An expensive credit card
Consumer Reports is issuing a list of what it considers to be the best and worst credit cards. One the magazine says to avoid is the First Premiere Bank card. I decided to look at the company’s Web site to evaluate its offer.
The card appears to be aimed at consumers who need to build a credit history. But look at what appears on your very first bill:
- Annual Fee of $48
- Account Set-Up Fee of $29
- Program Fee of $95
- Monthly Servicing Fee of $7
- An Additional Card Fee of $20 per card (if applicable).
A $25 fee is levied to increase your credit limit. The company charges a $3.95 Internet access fee. You will pay an $11 charge each time you pay your bill through an autodraft. Express delivery of a lost, stolen or destroyed card will cost $25.
And here is First Premiere’s privacy policy:
We may collect “nonpublic personal information” about you from various sources including applications, account forms, transactions with us or affiliates, or consumer reporting agencies.
We may disclose all of the information about you that we collect.
I’ll pass.
Consumer Reports recommends the following low-rate/low fee credit cards: Capital One Platinum Prestige, Clear from American Express, and Iberiabank Visa Classic.
The best cash-back cards included Capital One No Hassle Cash Rewards, Chase Freedom Visa, and Discover More.
Among the best gas cards were Chase PerfectCard MasterCard, Discover Open Road, and Hess Platinum Visa.
Don Mecoy
Business Writer
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