Credit card can slip-ups happen. But when you’re backed up by a company with strong credibility around the business, you don’t have to worry. First Premier Bank is the perfect partner for those who want to rebuild a poor credit history.
The Card’s Features
First Premier Bank’s Classic Credit Card is specifically catered to those who have bad or very poor credit history. First Premier makes monthly reports to various consumer reporting agencies. This is a form of assurance, as well as protection for the cardholder.
These agencies regularly review your new credit record and determine to what extent you are to enjoy loans or interest rates from the use of your card. They record whether you are able to make payments on time, as well as make background researches on previous loans, bankruptcies or foreclosures where applicable. The better your new credit looks, the better rates will become.
Singing up for an account can be done online. To offset the risk associated with the credit account, a processing fee amounting to $95 is required. This amount should be paid within the first 85 days of application unless you want it to be withdrawn or forfeited.
After approval of the credit line, you will be assigned a credit limit of 10% of the available credit. After maintaining a good record for 90 days, this limit can be increased to 50%. This is possible only when the following conditions are met as well:
• Current payment history for at least two consecutive months
• For the past 60 days, no return payments have been made
• Account is not currently delinquent
With the new credit limit of 50%, you can then enjoy $300 in credit limit for purchases and $150 credit limit on cash advances, form its initial $30 limit.
Rates and fees are as follows:
Purchases – 36.0%
Cash Advances – 36.0%
Interest charge on Purchases – Starts at $1.00
Annual Fee – $75 for the first year, then $45 thereafter
One-time Processing Fee – $95
Monthly Service Fee – $0 for the first year, then $6.25 thereafter
Late Payments – $35
Charge for returned item – $35
These fees and rates may seem a lot to handle, but when you think about it, you will be paying everything off in the hope of redemption on your credit history. If this doesn’t sound like a good deal, then we don’t know what is.