The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
[Update: The offers mentioned below have expired. For current terms and conditions, please see card agreements. Disclosure: Cards from our partners are mentioned below.]
First PREMIER has pulled its infamous 59.9 percent APR MasterCard credit card from the market. The card, which was dubbed America’s worst credit card by Consumer Reports, has been replaced with the First PREMIER® Bank Secured Credit Card.
After facing an avalanche of bad publicity due to the sky-high interest rate, it would be easy speculate that public demand brought down the card. But this CNNMoney.com story reports that a First Premier spokeswoman said that the card was so popular the bank had reached its issuing limit for the month.
The new First PREMIER® Bank Secured Credit Card has a 19.99 percent (V) APR. Is this a reasonable APR? While it’s not rare to see a secured card with such a high rate, there are many secured credit cards on the market with APRs less than 10 percent.
There’s also a $50 annual fee and several other fees, including a 25 percent charge for increasing your credit limit and an $11 fee for an “expedited payment” that requires the assistance of a live representative. I got all this information from the Fees, Rates, Costs, and Limitations document on their website. Reading the fine print wasn’t easy due to the lined, gray background.
First Premier has another secured card, the Centennial® Secured Credit Card. It also has a 19.9 percent (V) APR and assorted fees. But at least the terms and conditions have an easy-to-read, plain white background.
April 9, 2024
Credit Cards
October 21, 2020
Credit Cards
August 3, 2020
Credit Cards