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Report: #278213

Complaint Review: First Premier Bank Credit Card - SIOX FALLS South Dakota

  • Submitted:
  • Updated:
  • Reported By: East Greenwich Rhode Island
  • Author Confirmed What's this?
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  • First Premier Bank Credit Card PO Box 5147 SIOX FALLS, South Dakota U.S.A.

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1. statement date 4/20. $40 due by 5/15. $0 past due
Payment was made on 5/1 in the amount of $61 ($21 extra)

2. statement date 5/22. $20 due by 6/16. $0 past due
Payment was made on 5/22 in the amount of $60. ($40 extra)

3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

4. statement date 7/23 $40 due by 8/17. $20 past due Plus $25 Late fee (What?)
Payment was made early 7/30 in the amount of $50. ($10 extra)

5. Statement date 8/22 $20 due by 9/16 $0 past due
Payment was made early on 8/21 in the amount of $40 ($20 extra)

6. statement date 9/24 103.44 due by 10/19 $20 past due plus $25 late fee and $25 over the limit fee (What?)
Payment was made on 10/9 in the amount of $110 ($6.56 extra)

SO I reviewed my statements. All of the payments I made early were not put towards the next due date- they were put towards the previous month. Because my payment #5 was not put towards the correct date - they charged me a late fee- because of the late fee that they incorrectly charged me - it put me over my limit - and then they charged me an over the limit fee. And woah you guessed it - finance charges up the butt, exceed establised credit limit. just a bunch of garbage. So next time you try to get ahead paying early and paying in double the amount due make sure you accuratly document it on your check what month it is going towards. Oh and when you make a payment each month- make sure that you Aways write - Apply entire payment to principal balance because your finance charges are based on your principal balance. If your Principal is low- then so are your finance charges. Unless you do that you will always be paying finance and never your actual bill.

Bonnie
East Greenwich, Rhode Island
U.S.A.

This report was posted on Ripoff Report on 10/10/2007 12:36 PM and is a permanent record located here: https://www.ripoffreport.com/reports/first-premier-bank-credit-card/siox-falls-south-dakota-57117-5147/first-premier-bank-credit-card-late-fees-late-fees-late-fees-i-have-never-been-late-278213. 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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REBUTTALS & REPLIES:
0Author
11Consumer
0Employee/Owner

#11 Consumer Suggestion

You have to look at this entire sequence to see the problem

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

POSTED: Wednesday, January 02, 2008

3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

4. statement date 7/23 $40 due by 8/17. $20 past due Plus $25 Late fee (What?)
Payment was made early 7/30 in the amount of $50. ($10 extra)


As the last post stated, you did make the payment early by paying it 6/15 on a bill due 6/21. You followed up by paying bill due on 7/23 on 7/30. If you had paid the 7/23 bill before 7/16, then you would have been fine. Paying it early still leaves the open period. There is not a creditor I am aware of who treats these any differently.

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#10 Consumer Suggestion

You have to look at this entire sequence to see the problem

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

POSTED: Wednesday, January 02, 2008

3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

4. statement date 7/23 $40 due by 8/17. $20 past due Plus $25 Late fee (What?)
Payment was made early 7/30 in the amount of $50. ($10 extra)


As the last post stated, you did make the payment early by paying it 6/15 on a bill due 6/21. You followed up by paying bill due on 7/23 on 7/30. If you had paid the 7/23 bill before 7/16, then you would have been fine. Paying it early still leaves the open period. There is not a creditor I am aware of who treats these any differently.

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#9 Consumer Suggestion

You have to look at this entire sequence to see the problem

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

POSTED: Wednesday, January 02, 2008

3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

4. statement date 7/23 $40 due by 8/17. $20 past due Plus $25 Late fee (What?)
Payment was made early 7/30 in the amount of $50. ($10 extra)


As the last post stated, you did make the payment early by paying it 6/15 on a bill due 6/21. You followed up by paying bill due on 7/23 on 7/30. If you had paid the 7/23 bill before 7/16, then you would have been fine. Paying it early still leaves the open period. There is not a creditor I am aware of who treats these any differently.

