Review of First PREMIER® Bank MasterCard® Credit Card

Brendan Harkness

Brendan Harkness | Reviews

Apr 04, 2014 | Updated Aug 22, 2018

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

Brendan Harkness
Low-Interest Credit Cards
Brendan Harkness | Sep 20, 2018

Credit cards are known for their high interest rates, but is this true across the board? Read about some credit cards with unusually low APRs here.

Read More
Susan Shain
Chase Sapphire Reserve vs Amex Platinum: Which One Is Better for You? 
Susan Shain | Sep 20, 2018

It's tough to choose between the Chase Sapphire Reserve vs Amex Platinum. We compare them head-to-head and determine which is the superior pick.

Read More
Susan Shain
The Ultimate Guide to Air Miles Credit Cards (Plus Our 8 Favorites)
Susan Shain | Sep 19, 2018

Wondering how air miles credit cards work — and which one to choose? We'll help you start earning major travel rewards with our top 8 favorite cards.

Read More