mizzou-mom

I don't think she is an exception, most of her friends are the same as she is, HV51, but we worked hard to raise her financially responsible. All our kids are expected to get jobs when they turn 16 and want to drive. At 16, all allowances are stopped and they have to use their earnings for their own "fun". We supply their necessities(ie., $35 shoes, they spend their $$ if they want trendier, etc.). They pay their way for the annual band trip(fundraising if they choose)and we pay half their summer camp(band). We pay car insurance(older car), but they must pay to wash and gas it and park it at school. They learn from 16 how to budget their paychecks! It isn't easy, there is a lot of conflict the first year or so, but it seem to make them responsible. Parents wait until they are 18 and off to college to start teaching them about money, and then don't understand why they are irresponsible. Well, at least it worked for us....

behindthescenes

For those of you who have questions about 1fbusa I was an employee of the bank for many years and understand the workings behinds the scenes. I am not angry with the bank and will not say anything negative about my previous co-workers. I am very happy to help you with questions on how to resolve your issues
I have sat and listened to call after call of parents and card members call in with issues about fees and interest rates. Like most credit card companies 1fbusa makes it’s money in the hopes you or your child misses a payment. I want everyone to know how the process works when you miss a payment. Usually 1fbusa issues a line of credit of only $250 which we all know your child runs out and spends up to that limit in the first day of the card arriving in the mail. I can’t tell you how many times I have seen this happen. Based on the “Terms and Conditions” set forth by 1fbusa and card member if you have a late payment the cost is $37 (sometimes $39) if your late payment puts you over your line of credit you receive and over credit limit fee also of $37. Now, this is what I feel is basically stealing or unnecessary fees in my opinion. If you ever go over line you get a OCL (over credit limit fee) fee right away, if you don’t call back and pay to bring your bill back under your line of credit you receive another OCL fee $37. Purchases that take you over your line credit it doesn’t matter how little the amount or how large you receive the fee if you don’t call back to pay your OCL you receive another fee on the last day of your billing cycle. So, if you ever notice that you are OCL back right away to pay OCL plus 10% of balance to avoid any future fees. This bank if very conservative in refunding fees back to card member so if your receiving fees for whatever your issue might be YOU will have to be the who asks for the fee credit as Collection Representatives are instructed not to offer any fee credits unless asked. Also folks, keep in mind if you ever miss a payment or your go OCL your cards default into a punitive rate. Your interest can go from 19% to 26% for missing one payment or being OCL. So, make sure you make those payments on time and never go OCL. I can certainly go over any issues with you may be having just email me or post your comment here I am happy to help.
The one thing that always bothered me the most about working there was how absolutely heartless this bank or any other bank is at treating people. They hope you miss those payments so they can asses fee. Keep in mind folk that they are not selling any product it’s just risk they assume for having the card. It’s just money they pull out of thin air. The system is all automated nobody actually sits behind a desk and pushes a button to asses a fee. What always amazed me how truly foolish the general public can be regarding credit cards. I have two stories for those of you who want to hear how rotten credit card companies are. I once worked an account where a poor college student had made payment through 1fbusa website. The card member made a payment of $8 which had been returned for NSF. The check was returned because the card member had fraud on her checking account which caused the issue. I truly felt horrible for this person as she was living with 3 other girls in an apartment and one of her roommates decided to go on a shopping spree with our card members check book. When the check was finally returned and fee added on the account she received a $37 return check fee, $37 late fee, then the fee took her OCL, she received $37 OCL fee twice!, not to mention the $9 fee for making payment at website for making a $8.00 payment on time. For those of you who are keeping track of fees here that was $157.00 for an $8.00 payment! Not to mention that the bank increased her interest rate from 0% to 21% even though this was confirmed fraud. I was truly ashamed of that call and have never really gotten over that. The bank several times even though it was bank error on 1fbusa part would refuse to reduce interest rate after a representative make a mistake is calculation payments. I really feel like anyone who works there has sold they’re souls. It’s just a shameful at some of things I have seen while I worked there. Thanks for reading.

fendergirl

hudson, i think you are a bit too quick to judge. not every kid is a money managing moron.

i've been working since the day i turned 14. got my first credit card when i was 16 with a limit of 500 (much easier to charge gas at the pump then to walk in and pay cash prior to getting gas every time), they upped it to 1000 when i turned 18. i got a new card from the same company (with cash back rewards) when i turned 22.. the limit on that card is 15k. i've never even came remotely close to maxing either card out, and i've never once carried a balance over to the next month. (ie, i've paid it off in full every month).

i paid cash for my first car when i was 17. bought a new (slightly used) car when i was 21, paid it off when i was 23. bought my very own house when i was 25 and paid a full 20% for my down payment.

my parents didn't contribute a cent to any of my credit cards/cars/house/etc... i just turned 26, and my credit score is 800. not too shabby if you ask me.

(my sister is 20 and has done everything the same as me so far. job the day she turned 14, 500 limit at 16, bought her first car with cash when she was 17, and she's buying a new (slightly used) car this coming may at 20. we'll see what happens after this.)

muskratt

I also received the offer after turning 18 (I'm now 26). Despite their large 19% APR, I continue to carry this card with me because I never know when I might just have to have it.

Having worked collections for a notorious bloodsucking company, Cross County Bank (now Applied Bank), I learned right off the bat a week after graduating high school what idiots there are out there that don't have a clue how to handle a credit card.

