The Bottom Line
Once in a while a card comes along that charges such outrageous fees it makes credit card reviewers wonder why it’s even legal. This one is a prime example, and apparently it is already banned in at least two states in the USA.
This is a full-fledged credit card, not a debit or pre-paid card, and it’s accepted wherever MasterCard is accepted. You can apply even if you have bad credit, and if you carry the card you have the potential to improve your credit by making timely payments, and you can also request an increase in your credit limit from First Premier Bank.
The Not So Good
Two states don’t even allow issuance of this card.
After your account has been open for 13 months you can ask for it to be considered for a credit limit increase. But before you ask, be forewarned. The card company charges you a fee in the amount of 25% of the amount of the credit limit increase.
The APR for purchases and cash advances is 36%, which is about twice as much as the typical credit card. There is a cash advance surcharge fee of $6.00 or 5% of the amount of each advance, whichever is greater, and there is a 3% foreign transaction fee.
There is a $95 processing fee just for opening a credit card account,.
The annual fee is between $75 and $125, depending on your credit limit, for the first year. That fee drops to either $45 or $49 for subsequent years – which is still extremely high.
On top of those extraordinarily expensive fees there is also a “servicing fee” of either $75 or $124.80 per year, depending on your credit limit.
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