First PREMIER Bank Card Now Offering 59.9% APR Credit Card with $300 Limit and $75.00 Annual Fee

We reported last October that First PREMIER Bank was offering a credit card with a 79.9% interest rate to some sub-prime borrowers and it appears that First PREMIER Bank of Sioux Falls, SD is at it again. The new offer that the LA Times got a hold of has a slightly lower, although still usurious, interest rate and a number of fees which are well above industry average.

The new offer that First PREMIER Bankcard is sending to its customers comes with a $75.00 annual fee, which is 25% of the card’s credit limit. There’s also a $45.00 “processing fee” which must customers must pay before the card is issued. There’s a $29.00 annual fee for each additional card that customers make use of.

The late payment fee that First PREMIER Bankcard is charging its customers is $29.00 for balances up to $500.00 and $34.00 for balances over $500. There’s a $29.00 over-the-limit fee. If you want your credit limit increased, the fee you will be charged is 50% of the amount of increase. This means, if you want to have your credit line increased from $300.00 to $1000.00, you will have to pay a $350.00 fee for the privilege—and that’s if First PREMIER Bankcard approves the increase.

Cardholders of the new offer that First PREMIER Bankcard is sending out to some customers will also have to pay a $5.00 wire transfer fee and a transfer fee for cash advances, which will be between $5.00 and $10.00 depending on the amount of the withdrawal. This fee is charged to customers that have had their accounts for more than one year. The bank also limits initial cash advances to 10% of the borrower’s credit limit.

Finally, customers that end up closing their accounts have the privilege of paying a $3.00 “monthly maintenance” fee on closed accounts that have outstanding balances of $20.00 or more.

According to First Premier’s website, First PREMIER Bankcard is the 10th largest issuer of VISA and MasterCard credit cards in the United States having than 3.5 million customers nationwide. The company says that the company “focuses on individuals who have less than perfect credit but are actually still creditworthy.”