First Premier Bank Of South Dakota,First Premier Bank First Premier Bank is a SCAM. Sioux Falls South Dakota

"Beach Mom",

You simply failed to read the terms and conditions of what you applied for.
Very simple.

When I was rebuilding my credit, I applied for the First Premier Card.
All fees were clearly disclosed. I accepted them. I got the card. They have now substantially raised my credit limit and I am at a fixed rate of 9.9% with "bad credit".

These are sub prime lenders offering a fee based product for the sole purpose of allowing people to rebuid their credit.

Why would you even apply for this card unless you had crappy credit?

They are totally going to hose you but they are honest and upfront about it.

My sister received one of those letters and asked me what I thought about it. I advised her to open a secured credit card at her bank.

Back to your situation, the sales pitch letter that you received from tPremier included an insert that disclosed the fees and terms of the credit card. That insert described every fee that would be charged to your card if you applied for one and were approved.

Since you have the card, I assume that you went ahead and applied for it. By doing so, you accepted the fees. If memory serves, you can close the account within 30 or 60 days (check the terms and conditions insert).

If you keep the card, be aware that there is a monthly fee and from what I've read, there is even a fee to make your monthly payment by phone or internet.

My advice is to either close the account or keep the card for one year. If you keep it, make your payments on time and for more than the minimum payment amount. When your able to qualify for a better card, pay this one off and close it.