Should I cancel my First Premier credit card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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ryan6578
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Should I cancel my First Premier credit card?

Postby ryan6578 » Tue Nov 09, 2010 11:08 am

About three years ago, after I finally paid off my cc debt, I got my First Premier credit card (First Premier Bank Visa card) with a $350 limit to help kick start my credit history again.

The monthly fee is $7 and there's a yearly fee of about $49, and my limit has increased to $500. Should I keep it open, or should I close it? I'm nervous my credit score would take a dive because it's literally the longest open account I have right now.

In addition to my first premier credit card, I have a chase card open for about 2 years and an amex green card that I got three or four months ago. Clearly my options are limited, but it's getting better!! :oooo

any thoughts?


jeffysdad
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Postby jeffysdad » Tue Nov 09, 2010 1:21 pm

Do the Chase and Amex cards meet your needs? Are their credit lines sufficient? If so, then I think you should definitely cancel First Premier. Those fees are outragous.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

JL70
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Postby JL70 » Tue Nov 09, 2010 1:39 pm

ryan6578 wrote:About three years ago, after I finally paid off my cc debt, I got my First Premier credit card (First Premier Bank Visa card) with a $350 limit to help kick start my credit history again.

The monthly fee is $7 and there's a yearly fee of about $49, and my limit has increased to $500. Should I keep it open, or should I close it? I'm nervous my credit score would take a dive because it's literally the longest open account I have right now.

In addition to my first premier credit card, I have a chase card open for about 2 years and an amex green card that I got three or four months ago. Clearly my options are limited, but it's getting better!! :oooo

any thoughts?


I call it the "Fee Card" !!
I would cancel that account without any doubt. I opened my First Premier credit card in 2003 just to start my credit history, I kept it for one year and closed it, I paid all the fees fo a year in order to start my credit history and get better options, there was no way I would keep paying $130+ a year just on fees. They charge you a fee even if they give you a CL increase! I saw it like my cost to start my credit history.
For the length of credit, just let your newer accounts get older, but don't let the CC companies take your hard earned money!

I have now Elite and premium cards, my credit age is less than seven years and FICO's in the mid 700's


ryan6578
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Postby ryan6578 » Tue Nov 09, 2010 6:52 pm

thanks guys - canceling NOW!

:)

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Nov 10, 2010 1:07 am

I didn't think I had ever heard of First Premier bank but after a quick Google search I now know exactly what you guys are talking about! In 2009 the My First Premier credit card got a load of bad publicity for having a card that reportedly had a 79.9% APR which I think might have been the highest in the entire country.

Image

Then to top it off all those fees on top of it! The "fee card" is right, ha!
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

CCG
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Postby CCG » Fri Nov 12, 2010 11:12 pm

If you have bad credit and are looking for a good card to help you rebuild it, then check out our sponsored rankings of secured credit cards to rebuild credit
If you have already started to rebuild your credit using a My First Premier card and think you are now ready to apply for something a bit better, then check out our sponsored rankings of the best credit cards for fair credit

Money card
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Postby Money card » Tue Jul 05, 2011 9:55 pm

Absolutely cancel your first premier bank. you have 2 solid credit cards, they are charging you 7 a month and 49 a year. time to cancel.



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