I had applied for a Mastarcard Gold card with this banking institution, as I have a Visa card with my own bank, and I wanted a Visa and a Mastercard. Having been out of work for the last four years, my goal was to build my credit rating back up by paying off small balances in full and on time.
So today I got my Mastercard from FPB. Included on the letter that contained the card was a note that 'their initial disclosures had been inaccurate' and that $156.00 had been posted to my account and that my credit limit had been reduced by that much for this month. There was no explanation of this charge on the document accompanying the card itself, but I had received a second letter in the mail that explained the schedule of fees.
FPB's schedule of fees included: a one-time Program Fee of $100, an Annual Fee of $50, and a $6 monthly Participation Fee. In addition to this, they would assess a $25 fee every time they increased my credit limit.
This card would have cost me $222 the first year and $122-$147 a year thereafter. So I called FPB this evening, as soon as I finished reading their literature, and closed my account with them, as they had stated on their fee schedule that I would be assessed no charges if I closed my account with them within 30 days. Their card is now snipped in half and is in the file with the rest of my business mail.
I have never gotten a credit card that charged me money before I had even used it, nor have I ever had a card that charged me for the bank's decision to increase my credit limit.
A banking institution that thinks it can cow me into accepting ridiculous charges to use its card just because my credit rating is not as good as it once was had better think again. I am not stupid, and I am not going to let myself be run roughshod over. I don't think even American Express charges its cardholders quite this much annually.