My friend got this card and its loaded with fees. He declared bk 6 months ago and doesnt understand theres better lenders out there since to improve your credit u should stick with your longest card. Ny advice is to cancel. What do you think. I'm not sure this is his card but this is the email Please print these disclosures and keep them with your records. If you are unable to print these, write to First PREMIER Bank, C/O Correspondence, PO Box 5524, Sioux Falls, SD 57117-5524 and request a copy. By submitting this application you understand that your initial credit limit will be at least $250.00 and the following fees will be billed to your first statement: Annual Fee of $48, Program Fee of $95, Account Set Up Fee of $29, monthly Participation Fee of $6, and an Additional Card Fee of $20 (if applicable). These fees will reduce your available credit until they are paid. You will be eligible for consideration of a credit limit increase in as little as 6 months. In addition, by submitting this application you certify that you have read, meet, understand, and agree to the account fees, rates, costs, limitations, available credit and other terms listed below.
Did he not read the fine print BEFORE he applied? It's all right there. I would avoid this card, and those fees, like the plague. He may do better, with better terms, with Capitol One or Orchard.
Please advise your freind that the supposed "CREDIT LIMIT INCREASE AFTER 6 MONTHS" is only if you PAY IN FULL every month, and even if you do that it does not guarantee a credit limit increase. Also, if you do even get a credit limit increase, there is another fee of$25.00 that will be applied to your account. I too swallowed this bullc**p. Because I thought since my credit sucked and I needed a chance, I thought it was the most that I could do. Man, I truely messed up getting this card. In all, for a revolving credit account, it is best to find another instituition, sure even if it is a "secured" card at least it is the money you are going to use, but at least with not as much fees as First Premier Bank charges. I learned the hard way, like many of us here. So be very mindful of the credit world, danger lurks everywhere, especially in the "offers"
