FIRST PREMIER BANK - Centennial Gold Card trying to lure me into getting a credit card with outrageous fees Sioux Falls, South Dakota

First Premier Bank is a sub-prime lender. Put simply, they give credit cards to people who may have difficulty obtaining credit elsewhere. Due to the higher credit risk, First Premier loads the card with fees on the front end. By doing this they minimize their potential losses if a new cardholder decides to run up the card and not pay the money back.

It's not a bad program per se and certainly better than some of the other sub-prime lenders. The alternatives include cards with a 27.99 or a 29.99% interest rate and companies such as Venue would limit you to their catalog of overpriced goods ($500+ for an Xbox 360) and potential interest on top of that.

I'm curious to see responses from First Premier customers. The OP wrote that their interest rate is not 9.9%. What interest rate do those cards have?

After reading those terms..the card is pretty much maxed out when you get it..and then you have to pay all that interest and fees as well. All for what?"...Maybe fifty dollars in credit left..and that will be wiped out in no time flat..this is a rippoff and a horrible trap if you take this card.

Try Household Bank Platinum Mastercard..at least for me the terms were very fair..and no surprises. Bear in mind my card is a year old..they may have changed terms now..or made it harder to receive a card from them..I guess that will depend on your history and credit rating. But it's worth a shot. Now there is an annual fee..not too bad..but there was no processing fee for me at least...and no "program or set up" fees..those sound quite bogus to me..they are just making things up to financially rape you and take advantage of your situation...

What is with all these "set up fees" and "program fees"?..it is all smoke and mirrors..they are lending you 50 dollars when all is said and done...all the rest is fees that will be going right into their pockets..it is apparent.

Household has not lowered my limit..or raised my rate...as so many other banks are doing these days..even to customers with perfect histories and who never even had late payments.

If the only credit card you can get is one with terms like that...you are much better off without one...

I think the better advice to you is to toss the offer into a shredder.

These "build your credit" type credit accounts are a bunch of hooyee.

The best way to rebuild your credit is to continue to pay your bills on time.  It takes TIME to improve your credit score.  Until then, I wouldn't recommend any ADDITIONAL credit for you.

As time goes on your credit score will improve and eventually it will be high enough that you will be able to obtain a credit card, auto loan, mortgage, etc. at a reasonable interest rate.

Until then, pay all your bills on time so that you don't get any more "black marks" added to your credit report.

Good luck.

But didn't take any financial guru to figure out. That offer is a sham to financially rape people who have a low score..or no credit history.

So captain obvious strikes again.

As far as the rest of Roberts "advice"..it seems he knows all about your past credit history and what bills you have that apply or not to your credit score. Either that..or he is psychic since you mention nothing of your finances or previous credit history in your posting.

Now just in the small chance that Robert does not personally know your finances..perhaps you should post more info if you want real useful advice.

If you currently have no credit at all..unless you pay off a car loan or something big..you will never get a good credit card. You may need to take one that is not so good for now..but not anything like with the terms of that offer.

If you find a card similar to the example I posted that is very fair and inexpensive...use it..you must use it...BUT..pay every month..EARLY...not late..not on time...pay it EARLY. That is how you build a credit rating quickly. I know some people that within less then 3 years of filing a chapter 7 bankruptcy..now have credit scores in the mid to high 700's from doing exactly as I stated. Of course they have to be even more careful..because then the "low interest" 7-8 thousand dollar unsecured credit card offers will start flooding in again. Learn from mistakes...but don't suffer from them.

"But didn't take any financial guru to figure out. That offer is a sham to financially rape people who have a low score..or no credit history.""

The "offer" preys on the ignorant.  Some folks fall for the "build your credit" line-it just doesn't work that way. FYI, anyone with NO prior credit can get credit with a reasonable interest rate-just need a cosigner with good credit.

"So captain obvious strikes again."

It's only obvious if you KNOW that it's hooyee.  The folks that fall for it don't know.

This financial guru hasn't paid an OD/NSF since about 1980.  This captain obvious has excellent credit, has a VISA that is managed by FIA (BOA for you Ronnie) and (gasp) my interest rate has NOT been raised nor has my limit been lowered or the account closed by the lender.

Go figure, eh.

I see you're still picking for fights by name calling-so much for the self-annointed "Mr. Curteous" you profess to be.

You're a troll Ronnie.  Actually, you're "Mr. Last Word Troll."

It is obvious the offer prays on the ignorant. I think this poster came to post this. We have no evidence in this post of anything..other then the email offer that was received..and the terms. At the end of the complaint...the poster states "this is a ripoff and a scam".

So what do you the "troll" advise? That the poster does nothing but "pay their bills."

Simply genius. Give the man a throphy that states "worlds greatest banker".

You do the same thing to me Robert..on ANY post at ANY opportunity..let the pissing match continue.

I may have been "charged" a fee by the bank in the past...but I have NEVER paid a single dime.

By exposing the banks tactics..and being persistent...I was able to recover any fees the banks have 'attempted" to un-rightfully charge me. I have a good credit rating..but I do not live on credit. I own everything I have..my things do not own me.

Regardless of the small amount of bank defenders that come here to do what they do (whatever that is) versus the large amount of complaints..it will continue to be easy to discredit the bank defenders...explain the banks part in it..and sympathize with the posters.

Not in all cases mind you, I am fully aware if a poster is being unreasonable...but the ones where the posters were subject to a banks tactic(s) that increased or caused fees, I will try to be there..and things may or WILL be done about it in the future. It doesn't help anyone to insult them..presume and imply they are deadbeats..or offer unrealistic advice that does not address or solve the issue at hand.

 

  I have like many others received offers from First Premier Bank. I know all about this sub prime lender and frankly they stink and I would have nothing to do with them. I have never had one of their cards but got mixed up with them because my identity was used to apply for a card. Won't go into that story but they were glad to get rid of me for I had every regulatory agency on them and with a brother that is a corporate banking attorney I filed legal actions against them and keep them quite busy having to make written statements and provide documents, etc.

If you get any offer from First Premier Bank by all means tear it up but do not toss it in the wastebasket. Just take out your frustations on their application and then pour the contents into their postage paid envelope and mail it back to them. Let them pay to get their trash back. Feel free to rub the inside of the envelope with garlic etc. as that get on the hands of the receiver and just is so hard to get off. Like I say First Premier Bank stinks so give them some stink of their own to deal with in the office.