bank rates

First Premier: Worst. Credit Card. Ever.

This subprime credit card features an APR of 49.9%The First Premier Bank credit card is so bad it’s hard to know where to begin, the outrageous interest rate or the ridiculous fees.

Let’s start with the APR, which is 49.9% (yes, you read that correctly).

To be fair, the APR used to be far worse at 79.9% and then 59.9%. (So maybe this version isn’t the worst card ever, but it’s in the family picture.)

Then there are the fees, of which there are many.

First off there’s the annual fee: $75 the first year, then $45 after that.

Then there’s the one-time security deposit of $95.

In addition, there’s a monthly servicing fee of $6.50, which adds up to another $78 a year. (Hey, but it’s waived the first year!)

Then there are the stingy credit limits.

The bank says your initial credit limit will only be $300. But the real limit will only be about $225, because the annual fee will be charged to your account before you even get your card.

If you want a higher credit limit, First Premier has a fee for that, too.

Each time your account is eligible and approved for a credit limit increase (minimum waiting period 13 months), First Premier, a South Dakota-based provider of subprime credit cards, will charge you a fee equal to 25% of the increase.

For example, if you’re approved for a $100 increase — the maximum the bank allows — you will be charged $25, which gets added to your balance. That means your credit limit increase will really be only $75, not $100.

Sad to say, many people are desperate to get a credit card, but hopefully not desperate enough to get a card from First Premier.

This is the type of card that preys on people who have bad credit. But there are better cards for people who have bad credit.

If you must have a card, you’re better off getting a cheaper secured card or a prepaid card. There are plenty on the market.

You’ll find many in our extensive database of credit card offers.

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Comments (1)
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  1. Mr Steve Jones said:
    on October 23rd at 04:39 pm

    I aggree, worst company ever. Hopefully they go bankrupt.