2021 Review: The First PREMIER® Bank Credit Card – High Risk, Little Reward
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The First PREMIER Bank Mastercard wants to help people with poor credit, but may end up doing the opposite. It has a staggering APR, no benefits, and numerous fees. We recommend looking at other, more useful, options before turning here.
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Our Rating: 1 Out of 5 Stars
We give the First PREMIER® Bank Credit Card one out of five Stars. It’s designed to rebuild credit for people with very few options, but you should explore those other options first.
Why We Like it
- No need for good credit scores — it can be acquired by nearly anyone with a bank account
Why It Could Be Better
- High APR
- Lots of fees
- No benefits
- No shopping or travel protections
The First PREMIER Bank Mastercard should only be considered by people with severely damaged credit. This card is intended to help rebuild your credit, but it’s a subprime product with relatively unfriendly terms.
Although there’s a credit check involved, less-than-perfect credit scores aren’t a barrier to entry. Basically, all you need is a bank account to get this card. But you’ll instantly be subjected to multiple fees and limitations. There’s a very steep APR and no benefits or protections attached.
We recommend looking at our top choices for secured cards first. They provide a path towards positive credit without bogging you down by a plethora of fees.
Insider Advice: Getting the Most Out of Your Card
- Improve your credit scores: Build a positive credit history by paying your bill on time, every time.
- Pay your statement balance in full: Be sure to pay your statement balance in full each month to avoid having to pay interest. Additionally, it’ll help keep your credit utilization low which in turn can help your credit scores.
- Know the facts: Read your card terms, as there are many fees to be aware of. There’s a program fee, monthly fee, annual fee, authorized user fee, copy fee, express delivery fee, and more.
- Avoid the fees: Opt for paperless statements, don’t lose your card, and limit the number of authorized users on your account. If you get a credit limit increase (which has a fee of 25% of the amount of the increase) but don’t want it, you can reject it by contacting customer support.
Looking for more information on rebuilding your credit scores? Here’s our in-depth guide!
The Terms & Fees
|Purchase APR||Balance Transfer APR||Cash Advance APR|
|36.00% Fixed||None||36.00% Fixed|
|Annual Fee||Foreign Transaction Fee|
|Up to $125 the first year, up to $49 each year after that||3%|
|Balance Transfer Fee||Cash Advance Fee|
|None||5%, $8 minimum|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||Up to $38||Up to $38|
The size of the annual fee, monthly fee, and program fee will be determined by the size of your available credit. It’s important to note that the program fee must be paid to open the account, and the annual fee will be deducted from your initial available line of credit.
Here’s a table to show how your account fees might scale:
|Credit Limit||Program Fee||Monthly Fee||Annual Fee||Initial Available Credit|
|$300||$95 (one-time)||$0 for one year, then $6.25 monthly ($75 yearly)||$75 for one year, then $45||$225.00|
|$400||$95 (one-time)||$0 for one year, then $6.25 monthly ($75 yearly)||$100 for one year, then $45||$300.00|
|$500||$95 (one-time)||$0 for one year, then $10.40 monthly ($124.80 yearly)||$125 for one year, then $49||$375.00|
|$600||$75 (one-time)||$5.85 monthly for one year $70.20 yearly), then $8.25 monthly ($99 yearly)||$79 for one year, then $49||$515.15|
|$700||$55 (one-time)||$8.00 monthly for one year ($96.00 yearly), then $10.40 monthly ($124.80 yearly)||$79 for one year, then $49||$613.00|
There are a few more fees associated with the First PREMIER Bank card that aren’t mentioned above, which most credit cards don’t charge.
If you want to add authorized users to your account, it’ll tack on another $29 to your annual fee, per card.
A $35 express delivery fee applies if you’ve lost your card or it’s been stolen, and you’d like the replacement delivered to you via express mail. A $3 copy fee applies when you request a copy of your statement or any other document.
And, in order to increase your credit line, there’s yet another fee: It’ll cost you 25% of the amount of the increase. First PREMIER will consider your eligibility for a credit limit increase 13 months after you open your credit card account. There might be more fees for additional services, like wire transfers.
So you’ll end up having to pay quite a bit for this card. And while it is hard to put a price on rebuilding your credit, you can do it for far less than what the First PREMIER Bank Mastercard asks.
The Bottom Line
The First PREMIER® Bank Credit Card should only be considered as a last-ditch option. With its staggering APR, numerous fees, and no benefits, it’s a risky choice that shouldn’t be made lightly.
There are other cards available with the sole purpose of restoring credit which might prove to be better options. Many of them are secured credit cards, which usually require an initial deposit, but overall they’ll probably be less expensive than the First PREMIER card. Some of them feature benefits and protections, and a few will even provide rewards.
You should go over all of your available choices for rebuilding credit before settling here.
Have you heard of credit builder loans? They’re like reverse loans, which let you easily add a positive loan account to your credit reports, which in turn can boost your credit scores.
How Do I Apply for the First PREMIER Bank Credit Card?
Just select the Apply Now button to be directed to the credit card issuer’s website. From there, follow the links to the application. You’ll be asked for certain personal information, and you should typically get a decision instantly.
What Credit Scores Do I Need to Qualify for the First PREMIER Bank Credit Card?
The First PREMIER Bank Credit Card is not hard to qualify for: It’s designed for people with poor credit.
If you’re within 300–579 for FICO or 300–649 for VantageScore, you’re considered to have bad or poor credit.
Although First PREMIER is very accepting, credit card issuers take other factors besides credit scores into account when determining your creditworthiness, like income. In the end, it comes down to First PREMIER Bank’s discretion.
Qualifications and Requirements
- Must be 18 to apply
- Personal information: Name, date of birth, Social Security number
- Address and contact information: Address, phone number, email, type of residence, time at residence
Frequently Asked Questions
Can I increase my credit limit?
Yes, you may be given a credit limit increase after 13 months, but you’ll be required to pay 25% of the amount of the increase. This is extremely unusual: Most credit card issuers won’t charge you for increasing your credit limit. There are more fees beyond that you should also be aware of.
You can reject the credit limit increase and have the fee reversed if you contact First PREMIER within 30 days of getting the billing statement that shows the increase.
Is the First PREMIER Bank Mastercard a secured credit card?
No, the First PREMIER Bank Mastercard is an unsecured credit card designed to help people with poor credit.
Secured credit cards are another good option if you need to improve your credit.
Alternatives to the First PREMIER Bank Mastercard
Evan graduated from SUNY Oswego with a degree in journalism and creative writing. In his professional writing career, he strives for precision and comprehension in his work. He’s written news articles, blog posts, and copy, working across a slew of different mediums. With in-depth research and great care for accuracy and detail, he now works to bring you the most up-to-date credit information.
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