• Report: #866710

Complaint Review: First Premier Bank

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  • Submitted: Tue, April 10, 2012
  • Updated: Tue, June 26, 2012

  • Reported By: gguldens56 — Loganville Georgia United States of America
First Premier Bank
PO Box 5524 Sioux Falls, South Dakota United States of America

First Premier Bank SCAM Credit Card Offer that SHOULD be Illegal! Sioux Falls, South Dakota

*Consumer Comment: sub prime fees

*REBUTTAL Individual responds: Premier

*Consumer Comment: Missing your point.

*Consumer Comment: Fraud?

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This innocuous looking envelope purports to being a "Pre-Approved" credit card offer, but it is as close to legalized "Loan Sharking" as I have ever seen.  They disclose their APR as 36%!  This alone is reason enough to not do business with these thugs!  They tack on a $49.00/year annual fee!  This seems awfully high for a plain old Mastercard.  Here is the real GOTCHA, the charge you $10.50 PER MONTH fo something called a "Monthly Servicing Fee"!?!?  This sounds suspiciously like the $49.00 annual fee, so I wonder what it is they think they are doing to earn this money.  Of course on just a plain old Mastercard, the answer is that they are doing nothing at all, they are just trying to empty your pockets and paychecks as fast as possible!

EVERY consumer advocate in the nation should take up this cause to put a stop to this fraud, scamming, and fleecing of the American Public!

This report was posted on Ripoff Report on 04/10/2012 07:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Premier-Bank/Sioux-Falls-South-Dakota-7117-5524/First-Premier-Bank-SCAM-Credit-Card-Offer-that-SHOULD-be-Illegal-Sioux-Falls-South-Dako-866710. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 3Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

sub prime fees

AUTHOR: myteeispissed - (United States of America)

 i am humored by the jacka**es stating they have good credit and are slamming those pointing out the issues with second chance lenders.

I seriously have alot of trouble believing if you are on this site under this category you have good credit and unless you are a customer complaining or an employee of this company who has crap staffed customer service then you probably do not have a job to have the time to be online responding to complaints posted by those of us who have little choice in re establishing credit.

You appear to be terribly fast to judge others with flawed credit without knowing the circumstances which led so many to these complaint boards to start with .

I don't see people on here blaming anyone for their credit circumstances and just because a group as a whole has damaged credit does not make them /us any less deserving of another chance and I also notice most have clearly stated that we were willing to take on the fees associated with such sub prime cards the point i see people trying to make is about the extra charges like saying your questions are too complicated to address with online support then having us call in only to incur additonal charges all while they are sitting on a 10 day old cleared ach payment this results in the card going ovr limit just while trying to gain a suitable reply from the company.
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#2 REBUTTAL Individual responds

Premier

AUTHOR: Ihave25yearsexperiencewithcc - (United States of America)

I don' t think you are being fair.  First off Premier is considered sub-prime lending, meaning if you are being solicited from them, you already have SERIOUS credit issues.  Second, it's all disclosed, as you point out, all you  have to do is read it.  Premier Bank isn't for  those of us with good credit, who actually read the solicitation, its for those of you who have TRASHED your credit.  You reap what you sow!  You should be grateful there are companies like this, offering you a second chance!!!
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#3 Consumer Comment

Missing your point.

AUTHOR: Flynrider - (USA)

"  They disclose their APR as 36%!  "
"  They tack on a $49.00/year annual fee! "
"  the charge you $10.50 PER MONTH fo something called a "Monthly Servicing Fee"!?! "

    It appears that they plainly disclose their rates and fees.   That's actually the opposite of fraud.

    So, you've determined that this sub-prime credit card is not a good value for you.    Bully for you!   There are numerous financial products available that are even less of a good value.   This card may in fact be a good deal for someone who has trashed their credit and requires a credit card.  It's not really up to you to decide for the whole world what is appropriate.  

   That said, I'm still waiting for you to describe the fraud.    Expensive or overpriced is not the same as fraud.   If it were, Mercedes and BMW would have been out of business long ago.

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#4 Consumer Comment

Fraud?

AUTHOR: Robert - (U.S.A.)

First Premier is a "Sub-Prime" card and meant for high-risk people who have credit issues and can not get a regular credit card.  As with any other type of loan the higher the risk an individual is the more interest and fees that banks are going to charge.  So while I would never sign up for this card for the very reasons you stated.  You have also shown that they fully disclose these fees and if someone has bad credit and wants to try and start to rebuild it this is a card that can do that. 

Also, if you really want to go after what you consider "legalized loan sharking" how about going after Payday and Title loans.  Those in some cases can have interest over 300%.

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