First Premier Bank Credit Card Review
The first image
that came to mind when I visited First Premier Bank’s website is one
of holiday and relaxation. I think it’s the orange sunglasses that
did it. It just conjures up thoughts of sea and sunshine. I think
I’ll apply for this First Premier Bank credit card and I’ll give you
two guesses at what I’ll be charging to my new card first. That’s
right; you got it, a well earned holiday.
Despite liking
the design of the site, when evaluating a credit card, the look of
the site is not high on the list of wants. You need to look at the
benefits the card offers and whether or not it suits your needs.
So let’s look
at some of the benefits of the First Premier Bank Credit Card.
Approval
Time
Once you submit
your application online, it will take about one minute to get a
decision. I know how precious time is so this would be a great
benefit to you. You don’t have to wait long at all to know if you
are approved.
Criteria
Even if you
have bad credit, you can still apply as the First Premier Bank
Credit Card welcomes applications from people with all types of
credit profiles.
Rates
When you
receive your new credit card you can enjoy a rate of 9.9% on
purchases. There is no information on whether or not this rate is
adjustable based on your credit rating. From experience though,
normally the rate tends to be higher when you have a poor credit
rating, so be prepared just in case this is the case here.
There is a
19.9% APR on cash advances which you might think is high. Remember
your credit card is meant to be used for purchases so all you have
to do to avoid the rate is to avoid withdrawing cash.
Penalties
If you miss
your payment date for two consecutive months or twice in any six
month period, your APR will increase to 19.9%. The thing to note is
that the rates would remain at 19.9% until you pay your bill
promptly for three consecutive months. Again to avoid this rate,
make sure to pay your bill on time.
As you look
deeper into this card, there are some things that I am not so
thrilled about. I have a feeling you won’t be that thrilled either.
Take a look at
the fees and credit limit that comes with the First Premier Bank
Credit Card.
When you
receive your new card you can rest assured your credit limit would
not be less than $250. This bit is not so bad.
Now look at
the fees:
- Annual
fee $48
- Account Set
up fee $29
- Program
fee $95
-
Participation fee $6 monthly
- Additional
card fee $20 per card
- Internet
Access Fee $3.95 once you sign up for the service
The bad news is
that most of the fees are added to your account from day one. This
would reduce your available limit. If you qualify for the lowest
limit of $250, after fees you could only have an available limit of
around $52.
WOW! $52. This
is proving to be one expensive card. How far could $52 get me
anyway?
Having reviewed
the features of this card, the First Premier Bank Credit Card is
definitely a
bad credit credit card. The good thing is if you play by the
rules and pay your bills on time you could enjoy a very competitive
9.9% APR. (Subject to your credit rating)
In view of all
the previous information, before you make your final decision I
would recommend you
compare other credit cards on the market. You could search for
other cards with fewer fees. You never know what is out there until
you search the market.
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