<p>My son recieved this credit card with a $1500 credit limit, he soon had it maxed out which was not the problem because I pay the bill. I never really looked at the charges, I just paid it online. After I paid it off a charge was put on from a shopessen I asked him about it and he said he never charged from there. I started to look into it and found that it was a scam. He was getting charged $9.95 per months from April to January. They told him they could do nothing about it until he cancelled the subscription from them, they gave him the information since he never heard of them, called and cancelled. I called then and told them they were responsible because it was their insecure server that allowed this charge. I told the woman that all she had to do was to google it, and she said that she did not have time to look at a bunch of blogs. I then insisted that I speak to her superior in which she gave me to security and they said that they could not talk to me because it was not in my name this was after my son had given them his permission 3 different times to discuss the account with me. I had him call them and while I was on IM with him told him exactly what to say. The best they would do was to remove 3 months charges only if he had a police report sent in with it. I too am going to write the better business bureau, because not only this but the astronomical charges have to be illegal.</p>
<p>All credit cards are bad for anyone under the age of 21 who is not employed full-time, and even then they can be bad if the individual doesn’t budget responsibly and pay down their debt at the end of every month. I’d advise you to do the same thing I do with the credit card offers I receive every day in the mail – send them to the trash bin.</p>
<p>hudsonvalley51, credit cards help college students build credit which is important. If they are not responsible then that is another story. However, if they pay the bill off in full every month then I don’t think there is anything wrong with it.</p>
<p>As soon as my older D turned 18, I took her to the local credit union (where we have accounts) and had her apply for a student Visa. Student cards have a credit limit of $1000 and a reasonably low fixed rate (around 14%, iirc). Limit was high enough she could buy textbooks and airfare home in case of emergency (her dad was undergoing cancer treatment at the time)–but not so high she could run up serious debts. </p>
<p>I’ve been quite pleased. Customer service has been terrific! D has been quite responsible over the years and requested (and was granted) an increase on her credit limit to $2000 about 2 years ago. (CU will only increase credit limits if the cardholder requests it and they have a record of positive payment history.) When she graduates in May she will ‘upgrade’ to regular credit card also issued through the credit union. </p>
<p>Younger D has a debit card connected to her checking account, but since she too will going to college OOS, I will have her apply for a student Visa at the CU befores she leaves because it has more fraud protections than her debit does. </p>
<p>BTW, I was appalled that older D was issued not one, but TWO credit cards from a major commercial bank basically on her signature and EACH card had a higher credit limit that I have on my own credit cards. No way should an unemployed 19 year old have TWO $30,000 lines of credit. I made her shred both cards and then call and cancel both accounts. (Then had her check her credit report to make sure they really did close the cards.)</p>
<p>Sorry red sox, we can agree about the Red Sox but I am adamant against credit cards for college kids. Not too happy about them for adults either. I was floating on air two weeks ago when my wife permanently retired six store credit cards. I’m still working on eliminating them all but we’ll get there.</p>
<p>Kids are different.
One kid had a credit card issued when she opened student checking. She left it home when she went off to school, only took it out as a back-up when she went to Europe for an internship one summer. Now, graduated and employed she collects frequent flyer miles by paying for everything with her card and pays it off each month. She is extremely self-disciplined.
The other two know the credit card would tempt them into spending now, worry about paying later. To avoid financial trouble, they decided no credit cards any time soon.</p>
<p>If your child goes far away to school, a credit card with a low limit is a good idea. There are times my D has to quickly book a flight and can’t get ahold of me and uses her card. We started her at $400, then upped her to $2000 this year for her study abroad. She has needed it to mostly book flights and hostels as they travel around Europe in their downtime. Of course, I can see the downside if your child is irresponsible with money. But then again, if they don’t start learning at college age how to handle money, when will they start? Handling your money and spending is a lifelong challenge for everyone.</p>
<p>Credit cards to MOST college kids are what subprime mortgages were to novice house flippers and high risk borrowers. And as is the case with the mortgage mess the coming credit card crunch is the fault of both borrowers and lenders. It was bad enough back in ancient times when I was in college and the credit card companies sent “free” credit cards to graduating seniors. Now they are targeting high school seniors. What next? 8th grade graduates. I am afraid nothing good can come from all of this. Better that college kids establish credit by buying a car and paying it off in installments.</p>
<p>A $2,000 line of credit mizzou-mom? I guess if you can afford it…</p>
<p>hudsonvalley, she is studying abroad this semester and hence, needed an increased line for her travels. $400 is not enough for airfare, hostels, etc., especally for spring break. Also, she works and has NEVER carried a balance. She borrowed $10,000 on her own student loan to cover her trip. We can’t afford it, but she can! We started her financial training early.</p>
<p>mizzou-mom – Your daughter sounds like a very responsible young woman and is probably an exception to the rule. My cautionary stance on college students and credit cards applies to most college students (in this one guy’s opinion) but there are always exceptions.</p>
<p>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…</p>
<p>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 its 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 cant 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 dont 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 doesnt matter how little the amount or how large you receive the fee if you dont 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 its just risk they assume for having the card. Its 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 theyre souls. Its just a shameful at some of things I have seen while I worked there. Thanks for reading.</p>
<p>hudson, i think you are a bit too quick to judge. not every kid is a money managing moron. </p>
<p>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).</p>
<p>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.</p>
<p>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.</p>
<p>(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.)</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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!</p>
<p>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</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>So I guess I’ve lucked out with it so far!</p>
<p>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. </p>
<p>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. </p>
<p>Anyway, my opinion is that no it is not a great card, but it is serving its purpose in getting credit established for her.</p>
<p>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.</p>
<p>@sha24 >I am now 21 and have had First Financial Bank for 2 and a half years now and I love it.</p>
<p>rriiigggghhhhttttttt.</p>