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#8 Consumer Suggestion

You have to look at this entire sequence to see the problem

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

POSTED: Wednesday, January 02, 2008

3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

4. statement date 7/23 $40 due by 8/17. $20 past due Plus $25 Late fee (What?)
Payment was made early 7/30 in the amount of $50. ($10 extra)


As the last post stated, you did make the payment early by paying it 6/15 on a bill due 6/21. You followed up by paying bill due on 7/23 on 7/30. If you had paid the 7/23 bill before 7/16, then you would have been fine. Paying it early still leaves the open period. There is not a creditor I am aware of who treats these any differently.

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#7 Consumer Comment

First Premier Bank Settles w/ New York Attorney General's Office in Fraud Case

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

POSTED: Tuesday, January 01, 2008

Please read the settlement information here:
http://www.northcountrygazette.org/news/2007/08/15/credit_card_marketing/

First Premier Bank Settles Probe of Credit Card Marketing
Posted on Wednesday, 15 of August , 2007 at 6:22 pm

NEW YORKThe First Premier Bank has reached an agreement with the state Attorney General's office to resolve an investigation into the company's illegal and deceptive marketing of subprime credit cards to thousands of consumers statewide with poor or no credit.

Under the terms of the settlement, First Premier, based in South Dakota, will pay $4.5 million in refunds and $105,000 in penalties and costs. The company will also reform its illegal billing and deceptive marketing tactics.

Subprime lenders like First Premier are luring financially vulnerable borrowers into unaffordable high-cost cards trapping individuals and families in a cycle of mounting debt, said Attorney General Cuomo. This agreement ends First Premier's abusive and unfair credit card practices, sets a new standard, and provides new protections to borrowers across New York State.

Subprime credit cards like subprime mortgage loans are typically marketed to high risk consumers with poor or damaged credit ratings and with limited potential for repayment. Many opt for these cards to establish a credit rating or gain access to basic financial or consumer services. Instead, borrowers find themselves mired in credit card debt due to s****.> First Premier turned out to be an irresponsible lender, said Mel Nielsen, a 63-year-old Saratoga Springs resident, told the Attorney General's Office. I was looking for an opportunity to move up, instead the company knocked me down with a debt trap and a false credit report.

Nielsen says he was trying to build back up a weak credit rating when he received First Premier's solicitations by mail claiming he was pre-approved for up to $2000 credit limit and two Platinum Visa cards. Nielsen applied for the cards, received a $250 credit line, and even before using the cards once, First Premier billed him upfront fees, leaving him with less than a $70 credit. Nielsen says he canceled the cards almost immediately. But, First Premier, he continued, imposed finance charges and his balance ballooned to $1,000 within a few months.

Nielsen says he made several unsuccessful attempts to resolve the matter with First Premier. But, when he started receiving harassing calls from a collections agency and discovered that First Premier had reported his false debt to the credit agencies, Nielsen called the Attorney General's Office and filed a complaint.

The Attorney General's investigation, sparked by complaints filed by New Yorkers across the state, revealed that First Premier Bank lured consumers by falsely representing they were pre-approved for a credit limit up to $2,000, at 9.9% APR Fixed, and promising no processing fee for opening an account. The bank also solicited consumers directly, marketing subprime credit cards as gold or platinum cards, repeatedly touting their prestige and member status without disclosing the associated risks.

In reality, most consumers received a $250 to $300 credit line at a 9.9% interest rate that could more than double without notice. Even before consumers had a chance to activate or use their credit card, First Premier billed $178 upfront fees for processing the credit card application. As a result, consumers' found themselves with $70 - $120 in available credit, perilously close to the credit limit, and strapped with bills most believed they were obligated to pay. Additionally, most consumers reported their balance ballooned within a few months, sometimes from $20 to $400 as a result of hidden fees.

The Attorney General's investigation found that in addition to the $178 upfront processing fee, First Premier charged account set-up and participation fees, annual fees, late fees, overlimit fees, credit limit increase fees as well as fees for paying online, accessing an account or additional card fees.

Under the terms of the settlement, First Premier is prohibited from charging consumers until they activate or use their credit card to make purchases or obtain cash advances. The bank is barred from fraudulently advertising or soliciting consumers in the subprime market and must refrain from marketing subprime cards as Gold or Platinum cards unless it clearly and prominently discloses associated features and risks. First Premier is also banned from promoting credit cards as having no processing fees, if it charges consumers for applying or activating a credit card.

First Premier had discontinued the practices of misrepresenting the fees and credit limits associated with the credit card prior to this settlement. The bank cooperated fully throughout the investigation and worked with the Attorney General to resolve the matter.

