I recently got a letter from First Premier Bank telling me that I was pre approved for a credit card. I have recently been trying to build my credit up so I called, and inquired about the card. They asked a few questions, and told me I was approved for a $700 limit card. With a 175.00 initial fee.

I was told that the card would be mailed to me, and if I liked all the terms I could activate the card. The lady on the phone did not go over all the terms with me. So I just got the card in the mail, and there are all kinds of ridiculous terms that come with it. Initial fee of 175.00. 36.0% APR!!! After the first year there is a 15.00 monthly fee for just having the card. Whether I use it or not. There are also Internet, and customer service fees. Reading about First Premiere Bank cards on the Internet I do not want this card.

I was under the impression I did not have to accept the card once I got it. I still had to activate the card for it to be good. The First Premiere customer service lady says the card is immediately active, and I would have to close it out. Is this true? I really want this card to go away. I haven't done anything with it, and I don't want to. What should I do?

I already have one Capitol One credit card. I really like that card. I don't have to have another one. I just figured it would help my credit if I had another so I applied to see what I could get. I would prefer to just stick with the one card I already had. The Captol One card.

What should I do? If I close this card out will it effect my credit? Will it hurt my status with Capitol One?