First Premier Bank predatory credit card bank scam Sioux Falls, South Dakota
I opened an account with First Premier Bank 2 years ago after having suffered identity theft and having over 2 MILLION dollars stolen from me. I bit the bullet and paid over $200 to get a $250 line of credit with a 9.9% interest rate. Since then I am paying $48 annual fee and $7 per month. This equates to 52% of the $250 line of credit. I always pay my account by the due date and most of the time in full each month.
Now they raised my rate to 21% saying it is the OBAMA CREDIT CARD LAW. And that they have the RIGHT to change the terms anytime they want.
They have an "A+" rating with the BBB since they PAY THE BBB money and yet still rip off people.
DO NOT, I REPEAT ... DO NOT EVER LET THESE BLOOD SUCKERS GET A DIME OF YOUR MONEY. No matter how honest you are, or how well you pay them, according to them, if they want they can and will keep raising your rates to get as much money as they can out of you.
1 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
Bad value does not equal ripoff.
#2Consumer Comment
Thu, October 13, 2011
". I bit the bullet and paid over $200 to get a $250 line of credit with a 9.9% interest rate. Since then I am paying $48 annual fee and $7 per month. This equates to 52% of the $250 line of credit. "
That's a crazy amount to pay, but it appears to be what you agreed to pay for this card. You appear to be ripping yourself off.
". Now they raised my rate to 21% "
When you got this card, you also agreed that they could raise your rate at some point. While they might have guaranteed you 9.9% for a particular period of time, they didn't guarantee you'd have that rate forever. They're allowed to reevaluate their risk profiles and change rates. If you do not agree with the new rate you can close the account and get one somewhere else that has better terms. Where's the ripoff?
I'm not sure where you've been for the last few years, but you're now seeing the result of recent legislation that was touted as helping you, the consumer. In the future, credit and banking will cost everyone more because of these "helpful" regulatory changes. That's what happens when politicians try to "help" you. Be sure to thank them.