After paying my annual fee last month of $79, I'm starting to really wonder why I should keep this card. I have a $200 cl secured by $200. I've had the card for awhile- about 2 years. The only reason I keep it open is because it's my longest revolving TL. Called them today to see if they could do anything for me. At first, they offered to increase my cl by $100 but they needed to charge me $25 for doing so! So, I threatened to close the account. I would have done it too but then they offered to increase the cl without the fee. I figured I'd rather have a lower rate than the 19.98% I currently have so I counteroffered a lower rate. They came back with 9.9% fixed for the life of the account. Cool. Not that it matters because I can't really take advantage of the rate with such a low cl but I'll wait another 6 months and see what they can do.
No kidding? I never even attempted with them thinking that was the impossible!! I am really suprised they have never increased your CL, we have had ours since 7/2001. Started w/ $350, after 6 mths $450, 6 more mths $550. They did charge the ridiculous $25 fee for the first increase - the crooks! I hate this card w/ a passion and would really love to close it!! Anyway, thanks for that bit of news, I literally never even thought to attempt it w/ those scheisters!
I can't believe they won't raise my limit, either. I think the fact that I hardly use the card and if I do, I pay it off right away. I've carried a balance from one month to the next maybe twice. According to my statements, they made $8.77 in interest off of me last year. It's in their best interest to keep my happy enough so I don't close the account- they make their $$$ off of me from their annual fee. So, I'll try again in 6 months. Shoot- I'd be happy if they'd just send me back my $200 and leave me with a $200 unsecured line.
A big reason for very low CLI's/CL is that First Premier is a private owned bank and is very small. That means that they do not have the cash on-hand for reserves to cover bad loans. For example, if they gave their best customers good CLI's (In the thousands) and if those loans went bad, First Premier would be out of business. I closed my account with them and the CSR admitted that First Premier is merely a stepping stone into getting better cards and they do not expect customers to stay much beyond 4 years
They will never give more than 200 increases at one time per a csr there. I think they also said that the highest cl is $1000. Once/if you hit that mark, there will be no more increases. This was told to me a couple of years ago, so it is possible their policies have changed.
I just threatened to leave them yesterday and they waived the $48 annual fee. It barely took any work. I think it helps that I have paid every bill on time with them.
