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Worst credit card offer ever

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    Worst credit card offer ever

    My son is an electrical apprentice working full time with no debt and a hefty savings account

    this credit card offer came todayfor him from First Premier Bank

    account set up fee $ 29
    ,program fee $95 one time)
    annual fee $48
    additional card fee $20 annually

    other charges credit increase fee;each time your account is eligable and approved for a credit limit increase a $25 fee is imposed
    copying fee $3
    Internet access fee $3.95

    additional fees:
    auto draft fees we will impose a $11 charge for each payment made through an auto draft service we provide.Autodraft payments requested through our automated system are assessed $7 per transaction


    then it goes on to say that it will grant $250 in credit and when all fees and charges are deducted you will have 51 dollars in credit available!

    what a piece of crap

    #2
    yeesh.... that's horrendous! hahahaha

    I opted out of credit card offers a long time ago (3 years maybe? .... gimme a break, I'm 22--that's "a long time" for me, financially! ), and I'm very happy I did. I normally check the mail for all of us, and one of my roommates normally gets a new CC offer at least 2-3 times every week. ridiculous.... I get (maybe) 2/yr--one from one of my banks, and one from my college's alumni association.
    Last edited by kork13; 03-06-2009, 04:14 PM.
    "Praestantia per minutus" ... "Acta non verba"

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      #3
      We got one similar to that in the mail yesterday. No, we are not THAT desperate for credit. I didn't know whether to laugh or get angry for offering them such a terrible deal.

      Comment


        #4
        Sadly, huge numbers of consumers never read CC details and are totally unaware of the actual cost of CC purchases when cost of credit is added on. Some interest rates are up to 22%. They merely look at whether they can make the minimum payment.

        I also rail at Cheque cashing services, PayDay loans and WeDo Taxes & Give Immediate Refund scams. They take advantage of the most vulnerable but apparently are legal.

        Comment


          #5
          Originally posted by kork13 View Post
          I opted out of credit card offers a long time ago

          one of my roommates normally gets a new CC offer at least 2-3 times every week.
          I also opted out a few years ago. Still, I get an offer several times each week. Opting out doesn't block offers from institutions you've ever done business with or currently do business with or organizations you belong to. So I get every offer from BoA, where we have an account, AmTrust Bank, where we once had a CD, offers linked to my college or med school alumni societies or a few professional societies and various other issuers.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment


            #6
            Originally posted by kork13 View Post
            I opted out of credit card offers a long time ago

            one of my roommates normally gets a new CC offer at least 2-3 times every week.
            I opted out as well. A couple of my credit cards send blank checks, though, on a weekly basis. (The cards have a zero balance.) When I call and ask them to stop, the mailings cease for a month or so, and then come right back. BoA and Citi are the two banks. I have filled entire trash bags with shredded blank checks.

            On a good note, BoA sent me a check for $75.00 along with their last mailing... There were no terms attached to it at all. I still can't figure out why they sent it! It's not a promotional program check or trick enrollment into a program I don't need. It was a valid check--I cashed it with no problems.

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              #7
              That had me almost laughing out loud, but then I went to look up this Premier Bank. I found the card you are talking about and it is even worst than you say!

              I find that they also have $7 monthly fee, charge $3 per month is you close the account with a balance of $20, $35 to deliver a new card when one is lost, and a $25 "returned item fee." Does that last one mean that if you buy something but have to return it because a part was missing, they will charge you $25 to get your account to reflect the return?

              Oddly, they mention that they will report monthly to four major credit reporting companies. There are four? I only know three.

