First Premier Bank

[Nicollette]

First Premier Bank sent me an application in the mail today with a fake credit card attached to it with my name on it. It says the initial credit limit is $700, with a $175 annual fee, leaving $525 of available credit. Oh, forgot to mention, there's a $25 processing fee, which is fully refunded if they cant approve the offer. I had to laugh when I opened this piece of mail. Just wondering why they would even send this application to me, and they're already included in my Ch 13? Needless to say, this is going in the shredder!!

[olivies]

We got one the other day- the APR was 49.99%!!! Ummm....thanks, but no thanks!

[NoTomatoCan]

First Premier Bank sent me an application in the mail today with a fake credit card attached to it with my name on it. It says the initial credit limit is $700, with a $175 annual fee, leaving $525 of available credit. Oh, forgot to mention, there's a $25 processing fee, which is fully refunded if they cant approve the offer. I had to laugh when I opened this piece of mail. Just wondering why they would even send this application to me, and they're already included in my Ch 13? Needless to say, this is going in the shredder!!

LOL! We must be on the same mailing list! I just received the exact same mailer with the same fake CC and same $700 credit limit. My wife (who filed separately) got the same one as well.

Too funny that they were included in your BK! Guess they want to get some of their $$ back with those outrageous fees...

Of course, I contend that the recently bankrupt are the best people for CC companies to "generously" extend these offers to... We can't escape that newly incurred debt for almost another decade and have more limited financial options. It is amazing on other parts of this forum how quickly folks want to jump back on the credit card ride. I am very satisfied living cash only for almost a year now, yet for some this "fantastic offer" they get in the mail when they just filed BK is too good to refuse. Crazy.

[SMinGA]

We've never had First PRemier before - but Hubby got the same junk mail yesterday. $700 limit, $525 would be available when the card arrived, and $25 fee to process application. (Payable in advance, of course.)

[wonderingrov]

LOL - I logged on to post that I had received an offer from them today. Interest rate of 23.99%. And did you notice in the fine print that the $175 fee is charged monthly after the first year?

Let's see - $25 'processing' fee, $175 annual fee, for a total startup cost of $200 for the privilidge of having a $700 credit line ($200 of which is already used up before I even receive the card).

Do I have to tell you how fast this offer found the shredder?

[BNKRPTinNC]

You should at least reply

If I'm not mistaken both my wife and I got similar offers shortly after filing. Both came with Business Reply envelopes so I wrote a short note of "No Thanks" and sent them off. BR costs them the stamp plus a fee for the priviledge. Being employed by your friendly neighborhood Post Office we appreciate all the extra revenue so by all means respond.

[catleg]

This outfit defines predatory lending.

[tobee43]

We got one the other day- the APR was 49.99%!!! Ummm....thanks, but no thanks!

NO WAY??? who was that...OMG!! i thought there were usury laws?????
i understand each state has it's own law that may be applicable...however, someone correct me if i'm wrong, but i think it may go by the state the card is issued from???


one might find this a bit interesting about who doesn't apply to usury laws.....



"The usury laws, predatory lending, and loan sharking rules apply more to local banks. Since the passing of a federal law stating that the state usury laws do not apply to banks that label themselves with the words "national", these banks have been able to offer loans above the state usury limit. These "national" banks are allowed to apply interest rates a number of points higher than the Federal Reserve Discount Rate. The Federal Reserve Discount Rate is the rate banks get when borrowing directly from the Federal Reserve Bank for short term funds.

However, at the Federal level, there is a criminal limit, as defined by Congress, for interest rates. This rate is twice the amount of the particular state's usury limit.

If you feel you are a victim of usury, or predatory lending, contact a lawyer or legal firm. Make sure they have experience with this type of financial law. Ask them if they have handled usury law cases, and what their results have been."

[Nicollette]

If I'm not mistaken both my wife and I got similar offers shortly after filing. Both came with Business Reply envelopes so I wrote a short note of "No Thanks" and sent them off. BR costs them the stamp plus a fee for the priviledge. Being employed by your friendly neighborhood Post Office we appreciate all the extra revenue so by all means respond.

This sounds like a good idea...lol