The First Premier MasterCard seems exciting at first glance. They approve the majority of applicants, are backed by a reliable bank with reputably good customer service, and offer money management training through online modules.
However, the good things come to an abrupt halt once you take one look at the member agreement. Not only is the fee schedule a but hard to believe, the fine print doesn't make things better. If you read the review below, you can find out just what the First Premier credit card is all about.
The First Premier credit card is being marketed toward people who want to build or rebuild credit. This means anyone with a low credit score or a few derogatory marks on their account that might earn them a rejection from another lender is likely to receive an offer from First Premier.
Ideally, no one will have to take a www.platinumoffer.com promo and will instead choose a card with lower fees and lower APR. With the rates available on this card in all forms, the high application fee is unjustified. That is to say, an application fee on any credit card is unjustified. In short: the First Premier credit card isn't for anyone that wants to make sound financial decisions.
The interest rate for the First Premier credit card is very high at 36% APR. Due to how high your interest starts, there is no penalty interest. This interest rate applies to both purchases and cash advances. Balance transfers are not allowed at this time.
There is a 27 day grace period after the close of each billing cycle. This means that your due date is not the close of the billing cycle, but 27 days after that. This means that if you pay your balance by the due date, you will not be charged any interest for those purchases. This does not apply to cash advances.
Platinumoffer.com credit cards typically come with a maximum starting credit limit of $300, though this may be altered or increased depending on the creditworthiness you are determined to have. Keep in mind, this is scarcely more than the initial fees you are required to pay, and that's only if you receive the maximum amount.
The First Premier credit card www.platinumoffer.com promotions have too many fees. While it is completely reasonable for a company to make money on credit services, stacking an annual fee on top of an account maintenance fee is unreasonable. However, adding a processing fee on top of that is outside the realm of what should be an acceptable practice and something nearly every other company has and will avoid doing.
If you combine all of the annual, monthly, and processing fees outlined in www.platinumoffer.com letters that you will be charged within the first year, you end up with a $270 balance without ever using your card. If you accept a credit line increase during that year, you can expect to pay even more.
- Processing Fee – The processing fee charged to your account once your application has been reviewed and accepted can range as high as $95.
- Annual Fee – The annual fee for the First Premier credit card is $79.
- Monthly Fee – The monthly fee for the First Premier credit card is, at this time, $8 per month for a total of $96 per year. This fee is charged whether you use your card during this time or not.
- Cash Advance – Cash advance fees are $8 or 5%, whichever is greater. The minimum cash advance is $20, with a per-day limit of $500. Cash advances may only be drawn on 10% of your initial credit limit. With 2 months of payments and no delinquent activity for 60 days, this increases to 50% of your credit limit.
- Foreign Transaction – 3% of the transaction total in USD is charged as a foreign transaction fee.
- Late Payment – The late payment fee for a First Premier card is up to $39.
- Return Payment - The return payment fee for a First Premier card is up to $39.
- Authorized User Fee – There is no authorized user fee, but there is a $29 fee, imposed annually, for every additional card you have on your First Premier account.
- Balance Transfer – No balance transfers are authorized at this time for the First Premier MasterCard.
- Credit Limit Increase Fee – The First Premier credit card comes with a 25% credit line increase fee. What this means is that for every dollar your credit line is increased, you will immediately be charged 25 cents. For every $100, that's $25. And if you don't pay that off by the due date, you will incur interest.
The platinumoffer.com First Premier credit cards have no rewards program and no advantages that could help you recover the fees you have to pay to keep it.
Pros – Advantages of the First Premier Credit Card
The First Premier credit card has a few advantages, though none of them are unique to this card.
- Permissive Credit Requirements – Have a low score? As long as you can pay the fees, the First Premier Bank card will likely be happy to have you as a customer.
- No Penalty APR – With 36% initial APR, no penalty rate is a good thing.
- Online Application – You can apply online, no special invitation needed.
- Optional Credit Protection – For another small monthly fee, you can get credit protection. This means that a few of your minimum payments will be made in the event of disability, unpaid leave, involuntary unemployment, and death.
Cons – Disadvantages of the First Premier Credit Card
The First Premier card has far more disadvantages than advantages, below is only a selection.
- High Interest/APR – The First Premier card has 36% APR to start, no matter what your financial or credit situation is.
- More Fees Than Credit – Depending on the initial credit limit offered to you, and what options you select, you could end up spending more than the initial line of credit you get.
- Credit Increase Fee – Any credit increase fee is unreasonable. At 25%, that may be one of the highest fees out there.
- Yearly Credit Review – You only have one shot per year at getting one of those credit increases. If you accept, you get an increase and have to pay the fee.
- Application Fee – There is a $95 application processing fee.
- Low Initial or Permanent Credit Limit – With $300 as the maximum credit limit and fees taking up over half of that during your first billing cycle, it may be difficult to keep your utilization under 30%.
The First Premier Bank credit card is beyond unreasonable. It comes with a %95 application fee, 36% APR, high fees on everything, and a low credit limit hovering around $300 at the high end. Choosing this card, even if you never spend a dime with it, can put you in a worse financial position than you start with.
When you add up all the fees you will need to cover in the first year, it's likely they cost more than the credit limit. If you chose to, instead of accepting your www.platinumoffer.com Mastercard, open a secured card with a 1 to 1 ratio of secured to spend, you would come out ahead. There are many better options out there than the First Premier Credit Card.