              Their over limit fee is $29. With that initial $51 of available credit the first month you get your card, some people would go over limit on it just by filling up their gas tank one time.

              https://www.premierbannercard.com/ca...903070735OCOI9

              This credit card needs to be enshrined in the Bull Crap Hall of Fame.
              Last edited by Joan.of.the.Arch; 03-07-2009, 06:04 AM. Reason: https://www.premierbannercard.com/carddetails.aspx?appid=DN0903070735OCOI9
              "There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid

              "It is easier to build strong children than to repair broken men." --Frederick Douglass

              Comment


                #8
                Originally posted by simpleyme View Post
                credit increase fee;each time your account is eligable and approved for a credit limit increase a $25 fee is imposed
                Sounds like the racket here is they start you out at an impossibly low credit limit (under $100). Then, they incrementally raise the limit, assessing a $25 fee each time. By the time you have a reasonable credit limit of $1,000 or so, they have likely sucked over $100 in fees from you.

                $4 monthly internet access fee? I can monitor alllllll my card transactions from multiple accounts from Mint.com in one place . . . why in this day and age would someone PAY to access a financial website?! I get ticked when airports don't have free wifi, or I can't read ESPN on my cell phone. No way I'd pay $25/yr to see my balance!

                Comment


                  #9
                  Originally posted by simpleyme View Post
                  My son is an electrical apprentice working full time with no debt and a hefty savings account
                  Sounds like code for poor or nonexistent credit. If he wants good credit, now is the time to start building it. Not with First Premier Bank, though.

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                    #10
                    First Premier is the choice of the newly bankrupted set.

                    They are bottom feeders and should be avoided.

                    Comment


                      #11
                      Those cards are for people in their 500's. I had to get those for damn near a year after a BK I acquired due to medical bills. Talk about an all-time low. On top of those fee's, there is usually a monthly fee of $5-$10. It's really bad...Luckily I built my credit up fast, now I don't have to worry about all those crazy fees anymore!

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                        #12
                        I am glad everybody thought this card was a ridiculous as I did ;-)


                        I am not sure but I have a hard time believing that a card like this could possibly really build up anyone's credit,I would think anyone checking your credit would know what cards are these bottom feeder cards and would deny you a loan based on the fact that you would choose to do this terrible deal

                        My son does not have much credit but he does not need to build credit this way he has money ,he does not need any loans of any kind ,he does have one credit card with key bank that I cannot remember the details on but was nothing like this one from first premier bank

                        he is also riding on our insurance history, he gets paid to go to school,he owns a really nice car that he bought cheap off a friend who was in debt, he may need a home loan one day, but I have encouraged him to pay cash for a house instead but with manual underwriting he should be able to get that anyway, I guess time will tell on that one ;-)

                        I do not encourage my children to go into debt to build credit,I think it is more important for them to learn to save, if they did have to pay just a little more for something do to this I believe it will be less than what would be spent trying to build credit

                        this credit card offer was just poopy;-)

                        Comment


                          #13
                          Originally posted by simpleyme View Post
                          I do not encourage my children to go into debt to build credit
                          You certainly don't need to go into debt to build your credit history. Just get a good CC, not this kind, and pay the bill in full every month.
                          Steve

                          * Despite the high cost of living, it remains very popular.
                          * Why should I pay for my daughter's education when she already knows everything?
                          * There are no shortcuts to anywhere worth going.

                          Comment


                            #14
                            Originally posted by simpleyme View Post
                            I am glad everybody thought this card was a ridiculous as I did ;-)


                            I am not sure but I have a hard time believing that a card like this could possibly really build up anyone's credit,I would think anyone checking your credit would know what cards are these bottom feeder cards and would deny you a loan based on the fact that you would choose to do this terrible deal
                            When you have a BK, or really poor credit, you don't get "good" credit card offers. You have to work your way up.

                            Think of it like "12-steps":

                            The 1st step is this credit card. You can't skip to step 2 without first proving yourself to step one, and step 2 wont allow you because you're not qualified yet for this step. Credit card companies want you to prove yourself, especially after a BK, so they figure, well, if they can handle $250 (step1), they might be able to handle $500 (step 2). It's a very slow, expensive, stressful process, but that's just the way it works.

                            Noone with "good" or even "average" credit should ever, ever consider a card like this.. but if you're at the bottom, you have something in common with this option. it sux.

                            Comment


                              #15
                              haha .....sounds like a typical Australian credit card offer. apparently we have higher fees and charges than Britain and America!

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