Review of First PREMIER® Bank MasterCard® Credit Card

Brendan Harkness

Brendan Harkness | Reviews

Apr 04, 2014 | Updated Jan 02, 2019

Credit Card Insider receives compensation from some credit card issuers as advertisers. Advertiser relationships do not affect card ratings or our Best Card Picks. First Premier Bank has not endorsed this content in any way.

Credit Card Insider has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy.

Learn more about how we rate cards

The Offer

The First PREMIER® MasterCard® is for people with bad credit who have few alternatives when applying for a credit card. Consumers beware. This card has a high APR and lots of fees. This card is attainable by nearly anyone with a checking account. It is for consumers with bad credit but who can afford to pay their bill in full each month. 

The Costs

The APR on purchases and cash advances is a hefty 36.0 percent. Cash advances will incur a fee of $6 or 5 percent of the amount of the advance (whichever is greater).

The card also has a number of setup and maintenance fees. First, there is a $95 one-time processing fee which you must pay up front. Then there’s a $75 annual fee for the first year, which drops down to $45 for every year thereafter. You’ll also pay a $6.25 per month ($75 per year) monthly servicing fee after the first year.

To clarify, the first year will cost you $170 ($95 processing fee plus $75 annual fee). The second year and every year thereafter will cost you $120 ($45 annual fee plus $75 in monthly servicing fees).

The maintenance fees, taken from your bank account before you even start to use the card, cut into the initial $300 credit limit, making your true initial available credit just $225. Additional cards cost $29 each year and also cut into the credit limit.

The foreign transaction fee is within the normal range at 3 percent. Late or returned payments incur a fee of up to $35.

Perhaps the most surprising fee is the credit limit increase fee, equal to 25 percent of the amount of the increase. Furthermore, the credit limit increase might kick in automatically when the account is 13 months old, whether the account holder requests it or not. The only way to get out of the fee is to notify the bank within 30 days of your statement that you don’t want the increase. We are not aware of any other credit card that imposes this fee.

The terms and conditions are difficult to find online. The best way is to click here, then choose “apply for credit card” from the small menu at the very top. Then click the tab for “Fees, Rates, Costs & Limitations.”

Was this helpful?

The responses below are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers. It is not the bank advertisers' responsibility to ensure all posts and/or questions are answered.

The Insider

Susan Shain
Alaska Airlines Credit Cards: The Amazing Perk You Need to Know About
Susan Shain | Mar 21, 2019

Learn about the pros and cons of Alaska Airlines credit cards — plus how to get a 2-for-1 airline ticket (also known as a companion fare).

Read More
Ellen Sirull
What Is a Credit Builder Loan? Another Way to Build Credit
Ellen Sirull | Mar 18, 2019

Credit builder loans are designed to help you build credit, providing a simple and easy way to establish a positive payment history on credit reports.

Read More
Michelle Black
Credit Score Ranges — Good, Bad, and Excellent
Michelle Black | Mar 14, 2019

You know your credit scores, but how do lenders view your credit? Learn about credit score ranges and see how you measure up.

Read More