I have bad credit so i started applying for credit cards to repair it I've been approved for 4 but one of them has a $250 limit and when i recieved the card it only had $72 credit left after they took out "fees" should i send this card back? why did i have to pay so many fees thanks in advance for your help
2007-02-07 03:41:20 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Yeah I had a credit card from First Premier.the good thing is once you suse it and pay it off each time you will get a higher balance pretty fast.I was bumped up to $1000 then $2000 really quickly, like 3 months for the first bump then another 3 months for the second bump.......Do NOT go over limit though.....they will rape you n the late fees and interest and your balance will go up very very fast as will the monthly payments and you will be back to square one..
2007-02-07 03:45:43 · answer #1 · answered by Jenny T 4 · 1⤊ 0⤋
They always send me offers and on the form it states that if your intial credit limit is 250 that 72 will be taken out for annual fees or something they did the same thing with my husband when he got a card and we used it and paid it down every month and they never increased our credit line until like a year or two later and once he got some better ones he let that one go so you can always keep it fo a little while and help build credit or get rid of it just depends on how good the other ones are they may have a 2k limit but what is the interst rate while first premier usually has like a fixed 9.9 with low limits they want you to prove yourself and mst others are variable which means now it could be 12.9 and next month could be 21.6 which is crap good luck
2007-02-07 03:54:14 · answer #2 · answered by sexy b 3 · 0⤊ 0⤋
This is in their terms and conditions. For most subprime credit cards, there are one-application fees, one-time processing fees and obviously the annual fees. Some also charge a monthly participation fee.
Most will also give you an initial credit limit of $250 to $300. On your first statement, the annual fees and all the one-time fees will be charged to you. Unless you pay them off fully, your credit limit will be reduced by your unpaid balance.
This is a normal (though not so nice) practice by subprime issuers.
What should you do? It depends. If you already have 3 other credit cards, then maybe you can cancel this one. But if you need the credit limit, then keep it. First Premier Bank is one of the better known subprime issuer. Cancelling it now may hurt your score slightly and it is always a hassle.
2007-02-07 03:47:50 · answer #3 · answered by Anonymous · 2⤊ 0⤋
That's how First Premier works. They have an annual fee, a set up fee, and a $6 per month "participation fee".
You should not have applied for so many cards that you ended up with 4. That's a lot of inquiries (becuase I'm assuming you didnt' get every card you applied for.)
They probably wont let you cancel without paying the fees.
2007-02-07 04:37:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Close that account NOW. Go to Bank of America and ask for a secure credit card. They'll have you put up $500 and give you a $500 limit. Use it every month (but don't limit it out...say $100) and than pay it off. Eventually they'll tell you you can have back the deposit...Then they'll start raising the limit on the card gradually over time. The card you're in isn't a good deal at 19.9%...and the fee is nuts, you shouldn't have to pay a nickel to get credit.
2016-05-24 03:08:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if you have bad credit, most companies charge start up fees to get the card. Sending it back won't help much. Try calling them and see if you can work something out.
2007-02-07 03:44:10 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Yea thats how they do the first statment but overall it is good to build up youor credit just don't go over the limit and always remember to pay on time.
2007-02-07 03:52:06 · answer #7 · answered by Child of God 5 · 1⤊ 0⤋
Yeah, you and me both. They are not very nice either. Go ahead and keep it for a few months and pay into it every month. Go ahead and use it but only for very small purchases every week. This causes your credit score to improve. Then pay it completely off every month.
2007-02-07 03:45:50 · answer #8 · answered by Anonymous · 1⤊ 1⤋
call them and tell them u werent aware of the fees and that u want it to be closed immediately and that u are not payin anything
2007-02-07 04:35:11 · answer #9 · answered by matt12882003 3 · 1⤊ 0⤋
the fees are detailed up front in the application....read!
Sending the card back???? What good will that do? You still owe the fees.
2007-02-07 03:49:34 · answer #10 · answered by Anonymous · 1⤊ 4⤋