I have had this credit card for almost 3 years, and the only reason why I have not cancelled it is because they CONSISTENTLY report to all 3 credit bureas. My credit was A MESS! I was young and stupid with credit, and I got myself wayy in over my head. This card has helped me build my credit up from a 400 to a 750! I pay off my balance pretty quickly and because its a usually just a 300$ credit limit it is easy to do so, yes the interest rate is high, as with every other loan or card offered to someone who has bad credit. I don't really use this card ever anymore, I just pay the monthly 6$ fee and I'm thankful for the positive reporting first premier does for me, pretty much we are paying them to report that we have an open account in good standing and show payment activity. And thats that. I have been able to take out personal loans from my bank with low interest rates, I have cards with Chase, Capital one, and other store cards.
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Look, you need to rebuild credit. Well, this bank will help you do that. Yes, you'll have to pay exhorbitant fees (monthly, yearly, limit increase fee) but it does what you need it to do: Rebuild your credit. But it only works if you keep up with your credit. The card itself isn't going to do this for you.
I've had one 1st Premier card for about 3 years and a 2nd one for about 2 years. I keep up with payments (I don't spend that much on them) and typically pay them off every month. Over the past year I've been able to get other credit cards from places like Capital One and USAA that have way lower interest rates and much higher credit limits. 3 years ago I would have never been able to do that.
So if I've been happy with them, why such a low score?
1) Most credit cards will, if you have a good history with them, lower your interest rate if you ask them to. 1st Premier will not do this. It is written in the contract that the rate you get when you're approved for the card is the rate that you will have for the life of your account.
2) All these **** fees! Monthly servicing fee, annual fee, and if you accept an offer to raise your credit limit, they charge you a fee for that, too! (25% of credit limit increast amount.) It really is ridiculous. And the fees you have to pay just to open the account...ridiculous as well.
3) Customer service is awful. They only tell you what they CAN'T do for you instead of what they CAN do for you.
Those are my three biggest complaints. Now that my credit has been rebuilt pretty well, I wish that I could just close the account (I mean, I physically can) but closing accounts is bad for your credit score. So unfortunately, I'll just keep payint my $6 a month servicing fee (even thought I haven't used the card) for a couple more years and then close them.