Need credit real bad? So bad that you’ll go almost anywhere for it so long as they accept your application? I’ve got the credit card for you: a First Premier credit card. But you also have to be willing to pay a price—a hefty one. I took a moment to read through the fine print over at First Premier and it’s like reading a Dr. Seuss book…”oh, but that is not all…oh no, that is not all!” (thank you Cat in the Hat)…until all hell breaks loose.
The folks at First Premier are not fools. They see a market and they pounce. With phrases like “Application responses in less than 60 seconds!” you can’t help but feel you’re beating the credit bureau bureaucracy when someone’s going to process your credit application in less than one minute flat. But then again, you also can’t help but raise an eyebrow—and you should.
I’m sure you’ve seen the reports lately about First Premier offering a 79.9% APR credit card deal. Outlandish? Yes. But such a rate is so out there that I can’t really give it any credence. Who in their right mind would take First Premier up on such a deal? No, the real eye-opener is when you go to apply for a First Premier credit card. Here’s what you find out…
The APR is listed as 9.9%. Ok. That seems pretty good. But let’s put on some readers and check out the proverbial fine print.
Here are the fees associated with the privilege of carrying a First Premier credit card: Read the rest of this entry »
Capital One got hit with a potential class action lawsuit this week, and one guess what it’s about? Interest rate hikes on its supposedly low interest rate credit cards.
I would dare to hazard a guess that unless you live in a cave, you have likely seen one of the several Capital One’s ads promoting their low interest cards… you know the “what’s in your wallet?” campaign? Not a lot by the time Capital One is finished with you, from the sounds of things.
The back story is sadly, not unique, but rather the predictable narrative of deceptive business practices which appear to have become the hallmark of big banking.
Capital One, the suit alleges, raised interest rates on many card holders whose accounts were in good standing. Why? Read the rest of this entry »