First Premier Bank is best known for specializing in a wide range of subprime credit cards. First Premier Bank is head headquartered in Sioux Falls, South Dakota, and it is the 10th largest issuer of Visa and MasterCard brand credit cards in the U.S. Recently, First Premier Bank launched a new credit card with the sky-high 79.9% rate.
First Premier Bankcard CEO Miles Beacom said that the card proved popular with consumers, but the performance was bad: "A lot of the people ran up the card, defaulted and went directly to charge off."
First Premier Bank is now more cautious due to the Card Act, so it is only opening about 50,000 accounts a month. First Premier Bank said this has forced it to cut its workforce by more than 20% last year, and it will reduce its headcount by another 400 to 500 people this year.
Premier Bank is reportedly offering a credit card with a 79.9% interest rate, and a $300 limit as of December 2010. First Premier plans to start testing a card with a $700 limit and a 25% interest rate, in an attempt to find a new product that will bring in fees and customers without being as risky.
First Premier Bank has website www.firstpremier.com. Here you can get several information and menu include Access Account, Online Bill Pay, Lines of Credit, Personal Online Banking, PREMIER Bankcard (Credit Card), Locations, and Online Statements. Be the first visitor today!
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