This is not the first time I receive a credit card offer with so many expensive fees but I think it's worthwhile to document this terrible offer in the blog before I throw it to the garbage.

The offer is from First Premier Bank in Sioux Falls, SD for a Gold MasterCard with 9.9% fixed APR. Sounds good? Here are the fine prints:

1) Four types of fees will apply before one can use the card. Those fees are:

One-Time Account Setup Fee: $29
One-Time Program Fee: $95
Annual Fee: $48
Annual Participation Fee: $72 (billed monthly)

2) The initial minimum credit limit will be $250. After the above four types of fees (with one monthly installment of "Annual Participation Fee" of $6) the available credit will be $72.

3) Other fees:

Over Limit Fee: $25
Late Payment Fee: $25
Credit Limit Increase Fee: $25 (credit limit can be automatically increase without asking)
Internet Access Fee: $3.95 (One-Time)
Autodraft Fee: $11 (each payment)
Express Delivery Fee: $25
Transaction Fee for Cash Advances: Greater of $5 or 3% of amount

It's quite amazing that these people can devise so many types of fees. For example, what's the difference between Annual Fee and Annual Participation Fee?

To its credit, the card does reports credit history to major credit agencies. It also offers 25 days of grace period. And the deal is perfectly legal. However, even for people who want to build or rebuild credit history, this credit card is too expensive to keep.

(By the way, this site offers a number of commentary and discussions regarding questionable First Premier Bank practices.)