various reasons, and invariably, this can lead them into trouble. i wish the companies would stop sending out these offers - if people want credit, they can go looking for it and have a discussion, with all the disclosure available, when they apply for credit, not because the letter arrived in the mail of a vulnerable individual's mailbox.
Drzoe131
Pembroke Pines,Florida,
U.S.A.
Just simple comment on this thread
#6Author of original report
Sat, May 09, 2009
It's good to hear that there are individuals who took this card to rebuild their credit and havent had any problems. My reason for posting, was the very unusual fees associated with the offer, that could lead those who respond, impulsively, to card offers in trouble.
When I needed to rebuild my credit, I was able to obtain a card that had a low interest rate and a charged an annual fee. I have never received a card offer from any company with such unusual and unusually high fees as Premiere's. It shocked me. I obtained a card with a low credit limit, $49 annual fee, and no interest for a year, then upped to 9.9%. no other charges and the purpose to rebuild credit. they seem to go out of their way to have you get it paid on time each month by offering reminders and online payments for free. i was shocked to read premiere charges you to pay your bill online, i've never seen that from any company. why would a company charge you to do what your expected to do?
I believe, bottom line, is that consumers need to forget what the promo letter says and just open up the disclosure notice. the disclosure notice is filled with a bulk of information that says exactly what it is. i only wish it was written in PLAIN ENGLISH. the response to another message about this company written by a Premier Employee noting that "this card is not for everyone...." and is a high risk bank helping people rebuild credit," would be great to put in the letter a consumer receives. this kind of honesty seems like it would be more helpful to consumers than a letter that says, "we know you've had credit problems, but here is an offer you won't want to turn down."
not everyone is able to make sound choices for various reasons, and invariably, this can lead them into trouble. i wish the companies would stop sending out these offers - if people want credit, they can go looking for it and have a discussion, with all the disclosure available, when they apply for credit, not because the letter arrived in the mail of a vulnerable individual's mailbox.
Drzoe131
Pembroke Pines,Florida,
U.S.A.
Just simple comment on this thread
#6Author of original report
Sat, May 09, 2009
It's good to hear that there are individuals who took this card to rebuild their credit and havent had any problems. My reason for posting, was the very unusual fees associated with the offer, that could lead those who respond, impulsively, to card offers in trouble.
When I needed to rebuild my credit, I was able to obtain a card that had a low interest rate and a charged an annual fee. I have never received a card offer from any company with such unusual and unusually high fees as Premiere's. It shocked me. I obtained a card with a low credit limit, $49 annual fee, and no interest for a year, then upped to 9.9%. no other charges and the purpose to rebuild credit. they seem to go out of their way to have you get it paid on time each month by offering reminders and online payments for free. i was shocked to read premiere charges you to pay your bill online, i've never seen that from any company. why would a company charge you to do what your expected to do?
I believe, bottom line, is that consumers need to forget what the promo letter says and just open up the disclosure notice. the disclosure notice is filled with a bulk of information that says exactly what it is. i only wish it was written in PLAIN ENGLISH. the response to another message about this company written by a Premier Employee noting that "this card is not for everyone...." and is a high risk bank helping people rebuild credit," would be great to put in the letter a consumer receives. this kind of honesty seems like it would be more helpful to consumers than a letter that says, "we know you've had credit problems, but here is an offer you won't want to turn down."
not everyone is able to make sound choices for various reasons, and invariably, this can lead them into trouble. i wish the companies would stop sending out these offers - if people want credit, they can go looking for it and have a discussion, with all the disclosure available, when they apply for credit, not because the letter arrived in the mail of a vulnerable individual's mailbox.
Vorless Darkchaos
Gilbert,Arizona,
U.S.A.
First Premier Bank is not a Ripoff
#6REBUTTAL Individual responds
Thu, May 07, 2009
I never had a problem with them and i have been with them for 7 months
Program Fee and Account Set Up Fee are only a one time Fee
Annual Fee is only once a year
This does help people who want to rebuild there credit