New Credit Card With 9.9% Interest-- Premier Bank

For those who DON'T read the fine print, that's 79.9% interest!* Read about it here.
Below are the account fees, rates, costs, limitations, available credit limit and other terms for First PREMIER® Bank Credit Card offer.

*Please print these disclosures and keep them with your records. If you are unable to print these, write to First PREMIER® Bank, C/O Correspondence, P.O. Box 5524, Sioux Falls, SD 57117-5524 and request a copy. By submitting this application you understand that your initial credit limit will be at least $250.00 and the following fees will be billed to your first statement: Annual Fee of $48.00, Account Set-Up Fee of $29.00, Program Fee of $95.00, Monthly Servicing Fee of $7.00, and an Additional Card Fee of $20.00 per card (if applicable). These fees will reduce your available credit until they are paid. You will be eligible for consideration of a credit limit increase as soon as six months. In addition, by submitting this application you certify that you have read, meet, understand, and agree to the account fees, rates, costs, limitations, available credit and other terms listed below.

Fees, rates, costs and limitations
(Please print these disclosures and keep them with your records)

Annual Percentage Rate for Purchases and Cash Advances 9.9%
Fees for Issuance or Availability of Credit Account Set-up Fee: $29.00 (one-time fee)
Program Fee: $95.00 (one-time fee)
Annual Fee: $48.00
Monthly Servicing Fee: $84.00 Annually1
Additional Card Fee: $20.00 Annually per card, (if applicable)

There was a whole long list of conditions and terms I had posted here, they are accessible through the link above. The main point was that with Premier Bank, to get a $250.00 line of credit, the cardholder has to pay $227.00, $247.00 if they want two cards!

AND the line of credit is reduced by the amount of the fees that are unpaid.
Think about it, it costs $227.00 to get a credit line of $250.00. Your first month's payment, IF YOU HAVE NEVER EVEN CHARGED A THING, would reflect a balance due of $227.00. And, if you didn't pay it off you would be charged interest on that $227.00.


HAH!