PREMIER Bankcard® Mastercard® Credit Card
- Intro offer: N/A
- Annual fee: See Provider Website
- Regular APR: See Provider Website
- Recommended credit score: (No Credit History)
The PREMIER Bankcard Mastercard Credit Card* is an unsecured card option for people with no credit history or a bad credit score, but we don’t recommend this as a credit-building tool. There are plenty of better cards for building credit — cards that don’t impose a long list of fees and ridiculously high interest rate like PREMIER Mastercard.
At a Glance
- Build credit by maintaining a positive payment history
- One-time program fee ranging from $55-$95 upon account opening
- Annual fee ranging from $75-$125 the first year, then $45-$49
- Monthly fee ranging from $6.25 to $10.40 per month
- Credit limit increase fee equal to 25% of the increase amount
- 36% APR for all cardholders
First Premier reports positive payment history to credit bureaus
An unsecured card option for people with bad or no credit
Costly fees, and many more fees than other credit cards charge
High ongoing APR (more than double the national average)
Additional Card Details
When you submit your card application, First Premier assigns your credit limit based on creditworthiness, and the limit you’re approved for will determine your card’s fee schedule.
Here’s how those fees break down:
|Credit Limit||Program Fee||Annual Fee||Monthly Fee||First Year Fee Total||Subsequent Yearly Fee Total|
|$300||$95||$75 first year, then $45||$0 first year, then $6.25 per month||$170||$120|
|$400||$95||$100 first year, then $45||$0 first year, then $6.25 per month||$195||$120|
|$500||$95||$125 first year, then $49||$0 first year, then $10.40 per month||$220||$173.80|
|$600||$75||$79 first year, then $49||$5.85 per month first year, then $8.25 per month||$224.20||$148|
|$700||$55||$79 first year, then $49||$8.00 per month first year, then $10.40 per month||$230||$173.80|
When you open your account, both the one-time program fee and first-year annual fee are automatically deducted from your credit limit. So if you’re assigned a $500 limit based on your creditworthiness, your initial available credit is actually just $375.
That’s not all when it comes to fees, though. There’s also a fee each time you’re approved for a credit limit increase. First Premier may begin reviewing your account for a credit limit increase after 13 months, and charge the fee automatically if you’re eligible and approved for an increase.
This fee is 25% of the amount of the increase. In other words, if your credit limit increases from $500 to $600, you’ll pay $25 for that $100 increase, unless you take the time to call the bank and reject the increase within 30 days of receiving the billing statement on which the fee appears.
Should You Get This Card?
You should not get this card.
To begin, you’ll be hard-pressed to find a card with an APR higher than the 36% ongoing APR charged by First Premier. If you’re using this card to build credit, you should avoid carrying a balance regardless, but an interest rate that high means any late or missed payment can not only hinder your credit progress, but quickly lead to high-interest debt.
This card’s biggest drawback, however, is its numerous fees. Not only is the fee schedule difficult to understand, but fees alone could cost you more than $200 just in the first year of ownership.
If you have that much cash on hand and you’re looking to repair a poor credit score, you’ll be much better off putting $200 down as a deposit on a secured credit card with no fees and a lower APR. Consider a secured card like the Capital One Platinum Secured Credit Card or Citi® Secured Mastercard®, which both require deposits of $200 or less. Plus, your deposit is refundable when you close your account or upgrade to an unsecured card option — unlike the fees you’ll pay with First Premier.
How to Use the PREMIER Bankcard Mastercard Credit Card
Before applying for the PREMIER Bankcard Mastercard, consider other options for poor credit or no credit history. The Indigo Mastercard* or Capital One Platinum Credit Card are both unsecured options for people with bad or limited credit that will provide a much clearer and less costly path to good credit.
If you still want to apply for this card, or you own it already, make sure you never carry a balance. Not only will you avoid accruing 36% interest on any revolving balances but you’ll build your credit to qualify for other, better card options. When First Premier reports your card use to the credit bureaus, you’ll want to show only a positive history of timely payments in full.
If you’re using this card to improve your credit, you should also keep your credit utilization rate in mind. Experts recommend keeping your utilization (the amount of credit you’re using versus the amount available to you) under 30% for the best chances of improving your score. If you’re issued a $300 credit limit from First Premier, that means you should keep your monthly balances below $90 to maintain an ideal utilization rate — and that’s including any fees deducted from your limit.
PREMIER Bankcard Mastercard Compared to Other Cards
PREMIER Bankcard® Mastercard® Credit Card
- Intro offer:N/A
- Annual fee:See Provider Website
- Regular APR:See Provider Website
- Recommended credit:(No Credit History)
- Learn more At our partner’s secure site
First Premier Bank’s Mastercard Credit Card charges expensive fees and an extremely high APR in exchange for a small line of credit and standard reporting to the credit bureaus.
If you’re just starting to use credit or you’re looking to repair a bad credit score, there are much better cards available, both secured and unsecured. Choose a credit-building tool that will help you establish good credit habits and build a strong payment history with the credit bureaus without expensive fees hindering your progress.
*All information about the PREMIER Bankcard® Mastercard® Credit Card, and Indigo® Mastercard® has been collected independently by NextAdvisor and has not been reviewed by the issuer.
Frequently Asked Questions
What credit score do you need for a First Premier credit card?
First Premier Mastercard is designed for people with bad credit scores or no credit history.
Does First Premier increase my credit limit?
After your account has been open for 13 months, you may qualify for a credit limit increase. If your credit limit increase is approved, you’ll automatically be charged a fee equal to 25% of the increase.
Where can you use a First Premier credit card?
You can use this card with any merchant that accepts Mastercard.