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Woo hoo! The outstanding thing about the First Premier Bank Gold Card is fees, fees, fees.

Note that fees may vary from one offer to another, so you should just treat this as an example.

If you sign on for this credit card, here are the different fees you'll be paying for:

Some fees are strictly optional:

Some other fees may be imposed even if you don't ask for anything:

Assuming you're approved for a $250 line of credit and you make no purchases, what will be on your first monthly statement:

Account Set-up Fee $29.00
Program Fee $95.00
Annual Fee $48.00
Participation Fee $6.00
total $178.00
available credit $72.00

Of course, you could pay off this $178 in full, then just pay $6 each month for the remainder of your first year's membership. you're total out-of-pocket costs, for a credit card that you never used, would come to $244.

More likely, most people will pay the minimum amount due. The First Premier literature doesn't indicate how this is calculated, but I'll assume it's $10 on a $178 balance.

Then, you'll send in $10, you'll be charged $1.47 interest, and next month, so that $8.53 will go to reduce your principal, leaving you with a balance of $169.47. But the following month, there will be another $6 participation fee, bringing the balance back to $175.47. You keep doing this for another 11 months, and you'll have paid $120, but you'll still owe $152.26. Somewhere in there, they'll have added a $25 fee for your credit limit increase, bring your amount due back to $178.

Fed up paying $10 a month and getting nothing. You can cancel, but you'll still be liable for an account maintenance fee. This is only $3 a month instead of the $6 membership fee, helping you to reduce your balance a little faster. But it will still take about 2 more years.

So bottom line: you'll have paid somewhere near $400 to eventually pay off a credit card that gives you a bare minimum of credit.

Topic FirstPremierBankGoldCardFeeSummary . { Edit | Ref-By | Attach | Diffs | r1.1 }
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Revision r1.1 - 04 Jan 2007 - 06:00 by EliMantel web search for EliMantel
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