Complaint Review: First Premier Bank Card Master Card - Internet

  I agree that this particular card's fee structure is way out there.    The one use that these high interest, high fee cards have is that they do allow you to establish a record of on time payments, without having to borrow money at absurd rates.  Something that can be useful for a person who is rebuilding or establishing credit for the first time.   The trick is to never carry a balance.   If someone is not disciplined enough to pay off the full balance every month, these types of cards are poison.

Is it me, or did anyone else notice that this is the SECOND report that he's posted about this.  In his first report he claims to have had this card for ONLY ONE MONTH!  So much for the "used this card to build credit" theory.  A credit card that has been in use only 1 or 2 months, with such a low limit ($300) isn't really going to improve anyone's credit score enough to count for anything.  The only thing that significantly improves a consumer's credit score is TIME and a proven track record of paying debts ON TIME. 

His other report is here:  http://www.ripoffreport.com/credit-card-processing-ach-companies/first-premier-bank-c/first-premier-bank-card-master-16761.htm

I think he may have forgotten about the $90 something SECURITY DEPOSIT that they hold for a while.  That might explain the discrepancy.

I have to wonder if he bothered to check the terms of this card BEFORE APPLYING for it.  The terms are easily found on the website for this card.  The interest is OUTRAGEOUS, but it doesn't end there.  After a few months, should they RAISE his credit limit above $300, there will be a "raise credit limit" fee of $25!  Absolutely outrageous.  This card has the most costly fee structure I have seen to date.  I can't imagine anyone agreeing to such terms.

For the author of these reports:  I suggest you seek some credit counseling from a non-profit agency in your area that is accepted by the bankruptcy courts.  These counselors will offer you better and less costly methods of improving your credit scores as well as assist you with budgeting and other financial actions so you can improve your financial outlook and net worth.  The fee for this counseling is usually pro-rated based on income and expenses.  Additionally, many of these agencies offer short classes on budgeting, bank account management, loans, credit cards and such FOR FREE.  I suggest you look into this and take advantage of any of these services that are available in your area.  I don't work for any lender-I am certified with NACCC as a credit counselor (I do part time voluntary counseling as well as being self-employed.)

Secondly, yes I am canceling this card and telling them what they can do with it.

- Good for you.  If you have a true 700 FICO score then it should be no problem with you getting a "better" card. 

Thirdly I have written to my senators and congressmen to advise that they support a bill before the US senate to put states rights back that were taken away in the 70s.  Basically their usury laws, whereby the states limited interest rates and fees that could be invoked.  The rich Republican senators took this away from them.

- Your ignorance just continues to shine.  Republicans or Democrats had nothing to do with this.  It was a 1978 Supreme Court Ruling that said States could NOT enforce their Anti-Usury laws on banks based in other states.  So as I said this is why a large number of major banks are headquartered in a relatively few number of states because these states took it upon themselves to basically gut any "anti-usury" laws in order to get the banks to move to their State.

You can reference "Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp. (439 U.S. 299)" if you actually want to educate yourself instead of listening to "talking points" from people who may or may not have other agendas.

There are better ways for risky borrows to re-establish their credits fairly.  This is with a secured deposit with companies that charge reasonable fee and interest.

- Funny how you seem to only have a problem with it once you got your credit re-built.   How do you think this makes you come off?

"I am not a high risk borrower; I went through divorce sometime back and have now got my credit score close to 700.  "

  OK, let's not split hairs.   You were a high risk borrower when you got the card.  There is no other reason anyone would sign up for such an outrageous interest rate.    I find it surprising that while you seemed to have been able to use this high interest card to rebuild your credit profile, you appear to want to deny that opportunity for others.    Why is that? 

"Secondly, in this electronic age they DO NOT need anywhere near 20 days to insure they get their money; this is just plain BS. "

   You missed my point entirely.   It's NOT YOUR MONEY.  It's a revolving credit line.  They don't have to make it available to you when YOU think they should.

"Secondly, yes I am canceling this card and telling them what they can do with it. "

   Excellent move!  If your FICO is really near 700, you don't need it anymore. 

