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1.4
Updated by user Jan 30, 2019

I continue to get mail and congratulatory pop-ups when I log into my account that I qualify for an additional card with a higher credit line than my current card. This predatory practice is trying to get those desperate for extra money, for what ever crisis they may be experiencing, caught in a cycle of having to pay high interest rates on two cards, monthly fees on two cards and an annual fee on two cards, so that eventually, just making the minmummonthly payment will eventually cause one to exceed their credit limit and thereby subject to over limit fees as well.

I have raised my credit score by not closing this account and keeping a low balance on it with the goal of getting a mortgage and then closing this account, and reporting every predatory practice to the better business bureau, financial protection agency with my real name without worry of the repercussions I have seen that others experience when they confront FPB. Please be thoughtful with your goals.

If you do need money for an emergency, please consider all of your options. This should be a last resort and you should make a plan to pay it off immediately.

Original review posted by user Oct 11, 2018

3 years ago I opened a credit card with First Premier Bank in an attempt to rebuild my credit history. There is a 79.00 annual fee and the apr is higher than any other credit card.

I have kept the card and use it responsibly. I have not missed any payments and have established good credit with them. A year ago I called customer service and asked for a credit line increase and was told no because I hadn't been a customer long enough. About 3 months later I received a notice in my consumer portal congratulating me for being such a good customer and letting me know that I am now eligible for an additional card with a 300.00 credit limit, and all the same terms as my current 700.00 card.

I have ignored this, but each time I log in to review my account the congratulations link pops up. Yesterday in the mail I received a letter with a FPB credit card and letter congratulating me on my good credit status and an offer of an additional card with a 1000.00 credit limit, and the same 79.00 annual fee and high apr.

First, paying an apr was necessary because I was in a situation where I needed to rebuild my credit history. The high apr also comes with the territory. However, because I have improved my credit and have a good established credit history it would be a very poor decision to open another card instead of getting a credit limit increase on the card I currently am established with.

Even if I wanted to transfer my credit over to my new card with the higher credit limit would be a very bad decision because of the transfer fees and the fact that I would then be starting over with my credit/ payment history as this would be a new account, and would have a negative affect on my credit score!

Third, if they wanted to offer a credit card with no apr and a higher credit limit because I have established good credit with them, that would make sense. I feel as though they are preying on individuals that have a history of poor credit and trying to get them to make further poor credit decisions. Be aware, getting a second card will NOT improve your score, or your credit history length.

Maintaining one card, making ontime payments, and improving your credit score over time so that you can get a credit card with not annual fee and lower apr is the only thing that make sense. Be responsible, research this company before trying to repair your credit with their credit card!

Reason of review: Predatory Lending Practices.

Preferred solution: Let the company propose a solution.

First Premier Bank Cons: Predatory lending practices.

Location: 6701 W 41st St, Sioux Falls, SD 57106, USA

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Guest

"established good credit with them," Just because you think you established credit with them doesn't mean it erased your overall bad credit history. That's what this joint and anyone else who would think of offering you credit is looking at.

They don't care if you've made your payments on time to them and yes, they're betting on you to take on more credit with them.

They're selling a feeling to people, not a good product. Some people feel better about themselves and think they're making progress because of a higher credit limit.

Guest

Has anyone looked into whether there is a lawsuit against First Premier Bank for predatory lending?

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