First Financial Bank USA 1FBUSA, 1st Financial Bank Trapping High School Students and Punishing Good Customers North Sioux City, South Dakota

I applied for and received a First Financial Bank credit card five years ago when I graduated from high school, so that I could begin to build my credit. The card had a limit of $1000, and the first $250 was to remain interest free as long as I made at least the minimum payment each month. Since I only planned on using the card for emergencies, I didn't worry about the ridiculous 18% APR.

Flash forward five years, and I have never made a late payment on the card. So First Financial Bank naturally decided to raise my already high interest rate to 23% and eliminate the interest-free $250 on the card. Luckily, I have used the card for emergencies only as I had intended and only have a balance of $400 on it, but I'm irritated to say the least. If this is how they treat people who have consistently paid on time, I wonder how horribly they treat anyone who has fallen on hard times.

I would love to cancel the card and never deal with this evil company again. Unfortunately, over the course of five years they have raised my credit limit to $12,000 (more than my other three credit cards combined!), so canceling it would devastate my credit score (currently over 700). I have a strong feeling this is part of their plan to keep people with them. In the meantime, I intend to cut the card up, pay it off, and hopefully cancel it someday after I get an auto or home loan in my name.

I recommend that outgoing high school students who receive this offer decline it. Instead, try to get your parents (if they are financially responsible) to add you as an authorized user on their card. Then get your own card from a reputable company (or better yet, a local credit union or bank).