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First Premier Bank |
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Ah but wait -- what are all these fees on the disclosure statement?
Oh but wait, there's more. There's ...
This almost looks like a satire -- as though someone sat down and dreamed up as many fees as possible for comic effect. Program fee? Participation fee? Account set-up fee? Since when are these normal credit card charges? Just to prove it's all heart, First Premier doesn't charge the whole $72 participation fee upfront, it parcels it out at $6 per month. Even so, as we add it up the start-up fees would be a minimum of $178 and possibly more if the mysterious copying fee, Internet access fee, etc. were added on. The kicker to this ludicrous scenario is that the letter gives no hint what credit limit the consumer has been "pre-approved" for. Those we've heard from have had limits of as little as $300. With a few hundred dollars worth of upfront fees, that doesn't leave much room for error. Naturally, if the account is delinquent for two consecutive billing cycles two times in any six-month period, the 9.9% interest rate suddenly becomes 23.9%. All in all, it's a good argument for paying cash. Report Your Experience
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