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There are fees for obtaining Internet access to your account ($3.95), automatic payments ($11 or $7 for each payment), Priority Mail for your card ($35). And this is their “Platinum” card? After six months, you may be able to increase your credit limit, but you’ll pay another $25 fee each time your limit is bumped up.
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The final analysis: the First PREMIER Bank Platinum MasterCard, less the fees for the first month leaves you with $71 of credit available and $179 in new debt. For those savvy consumers who think they can make up these fees with the 5% purchase rebate, think again: the credit line on this card can be as little as $250. An additional card will set you back another $20. Monthly Servicing Fee: $7/month or $84 a year. What’s not to like? What this card gives on the one hand it takes away - and then some - with fees. Take a solicitation BrandCultureTalk received for the First Premier Bank Platinum MasterCard.Īt first blush, this offer looked pretty great: a 9.9% APR on all purchases and a 5% rebate on all on-time payments for 12 months. Credit CARD Act) shortly before Memorial Day, promising a new era of better behavior by all parties.Įven with the new regulations coming on line nine months from now, there will still be plenty of room for shenanigans for those who rely on the act’s protections and ignore the fine print. Such practices culminated in President Obama’s signing the Credit Card Accountability, Responsibility and Disclosure Act (notice the clever acronym. Fees for exceeding credit limits even when purchases have been authorized by the lender. Double cycle billing to maximize interest charges for consumers who occasionally carry a balance. There’s no doubt that consumers overspent, but the card industry also overreached, creating concepts like “ universal default,” where card issuers hike interest rates when consumers made late payments to a different, unrelated lender.
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Even upscale customers find their mailboxes largely bereft of enticing offers and existing credit lines curtailed or canceled. But transparency alone hasn’t worked, given the dire state of household consumer credit debt, estimated at $8,000 – $10,000 for every American family with a card or close to $1 trillion dollars in total. In past cycles of scrutiny, the answer to credit card industry critics was “increased transparency” - if consumers could understand the terms and conditions of their credit cards, they had some chance of actually abiding by them. Few financial services brands have suffered the recent public spotlight with greater dread and discomfort than credit card issuers.