[snap url="http://firstpremier.com" alt="First premier bank"]First premier bank card functions as the service provider of First Premier Bank, an influential financial institution in South Dakota. First premier bank card and first premier bank are co-related organizations falling under the mother company ‘United Nations Corporation’. Though linked with one another, First premier bank card and First premier bank function independently.
Their funds come from different sources. Premier bank card has its own cash reserves to fund it. It does not use the debt or wealth of any first premier bank depositor to gather fund. First premier bank card is a boon for people with a damaged credit history. It rectifies their financial pattern by opening up a whole new pathway for them and aiding them to get credit by using a credit card.
At present Premier bank card holds the 9th largest position in the country as an issuer of credit cards like Visa or Mastercard. It is committed for its service to millions and billions of people through out the nation. It provides an effective second chance to people with damaged credit
Why choose First premium credit card?
In the country, the use of credit cards has become a common practice in day to day life. People use credit cards for making purchases of home, cars and other items. They use it to fund their education, their vacations and many more. Any American household today owns at least one general Visa or Mastercard credit card.
The importance of having and maintaining good credit is profound. You cannot demand good credit; instead you are to earn it. To start with you are to apply for it and any bank, retailer or financial company will not grant you credit immediately. They will first gather sufficient information about you and then proceed. The bank or other financial organizations use the credit report of an individual and other sophisticated calculating machinery to do so. Your credit report is actually a record of your credit based moves.
The individual’s account, loans, balances, payment regularities or irregularities or any action taken against him or her due to failure in paying bills are all clearly listed and elucidated in an individual’s credit report. After studying the credit report, the credit ratings of that particular individual is fixed and depending on the credit rating, the financial organization judges the credit worthiness of the individual. For carrying out these enquiries, the financial organization can establish a tie-up with any consumer reporting agency of the country.
Credit rating or score ranges from 330-830. Experian, a renowned consumer reporting company declares 693 as the average credit score in the country. If the credit falls below 620, it is considered as damaged credit or bad credit. The causes of damaged credit or bankruptcy include loss of employment, divorce, health related expenditure etc. Damaged credit produces the following side-effects:
• Rejection of credit/loan applications
• Encountering high rate of interest on loans or credit cards
• Hassles laden apartment approvals
• Having to mortgage utilities
• Disqualification as an applicant for employment
• High premium on insurance
Individuals bend double under the load of damaged credit and its side-effects may have a rescuer who would be willing to lend them money accepting the risk. It is First Premier Bank card that comes to rescue. It is of immense help to such people and its role as a damaged credit rescuer makes it highly advantageous for customers. The company wishes to give chance to people who wish to rectify their financial habit, thereby allowing them to display a better repayment pattern.
Advantage of First premium credit card:
The leniency or benefits/advantages it provides to customers with crashed credit may be listed below:
• Quite low credit line. Its somewhere around $300
• Quite flexible yearly percentage and fees associated with borrowing.
• Opportunity to avail other credit card offers at a low fee and better interest rates on slight improvement in the customer’s credit scores
• Significant reserves to meet a customer’s default
• Educates customers on all sorts of credit information
• Extensive and qualitatively rich customer service
Disadvantage of First premium credit card:
The disadvantages of first premium credit card may be listed as follows:
• The person with bad credit may find it difficult to cope with the initial rate of interest charged even by this company which implies that the rates are low but not considerably low.
• Many customers also complain that the company’s first motive is to make the most of any and every situation to rip off benefits. It looks for scopes to do so. A customer pointed out that he was charged an unnecessary expedite fee for calling them up to pay a bill on due date. Had he done it the next day, the company would have charged him a late fee.
• Some customers find a lack of transparency in the company’s procedure. One customer did pay his balance but was denied credit on the charge that he is beyond his limit.
• Some complain that many of the first premium credit card offers are quite deceptive. They think that the company is out to involve them in credit card scams
• There is risk of bad credit rebuilding through universal default or delayed payment.
• The card holder may get exposed to credit card theft which again may cause a decline in his or her credit score for the forth coming months or years. In this way his bad credit status may get stagnated
This article introduces you to both the positive and negative aspects of First Premium bank credit card. Judge thoroughly and then proceed. Here follows the necessary contact information:
Call: 800-987-5521
Address: First Premier bank
PO Box 5524
Sioux Falls SD 57117-5524
Website : www.firstpremier.com
Summary:
To sum up, we may say that First Premier credit card has both advantages and disadvantages. The advantages include First Premier bank card’s effort to address damaged credit issues of people to whom rest of the world has turned their back. They not only help these people to attain a favorable credit status but also give them an opportunity to alter their payment habits from negative to positive. But also the disadvantages are many. There is a seething grudge among many of its customers for its deceptive and clueless moves and charges. Such people declare the company as a blood sucking one. So the advice for you all is be patient, weigh the pros and cons properly before taking the leap. So beware of taking any frantic move. It may sink your boat further.