Report: #1157457

Complaint Review: First Premier Bank Cards

  • Submitted: Wed, June 25, 2014
  • Updated: Wed, June 25, 2014
  • Reported By: consumer — Florida
  • First Premier Bank Cards

    Sioux Falls, South Dakota
    USA

First Premier Bank Cards Do not stand for their unlawful practices Sioux Falls South Dakota

*Consumer Comment: It never fails..

Show customers why they should trust your business over your competitors...

I had two credit cards with First Premier in 2008.  First Premier's terms were unclear and usurious, and now, they are considered unlawful.  I have recently reported this company to the FTC, CFPB (who has forwarded my complaint to the Federal Reserve),  BBB, and my states Consumer Protection Bureau 

Here is a rundown of how this company "did me a favor" helping me rebuild credit.  

My cards with a $250 and $350 credit limit included:  $35 processing fee,  $119 acceptance fee, $6 monthly fee ($72 a year), on top of the money I had to deposit just to use the cards. That adds up to $276 in fees, which is more than the credit limit I was given on one of the cards, and more than half on the other.  I closed both of these cards in good standing 09/2008.  What did I get for my trouble, these shysters immediately tacked on over $1000 in fees collectively for both credit card accounts, and subsequently sold them to collections.  If they cannot keep you as customer, and rip you off with 79% interest rates and astronomical fees, they will simply get you on the back end by manufacturing bad debt, and then try to force you to pay under threat of damaging your credit.   

This has been the case with thousands of consumers who have had the misfortune of doing business with this company.  For all trolls who want to come here and respond to my complaint with the typical nonsense about how this is my fault for having poor credit...just so you geniuses know...ALL OF THIS HAS BEEN DEEMED ILLEGAL by the Fed.  Credit companies CANNOT charge these kinds of fees or interest rates, and cannot systematically overcharge their customers for the hell of it, or ruin your credit without validating the charges.  

 

First Premier has repeatedly failed to comply with the CARD act and the FCRA.  They have been sued by several states for their practices, AND LOST.  Yet, they continue to find new and innovative ways to rip people off.

Please, if you have ever dealt with these people and been harmed....immediately file a compliant with the Consumer Financial Protection Bureau, the FTC, the Federal Reserve, the BBB, and your States Consumer Protection Bureau.  Take the time to write one eloquent statement, save it, and copy and paste that sucker on all of the aforementioned organizations compliant forms (available on all of their websites).  

 

These people need to be put out of business.  PERIOD!    

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This report was posted on Ripoff Report on 06/25/2014 02:33 PM and is a permanent record located here: http://www.ripoffreport.com/reports/first-premier-bank-cards/sioux-falls-south-dakota/first-premier-bank-cards-do-not-stand-for-their-unlawful-practices-sioux-falls-south-dako-1157457. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

It never fails..

AUTHOR: Robert - ()

 The more of a "deadbeat" someone is, the more laws they think they know.  First Permier is a Sub-Prime "second chance" card and as such cater to people with a very high risk.  High Risk = Higher Fees and Interest Rates.

First of all Credit Card Interest rates are NOT governed by the Federal Government, they are regulated by the State.  This is why you have many credit cards based in states such as South Dakota because they effectivly have no limits on Interest Rates.

As for the fees..every single one of those fees that you mentioned were FULLY DISCLOSED to you before you applied for the card.  In fact they even separate out the fees and interest rate from the rest of the terms and conditions...just like every other credit card is required to do.  Oh and the Monthly fee is charged MONTHLY, so yes when you first get the card you have a minimal credit availablilty, but you are not automatically over your limit as you are infering.

Now, they have never had a 79% Interest Rate, their rate is 36%.  My guess is that you are somehow "computing" your other fees into this interest rate which is not valid.  I can also tell you that you are not telling the full story about closing your account.  They will not automatically add in about $500(your $1000 over two cards) because you closed the account.  Most likely in your "sub-prime" attitude you figured that once you closed the card you didn't have to pay anymore.  So you failed to make any more payments, and as a result they continued to add in late fees and additional interest.

As for all of your claims about having them being declared illegal..please post SPECIFIC laws and court cases where this is the case because I can't find a single thing that shows that.  In fact you can still apply for a credit card with them with them with even higher fees than you mentioned.

 

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