Individuals who believe they might be eligible for a refund must file a complaint with the Attorney General within 90 days by calling the Attorney General's Help Line at 1- 800 -771-7755 (Option 3). To obtain a copy of the settlement agreement, visit www.oag.state.ny.us 8-15-07

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#6 Consumer Suggestion

She missed a SCHEDULED payment! She caused her own problem.

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

POSTED: Sunday, October 14, 2007

Bonnie,

You caused your own problem. You made a payment BEFORE the statement cutoff date, which means it would be applied as an extra payment to the billing cycle it was recieved in.

Then, in reality you mised a scheduled payment even though you made 2 payments in the last billing cycle.

Read your terms and conditions. This is the same with every CC I have ever seen.

No ripoff here. Just pay attention.

>>
Look at this:
3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

>>

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#5 Consumer Suggestion

She missed a SCHEDULED payment! She caused her own problem.

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

POSTED: Sunday, October 14, 2007

Bonnie,

You caused your own problem. You made a payment BEFORE the statement cutoff date, which means it would be applied as an extra payment to the billing cycle it was recieved in.

Then, in reality you mised a scheduled payment even though you made 2 payments in the last billing cycle.

Read your terms and conditions. This is the same with every CC I have ever seen.

No ripoff here. Just pay attention.

>>
Look at this:
3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

>>

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#4 Consumer Suggestion

She missed a SCHEDULED payment! She caused her own problem.

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

POSTED: Sunday, October 14, 2007

Bonnie,

You caused your own problem. You made a payment BEFORE the statement cutoff date, which means it would be applied as an extra payment to the billing cycle it was recieved in.

Then, in reality you mised a scheduled payment even though you made 2 payments in the last billing cycle.

Read your terms and conditions. This is the same with every CC I have ever seen.

No ripoff here. Just pay attention.

>>
Look at this:
3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

>>

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#3 Consumer Suggestion

She missed a SCHEDULED payment! She caused her own problem.

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

POSTED: Sunday, October 14, 2007

Bonnie,

You caused your own problem. You made a payment BEFORE the statement cutoff date, which means it would be applied as an extra payment to the billing cycle it was recieved in.

Then, in reality you mised a scheduled payment even though you made 2 payments in the last billing cycle.

Read your terms and conditions. This is the same with every CC I have ever seen.

No ripoff here. Just pay attention.

>>
Look at this:
3. statement date 6/21. $20 due by 7/16. $0 past due
Payment was made early on 6/15 in the amount of $50 ($30 extra)

>>

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#2 Consumer Suggestion

Nicki Some of What She States Is Not Correct

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

POSTED: Saturday, October 13, 2007

Nicki I agree that you can not pay more this month to the minimum and have the extra credited to the next month's minimum and pay less. Idea would be to keep the money in your pocket and pay a lesser amount next month and supplement what you put in your pocket the previous month.

The thing that does not make sense is why her payments were not credited by First Premier in a timely fashion. Course to not post these in a timely fashion would result in late fees and that is lining First Premier's pocket with more profit.

If you go back and read many of these postings they are saying the same thing...First Premier does not post payments in a timely fashion resulting in late fees tacked on to the customer. If one of two said this you might think well they probably paid it like day before due and given mailing it did not make it in time. Thing is I am reading over and over and over people are saying I mailed it a week, two weeks ahead and was not posted to my account but late fees were.

My grandfather use to say where there is smoke there is fire. I think we got at First Premier a real track record here of not posting customer payments on time so they can make extra fees in late payments. You take $25 and it may not seem like much but multiply that by 5,000- 10,000 + customers and you got some real sizeable additional cash coming into First Premier.

My thoughts would be First Premier is making the bottom line a lot better by posting customer payments late and accessing he $25 charge.

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#1 Consumer Suggestion

Every credit card company does this

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

POSTED: Wednesday, October 10, 2007

I see you have learned by now, but anytime you make a payment before the statement drops, it is posted to the previous month. You still need to make another after the statement drops to post to that month. That is why there is still a minimum amount due on the new statement, with both your payments posted. Every credit card company works this way. You cannot make triple payments this month and not have any payments due for the next 3 months.

Too bad you didn't learn this after the first time. You would have saved the fees the next time.

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