Just received an opportunity from First Premier Bank of Sioux Falls, SD. They will give me a credit card with a $1000.00 limit after providing a check stub for proof of income and a utility bill or any other credit bill in my name. Now for the best part. For $1000.00 worth of credit, I will be billed on my first statement: $119.00 Acceptance Fee (one time) $29.00 Processing Fee (one time) $50.00 Annual Fee Total $198.00 Plus Monthly Participation Fee $6.00 ($72.00 Annually). And Monthly Interest or Late Fees. How can these people stay in business. These cards are designed to attract those who are most likely unable to acquire credit elsewhere. Buyer be Ware
Quote: "How can these people stay in business." Reply: Because they are one of the more reputable sub-prime lenders out there. Quote: "These cards are designed to attract those who are most likely unable to acquire credit elsewhere." Reply: Exactly! They are not meant for people with excellent credit records. ( As yourself perhaps) And they (the banks) are the risk takers. So if we choose to carry an unsecured visa and have horrible credit history, we have to accept paying the price. Or, save a few hundred bucks and go with secured visa cards. (hoping that it is reported to the CRA's as a unsecured account) Final Thought: I am not saying the poster of this thread has good credit or bad. But why is it when anyone has poor credit and gets offers from these sub-prime banks, they are incensed by the fee structures? There is a price to pay for our past mistakes, and getting those mistakes behind us doesn't come free. Most of us weren't rushing to settle a debt here or there, and subsequently ended up with charge-offs or liens or judgemnets etc. So please take a deep breath and accept the price of getting back on track. And if the sub-prime banks are not your bag of tea... check out First USA. (It only gets better!) Peace, Barry
It is easy to fall into this trap, but if your credit is bad make sure you get only one of these sub-prime cards. The fees have to be killing any chance of making some money with your credit. It is all about making money. Exercise your credit to make it grow. http://www.creditsense.com
As Barry said, First Premier is a sub-prime cards for those who can't get a premium card do to whatever, be it stupidity in the past, or medical bills from a serious health condition that puts one in the hole. The object of these cards is to help those who need to start over and rebuild their credit. I had a First Premier Card when I started to rebuild my credit after a Ton of medical bills for which I'm permanently disabled now. I'm still trying to clear some items off my reports. Even though my credit is better now it was nice to have a good bank like First Premier there when I needed them to start over. And as stated First Premier is the one taking the risks, and so we have to pay the price for our situation of bad credit. These cards are to be used as a stepping stone to rebuild your credit and get a premium or prime card without all the fees and high interest rates. It could have been worse you could have gotten an offer from CROOKS COUNTRY BANK, you think the fees from First Premier are bad wait till CCB get through with you and all their bogus fees and immoral treatment.
Barry: Thanks for your reply. Help me understandâ?¦ I decide to subscribe to the services of this bank and apply for a card. I receive the card and decide to put $5 of gas in my truck. Lets see: $119.00 Acceptance Fee (one time) $29.00 Processing Fee (one time) $50.00 Annual Fee $6.00 Monthly Participation fee. $5.00 Gas for truck Total $209.00 Plus For a $5.00 charge, I'll pay $204 in fees, most of which are finance charges. Didn't there use to be a law against outrageous fees? Wasn't this also known as usury? Quote: 'But why is it when anyone has poor credit and gets offers from these sub-prime banks, they are incensed by the fee structures? There is a price to pay for our past mistakes, and getting those mistakes behind us doesn't come free.' I guess the question becomes, Who would want to be associated with an organization which targets less fortunate or uneducated individuals for their corporate profits? The offer as it came to me didn't express concern for my past. It came as a well written marketing notice offering me $1000 in credit. Only the fine print gave me any indication that 25% of my credit limit would go for fees and finance charges. If this bank or other institutions had the consumer in their best interest, they could easily separate the dead beats from individuals who stumbled by reason of circumstance. Anyone who thinks this bank or others are providing a sympathetic service to a less fortunate customer base live in a world of make believe. It amazes me that any decent individual would work for such an organization. But I guess it's a paycheck. Hope you can sleep at night, Mike
Mike, hope you are self-employed. All banks, heck all financial institutions are in the business of making money and could care less how they pray on the less fortunate. The poor will get poorer, the rich will get richer, this is the way things are. You can work within the system and enjoy yourself a little. I do. http://www.creditsense.com
Quote 'All banks, heck all financial institutions are in the business of making money and could care less how they pray on the less fortunate. The poor will get poorer, the rich will get richer, this is the way things are.' Well, I guess you just made my point. However, all financial institutions are not as predatory. Some take the time to separate intentional credit misfits from those who have had temporary bad luck. Additionally, several firms, bot big and small, seek out those less fortunate and lend assistance. AT&T and Operating Companies for Universal Service, IBM/Dell, etc free computers to schools and intercity organizations. Small business who donate over stock and food to the poor. Not one of these specialize in taking advantage of the poor. $250 in finance charges and fees for a VISA Card with a $1000 limit. Give me a break. Additionally, your name implies that you have a credit specialty background. Don't people who apply for this kind of credit have points deducted from their credit score? I'm disappointed to see VISA support this kind of effort. CreditWorks - creditsense.com wrote: ------------------------------- Mike, hope you are self-employed. All banks, heck all financial institutions are in the business of making money and could care less how they pray on the less fortunate. The poor will get poorer, the rich will get richer, this is the way things are. You can work within the system and enjoy yourself a little. I do. http://www.creditsense.com
First Premier Bank does all this charity work too, and they're not taking advantage of the poor, they are insulating themeselves from the risk of dealing with poor credit risks. Don't mistake equating poor credit with the poor. They have little to do with each other. I know people who make $17000/year and have sparkling credit, and have friends who make more than 70K who I wouldn't loan a dime.
