Worst Credit Card Offer Ever

Before I give you the details of my First Premier Bank Gold MasterCard offer, I must first offer a little background. Shortly after I turned 18, I applied for and received a Platinum Visa from the good people at CapitalOne. I pay absolutely no fees and since I never carry a balance, I actually end up costing them money. At the beginning of every month I get an email telling me my account is ready. I click on the link and a few clicks later authorize an electronic debit out of my checking account (I do not actually have wretched checks).

A couple of months ago I got the this offer from First Premier and laughed heartily. Now, I pass on the fun to you.

The annual percentage rate is 9.9%, a not great but respectable rate. It is the fees that add up.

There is a one-time $29 account set up fee. Then there is another one-time $95 program fee (presumably for the privilege of paying their other fees). To that they add a $48 annual fee. Please don’t think this is a participation fee, however; that is an additional $72 per year. What’s the difference? Don’t ask me.

If you want a second card for a family member that will cost you another $20 annually. Should you desire to look at your account online, you must pay a one-time fee of $3.95. Don’t be confused into the erroneous belief that being able to look at your account includes the ability to pay it, though. If you want that, you must pay a separate “autodraft” payment of $7 each time (or $11 through their non-automated procedures).

Each time your credit limit is increased (the disclosure makes no mention of a requirement for your authorization), you will be assessed a $25 fee. One wonders how many nickel and dime bumps they like to generously give.

In the interest of full disclosure, I must also note a few more fees. Rush delivery of that lightweight piece of plastic (available only for lost, stolen or replacement cards) costs $25. There is also a $25 charge if you pay late or go over your limit.

If you start out with the minimum credit limit of $250, your initial limit will be $72 after all of the fees (or $52 if you opt for another card).

The best part about this offer is that I don’t even qualify; I don’t make the required $10,000 minimum annual income.