Second Chance? For some but at a high cost! But you have to start somewhere.
by meleahk - Written: Sep 27 '01 (Updated Sep 27 '01)
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Pros: A way to re-establish one's credit.
Cons: High fees, charges for everything!
The Bottom Line: This card is kind of a catch 22. If you need to re-establish, even with high fees, it is one to consider. Sometimes there is no choice!
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| meleahk's Full Review: First PREMIER Bank Secured Visa |
Credit Cards? We all have them! But at what price do we pay! With First Premier a big one!
Last year (2000) we got a First Premier credit card. Why? Because we were stupid that’s why! But, in our position, we had to re-establish our credit and had to start somewhere. In order to re-finance our home we had to have 2 credit cards and pay on them for one year. And when the application for First Premier came in we read over it understood all the fees, even called with questions and decided to apply and start over using them. We sure do wish we had another company to choose from.
Fees
Application Fee $49.00 (one time charge for the account holder)
Second Card $24.00 (one time charge for the account holder)
Processing Fee for 2nd card $24.00 (one time charge for 2nd card holder)
Annual Membership Fee $49.00 (yearly)
Monthly Participation Fee $3.00 (per month)
Program Fee $49.00 (one time charge for the account holder)
And these were to just get the card. I also understand that the fees vary from account to account. Why? Can’t tell you, I just know that they do. For instance, our fees were not quite as high as others but yet higher than others. Go figure!
The amount of credit we were first given was $300.00 and all the above fees were on the first month’s bill. Now let’s do the math.
$300.00 credit limit
$198.00 total fees
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$102.00 left on card
We figured okay, what ever they say. Like I said above we had to start somewhere. So we paid on the $198.00 balance paying the $20.00 month minimum in addition to $20.00 for a total of $40.00 per month. And in October of 2000 (having the upcoming Christmas spirit I suppose) First Premier gave us an unexpected increase of $50.00. We thought this is good and could use it for Christmas if needed. We originally got the card in August of 2000, and had paid at this time $80.00 towards the $198.00 balance. In June of 2001 we were offered another increase of $100.00 and with vacation upon us we called in to take them up on their offer.
Well this time there was no Christmas spirit! We had paid on the card for nearly a year at this time and the balance was down and thinking we had proved ourselves efficiently to them thought the $100.00 increase would be nice to have for an emergency while on vacation. We were charged another one time fee of $49.00 to process the increase in which the increase was not exactly $100.00. My husband spoke to them about this fee and it was reduced to $25.00. So we had our increase for vacation should we need it, but had to pay for it.
Interest Rate
On purchase’s 18.90%
Cash Advance 18.90%
Periodic Rate 1.575%
You are only required to pay $20.00 per month if that is all you can afford. You can however pay more. In which we try to do as often as possible.
When we have called the customer service they have always been kind to us. There is also and automated service available where you can check your balance daily 24 hours a day, 7 days a week.
You can also pay your payment via telephone but they will charge you $5.00 to do that, so I advise you not to if you can help it.
First Premier is a bank full of one time fee’s, monthly fee’s, charge you this fee and charge you that fee. Stay away from them! They are not worth it. Rebuilding your credit is a good, establishing your credit is a must, but try to use someone else to do so.
Address and phone
For payments write to:
First Premier Bank
P. O. Box 5147
Sioux Falls, SD. 57117-5147
For billing inquiries write to:
First Premier Bank
P. O. Box 5524
Sioux Falls, SD. 57117-5524
Or call
Customer service: 1-800-987-5521 (this number also good for lost or stolen cards)
And don’t forget which month you got your card because that is the month you will be charged your annual fee! And if you are not careful you will have to pay overage fees. Not sure what they are, but can imagine rather high.
I hope this has helped in some way.
God Bless!
Recommended:
Yes
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