Premier Savings? Legit or not?

Discussion in 'Credit Talk' started by cem406911, Sep 4, 2003.

  1. cem406911

    cem406911 Active Member


    How is everyone?

    I just received a telemarketing call from a representative of Premier Savings. They offered a consolidation service where all of my balances on credit cards I now have would be transferred to a new credit card issued by 1 of the 7 banks they represent. I would be issued a Visa or Mastercard with a total limit equalling the combined limits of the cards I would be transferring to their card.

    There is a $279 fee for this processing.

    She said I was preapproved "because I was prescreened."

    Is there any legitimacy to this offer or not?

    Has anyone out there ever dealth with this company.

    Thanks in advance for your responses!


  2. Hedwig

    Hedwig Well-Known Member

    I don't know anything about it, but it sounds fishy to me. Why pay a fee to get the same limit you have? And it doesn't say anything about APR.

    As for being "preapproved" because you're "prescreened," I don't buy that. All preapprovals are "prescreened" (they got header info) and then you get rejected or get a super high APR when you actually apply.

    She's making money by taking your application, she doesn't care what happens after that.
  3. cem406911

    cem406911 Active Member

    Thanks for your reply!

    What you said makes sense....

    If the offer was legitamate why would they charge $279 to sign you up? All prime cards that I am familiar with do not charge you such a fee.

    Thanks for the insight!

    It definately seems subprime to me and when you check out their website ( it does indeed seem like a program intended to help individuals who are having financial difficulties, not people who are doing fine, but might like to BT some debt to lower interest vehicles.

    Thanks again,

  4. dogman

    dogman Well-Known Member

    Charles - your GUT FEELING was "Is this legit?"
    If you are asking yourself that question, you know the answer.

    Hedwig is 100% accurate - they are a rip off.
    Good job for not doing it.

    aarrf - dogman

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