First Premier Bank Credit Card Scam
My fiancee received a First Premier Bank MasterCard in the mail even though she didn’t sign up for it. Immediately she thought it looked suspicious, I took a look at it and it’s nothing but a scam. It’s amazing that so called “reputable” companies can get away with scams like this.
This credit card has a $300 credit limit. And $179 initial fees. That leaves you with $121 dollars in available credit. My guess is they are sending these things out in mass to anyone with a bad credit rating.
The most despicable thing about this scam is all of the stuff in the letter they send with the card about how to improve your credit. As if using this BS card is a really financially responsible thing. Predatory.
Check out these fees: $48 annual fee. $7 monthly servicing fee. So they’ve got you for $132 more per year. And there’s the 10% interest which I’m sure shoots up astronomically as soon as you are late on a payment. So you could easily end up owing these people $400+ in just one year if you bought even a candy bar with this credit card.
They really make it look like this is your card and that you are now responsible for all of these fees. Of course the catch is - you aren’t responsible for anything unless you actually use the card. But of course it’s got $121 in available credit so some desperate people will do just that. Or people who are not responsible/don’t think about what they are doing.
But that’s not at all. Then, a few days after you get the card, they send you a BILL! Of course it says $0 due right now and if you look closely you’ll see that you have to activate the card to be responsible for any of this. But still. It’s just amazing to me that this sort of thing is legal. People talk about scams on the internet and all of that. Give me a break! This credit card scam is worse than any scam I’ve seen online.
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