Premier Credit is, of course, a card for those with bad credit. Therefore they have a high amount of fees to open an account, in fact, about $178.00 in fees. That's ok, if you need to build credit.
They say they offer a 9.9% interest rate, which we know is obviously worthless, because the various fees charged in addition, are quite simply additional finance charges. Again, that's ok, with poor credit, you should know no company is going to give you a low rate.
I received my card. Used it, then on my 1st statement, made a good sized payment on their website of $180.00. Of course, I had to pay a one-time $3.95 set-up fee for this "convenience". Also, the payment was an EFT, which carries an additional $7.00 fee (for each payment made in this fashion.)
So a few days after making this payment, I call and check the balance etc., and it says a payment has been received. The available credit however, did not reflect this payment. Which initiated my call to their "customer service" number.
The very nice customer service person explained how they hold the funds for 20 days in order to verify that the funds have actually been received. They seem fond of saying it is for "our protection". That is a pathetic rip-off. Even HSBC doesn't do that, heck, I've never even heard of that. But their customer service people love to say, "it's stated clearly on the back of your statement", which it is.interesting how it is not in their Online Terms and Conditions.
In fact, a "Customer Service" Manager, said they couldn't see the online terms and conditions, because they "don't have the Internet". Again, that's pretty laughable, because they went on to say it didn't matter if the online terms were different. Oh really, we'll see about that.
They must get 100's of these same calls on a daily basis, because they can quote it chapter and verse. What's even more laughable, is that they recommend a Western Union money wire payment in order to have your funds credited in 2 days.
There's not much anyone can do about how they conduct business, but at least the word can get out that Premier Credit is perhaps the worst "bad credit" credit card company ever. I would in fact recommend HSBC, still a fee based credit rebuilder, but they actually provide customer service, and they credit EFT payments in 24 hours.
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