Just because you may had some issues with credit in the past, does not mean that you should not be able to handle it in the present and the future. What you need is a credit card company, like First Premier Bank, to give you another chance.
There are a number of reasons why people have credit issues. Sometimes they lose their income because of a job loss or layoff. Sometimes personal emergencies arise, like a health issue or death in the family, and you have trouble recovering. Of course, there are several other kinds of immediate needs that might pop up here and there; and the costs can quickly add up, particularly if you are not fully prepared for them. Just because you may have dealt with some of these issues, you should not necessarily be regarded as a credit risk by card issuing companies. Alas, sometimes it feels like they don’t care about your good intentions; and if you feel this way, you should consider looking into First Premier Bank.
First Premier Bank is one of the large credit card issuers in the United States and they understand that a credit issue should not determine your financial future. Even if you were once a little irresponsible, people learn from their mistakes and deserve the chance to make things right.
One of the first things that might concern you as a person trying to regain control of their credit is what kind of fees will the First Premier Bank MasterCard charge. Indeed, this is a tough topic because many cards designed for people with “less-than-perfect credit” often carry hefty fees. Thankfully, this card seems to only charge you for penalties you make in the future. Indeed, you will pay the standard processing fees and penalty fees that most cards charge, although the annual fee structure is slightly different for this card. With this card, then, you can expect to pay:
- A one-time processing or setup fee
- An annual fee (that reduces by nearly 50% after the first year)
- A small monthly servicing fee (after the first year)
- Minimum interest charge
Again, you will also pay standard processing fees and penalties that are common to most credit cards:
- Cash advance fee (usually a flat dollar amount or a percentage of the transaction, whichever is greater)
- A foreign currency conversion fee (usually a percentage of the transaction, in U.S. dollars)
- A late payment fee
- A returned payment/item fee
There are also other fees that are sometimes common in the credit card industry, depending on the company and the particular card you apply for. Thus, with this card, you might also pay:
- Credit limit increase fee (when you are eligible for a credit increase you will pay a small fee, which will be deducted from your increase)
- Copying fee (ordering an additional copy of your statement)
- Express delivery fee (for rushing your card, if you elect to do so)
- Wire transfer fee
The Basic Benefits
Because this card is designed for people with “less-than-perfect credit” it does not come with any of the bells and whistles that many other cards offer. This is a good thing as the promise of rewards and additional benefits can be distracting and can quickly throw you off track if you are trying to regain control. This is a very basic credit card, with features that are designed to give something simple that is easy to track and control. The interest rate is a little bit higher, but still reasonable for a card of this type, but you can avoid paying interest completely when you pay off new charges in full within 27 days of purchase. This is extremely helpful as you will save money and post responsible behavior to credit card account, which always pays off in the long run. If you continue to do this every month, you will quickly be on your way to better credit offers.
When you have credit issues, it isn’t the end of the world so you need a credit card that helps you get back on track. While the interest is a bit high (which is still somewhat common for people with less-than-perfect credit) the fee structure for this card is reasonable.