"Thirdly I have written to my senators and congressmen to advise that they support a bill before the US senate to put states rights back that were taken away in the 70s.  Basically their usury laws, whereby the states limited interest rates and fees that could be invoked.  The rich Republican senators took this away from them. "

   Are you old enough to remember this, or are you just parroting some political talking point you heard on the web?   Senators (republican or democrat) had nothing to do with it.   It was the U.S. Supreme court, you simpleton.   Double digit inflation had led to usury laws effectively bringing a halt to all lending, particularly credit cards.    If you do a little research on the subject before spouting off, you might not come off looking like a complete ignoramus.

   By the way, you never did answer my question.    Since you were able to leverage a high risk, high interest credit card to rebuild your credit, why do you wish to deny that opportunity to others?  Do you understand that the things you propose would effectively shut people like you (were) completely out of the credit market altogether?   Your position strikes me as a bit disingenuous.

I am not a high risk borrower; I went through divorce sometime back and have now got my credit score close to 700.  Secondly, in this electronic age they DO NOT need anywhere near 20 days to insure they get their money; this is just plain BS.

Secondly, yes I am canceling this card and telling them what they can do with it.

Thirdly I have written to my senators and congressmen to advise that they support a bill before the US senate to put states rights back that were taken away in the 70s.  Basically their usury laws, whereby the states limited interest rates and fees that could be invoked.  The rich Republican senators took this away from them.

There are better ways for risky borrows to re-establish their credits fairly.  This is with a secured deposit with companies that charge reasonable fee and interest.

Based on what these lenders are doing, it is now wonder that we have this "occupy wall street" movement.  The top 1% own 40% of the nations wealth.  We now have two classes, the VERY rich, and the VERY poor and very little in between.

I can only assume by your comments that you are a banker or lender.  We need to get balance back in this country or their will be a national revolt far beyond occupy wall street.

This company is PREDATORY and there are no two way about it.  Put the subprimes out of business.

Enough said.

" but bottom line is in their fine print they have the right to withhold credit for up to 20 repeat 20 days or longer if circumstances warrant to insure your funds clear.  "

   The real bottom line is that they have the right to withhold credit for as long as they want to.  It's their money.   You don't get a say in when and how much is available for your use. 

"  Even banks can no longer hold funds for more than 5 days in this electronic age.  So what is their if circumstance warrants conditions?  "

   Banks have limits on how long they can hold YOUR funds.   Credit card issuers are holding THEIR funds.  Big difference.

"   I implore all people to right their congressmen and senators to real in these rippoff banks and credit cards;  "

   It's not a ripoff.  You're complaining about someone else's money not being available for your use.

" There is a bill before congress to reinstate states rights to limit interest charged; of which the banks are fighting. "

  What does this have to do with your post?   You're apparently are OK with 49.9% or you wouldn't be using this card.   The alternative to high interest is not lower rates for you.  It's you not having a credit card at all. 

  Good luck on your quest.

You are with a Sub-Prime lender and the ONLY reason you would even give this company a thought is because no one else is willing to take a risk on you.  In reading the rest of your comments it really is no wonder why you are with a sub-prime credit card.

I'll quote them below, but bottom line is in their fine print they have the right to withhold credit for up to 20 repeat 20 days or longer if circumstances warrant to insure your funds clear.
- First of all you have a basic misunderstanding of credit.  Your credit line is NOT your money, it is the money that they are willing to allow you to borrow.  If they want to not give you access to THEIR money for a period of time they have that right.

No payment has ever bounced they get funds immediately directly from my bank; this is plain bullsh*t.  This is unbelievable.
- It is not only unbelievable it is downright funny that you would even make this statement.  Remember you are a sub-prime borrower.  You don't end up in this situation by having a good payment history.

Even banks can no longer hold funds for more than 5 days in this electronic age.
- Actually that is incorrect.  Depending on the circumstances a bank can hold funds for up to 11 Business Days.  But there is another key difference that I doubt you can comprehend.  Unlike the Credit Line, the deposit you make is YOUR money.

There is a bill before congress to reinstate states rights to limit interest charged; of which the banks are fighting.
- It just gets funnier and funnier.  It IS the states that have control over Interest Rates charged.  Why do you think First Premier along with other major credit card companies are based states such as South Dakota that have very lax rules on Interest Rates.