First off I'd like to clarify one point this offer of yours from First Premier did it SPECIFICALLY state that you would be receiving this $1000 (or minimum $1000) or was it wording to the affect of "credit limit up to $2,500"? Cause if you think that offer is bad... "$250 in finance charges and fees for a VISA Card with a $1000 limit. Give me a break." Take a gander at those offered by FNCC, Future Card, Sterling, First Bank of Marin and a host of others where regardless of what they claim the limit 'may be' the truth of the matter without fail you WILL receive a card with a $300-$400 limit, factor in the 'usual' $250 in charges and fees and how do you like them apples!! Like Barry N said there are one of the more 'reputable' sub-prime lenders out there.
We are not affiliated with Visa or any other financial institution. There are no applications or any points deducted. I was simply saying, that 90% of the banks charge exhorbitant fees. If you are well to do you, do not have to worry about these fees. CreditWorks is in the business of improving credit, so that one may deal from strength when dealing with the ruthless banks. http://www.creditsense.com
Point well taken. My stance remains, there is only one way to deal with these loan sharks. Improve your credit, so you may deal from strength. If I was in a bad credit situation I would take the offer, but only if it was the only offer. http://www.creditsense.com
Quote: 'and they're not taking advantage of the poor, they are insulating themselves from the risk of dealing with poor credit risks.' Refer to the example below--- â?¦ I decide to subscribe to the services of this bank and apply for a card. I receive the card and decide to put $5 of gas in the truck. Lets see: $119.00 Acceptance Fee (one time) $29.00 Processing Fee (one time) $50.00 Annual Fee $6.00 Monthly Participation fee. $5.00 Gas for truck Total $209.00 Plus You're telling me this is not taking advantage of the poor. Why don't you do a better job in qualifying the risk so the innocent don't pay for the deeds of those who intentionally commit credit abuseâ?¦
RE: Consumer Abuse-Must read I am sorry but you do not have to pay these kind of fees to have a credit card even if your credit is horrible. About 3 years ago I applied with FCNB which is First Consumers National Bank the secured mastercard I put a deposit of $400.00 and my credit limit was 150% of deposit. ALL I PAID WAS A 39 ANNUAL FEE O N L Y!!!!! After 12 months they gave my deposit back and made my mastercard unsecured plus a credit limit increase of $400.00. Now 3 years later same card I have a $4800.00 card and all I pay is a $20.00 annual fee YES only 20 bucks. Also They sent me a visa card with a $2000.00 limit and a Eddie Bauer department charge card. So this Bank is truly interested in me and to help with my credit. So It Pays to SHOP AROUND. The sad part is First Premier Bank is so greedy that they will not keep any of the quality customers. So do not accept these kind of offers Just because you have bad credit doesn't give these greedy banks the right to rip you off. Take your time and look at the terms of these cards before you apply for them you may want to consider a secured credit card if they make it unsecured over a period of time. Never pay any monthly fees. Only pay for a annual fee or no fees at all possible. And most important MAKE SURE THEY REPORT TO THE CREDIT BUREAU. I hope I have Helped someone from making a exspensive mistake. Thanks and take care......Mick
I called about this offer on the First Premier Bank.....gave them the info, but they could never give me any answers. I never sent in the paystub or utility bill thinking that they would not process. A month later a card came in the mail....I cut it up and dropped it...now I have sent the last two months trying to get in touch with some about my bill....seems I have a $200 balance on a card I never used or wanted! Went to their web site and all ir does is take me in circles.....called the 1-800 number and I get hungup on! Does anyone have a suggestion or a contact at these jokers about this situation?? Thanks
I don't know where you come from but I have been trying for two months to get intouch with someone at this so called WONDERFUL AND HELPFUL BANK. When I call the 1-800 number I have to make a mistake just to get the system to get a real person on the online, and when I do they hang up on me everytime! I go to their web site and it is nothing but an endless circle...no way of contacting anybody.....I bak with other banks and they are most helpful, both with their 800 numbers and their web sites. If this bank did not think that they were doing anything wrong then why is it so hard or impossible to contact anyone??? Need to look at the big picture guy! These people are just WRONG!!!