Almost all banks out there charge a fee for "phone pay" regardless of whether its automated or done through a human. I do wish 1FBUSA would allow you to pay online for free like other companies (Chase, BOA, Discover, etc.). Until that time comes, I shall continue to send the check 10 days before the due date, never have been slapped with a late fee.

Simply said, if you pay your bill and pay it on time, you won't have an issue. Be careful on what you commit to in terms of APR, sign up or annual fees. Everything is disclosed and there for you, it is up to you to read it before agreeing.

1FBUSA is a good company to deal with as long as you have your ducks in a row. Those complaining about the company would likely have the same issues with others since they shouldn't have a card to begin with!

sha24

I am now 21 and have had First Financial Bank for 2 and a half years now and I love it. My limit started at $150 and now 2 years later I have earned my way to $5900. It has also helped me build my credit score to now 721 at 21 years old. I dont see what all the complaints are about. This card is to teach students to use Credit Cards responsibly... Which means NOT paying it late so you dont have to worry about the $37 late fee. If you want to learn to be responsible with credit get this card

nutrix

I was about to tell everyone the horrible experience I've had and I am still having with this card. But everyone here is pretty much aware of the problems Financial Bank can bring. I guess because I got this card when I was young I felt $150 couldn't hurt much but Financial Bank quickly increased my credit and so things got out of control from there. I get charged $1.50 every month and because of fine print every time I made an online payment to Financial Bank they charge me $9.00. So, in reality the complete payment the were receiving was of about $2.00. They're finance charge was of $47.00. The confusing part is that if my minimum payment was $65.00 and I paid them more then the next month my minimum payment would increase to $66.00. Anyway right now Financial Bank is giving me hell. Chase was going to transfer the balance but financial bank returned the check and charged me $37.00 for returning the check. They said chase didn't have the funds to pay them which is such a joke because why would a bank not have 2,000? lol Anyway, from this whole experience if you stuck to the story please don't do any business with 1st Financial Bank. I mean everyone here is pretty smart I wish at the time I would have been smart about credit cards too.

FannyPack

I have a National City Credit Card. So far, I've been happy with it. It is our secondary credit card and is rarely used and has a low limit. I put my oldest on the account last year and gave her the card with strict guidelines of it being for emergencies only. She's done well with it (less than $40 for the whole year and she called me before she used it). This year I put my youngest on the account (she's 14) but I haven't given her the card. For the younger, she will only be allowed to use it when I feels she's ready..for now it's safely in a locked box. Her older sister went on some trips and shopping excursions that would have been inappropriate to carry large amounts of cash - so I'm anticipating that could happen with the younger one as well.

My older one has received copious numbers of credit card offers, and I am proud to say that so far she has put them all into the shredder. She has the one card that we share and that's it. But, she has friends that are in dire straits because they signed for several cards and are in trouble with them. She says that she feels the biggest issue is that I sat her down years ago and explained how credit cards work, and her friend's parents did not. She feels that ignorance about them, the terms, etc. is the biggest contributing factor to getting into trouble with them. She's read "terms" and says that they are hard to understand and it's easier to shred them than to take the time to understand them.

So I guess I've lucked out with it so far!

Kimbalu64

My daughter has one and has not run into any problems whatsoever. It was the only card company to approve a credit card for her with zero credit and without me co-signing. She pays it in full whenever it is utilized. We use bill pay through her own checking account site to pay the card in full - we don't even wait for the bill to come. There is no charge for paying online if you go through bill pay at your own bank.

However....other than seeing recent transactions, you cannot go back and see previous statements on their website. The website is odd, to be honest. She is going to apply for a better, more well known card now that she has had this one for a year and a half or so. Once she gets the new one, we will close this one. I will help her and follow up to make sure it is closed.

Anyway, my opinion is that no it is not a great card, but it is serving its purpose in getting credit established for her.

ebeeeee

Kimbalu64 that may be the case in today's climate. Three years ago when my oldest started college he was bombarded with offers at 17 and with no credit. My 18 year old just started this year and she was turned down for a very low limit card from BofA which would have been attached to her BofA bank account.

crescent22

@sha24 >I am now 21 and have had First Financial Bank for 2 and a half years now and I love it.

rriiigggghhhhttttttt.

crescent22

You can get cards without $1.50 monthly or $9 to pay on-line fees. Why go with these bloodsuckers? I had an AMEX in college.

MommaJ

I don't think a full time college student can get any traditional credit card these days (unless perhaps through a credit union, which we have no affiliation with). I'd love to get one for my daughter, to start her on building a credit record and for use in an emergency, but I'm coming up empty handed. If anyone has any ideas, I'd love to hear them.

BunsenBurner

crescent, isn't it funny how many newlyminted posters jumped on this thread to sing praise to this credit card?

jbusc

There are still zillions of student cards out there from big name banks, most of whom are now more desperate than ever for new signups.

I never really wanted a credit card and just used my debit card most of college.
Then I realized that debit cards are an expensive way to spend your own money.

Given that most places that accept credit cards have to pay anywhere between 3-5% in transaction fees to the credit card company (and most places don't give cash discount anymore) retailers simply pass on that 3-5% into the price of the item/service.

Unless you have a card that gives decent "rewards" or "cashback", or the place gives a cash discount, you are simply paying that full fee in order to potentially use a credit card (even if you pay cash!). Even a net 1% back can add up.

crescent22

She could have done a better job acting, Bunsen.