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Building credit can be challenging, especially when starting with poor or no credit history. The PREMIER Bankcard® Mastercard® was designed for people who want to establish healthy credit habits. It allows people to establish a line of credit without putting cash down as a security deposit.
However, the First Premier Bank Mastercard has some major caveats, including high APR and fees. This review will take an in-depth look at this card and help you decide if it could be worth adding to your wallet.
First Premier Mastercard: What type of card is it?
The First Premier Bank Mastercard is an unsecured credit card, so there’s no need to put cash down as a security deposit. Instead, First Premier Bank will extend you a line of credit and allow you to borrow against your credit limit. Unfortunately, the tradeoff is the significant fees that come with this credit card.
Because it is part of the Mastercard network, most major retailers should accept it. While you can also use it in foreign countries, there is a 3% foreign transaction fee. This credit card has no intro offer, although that is common for credit builder cards.
Who is the First Premier Bank Mastercard for?
This card is for people who want to build or rebuild their credit. It’s also for those who don’t want to put down a security deposit. However, secured credit cards can have lower fees than the First Premier Bank Mastercard.
Not only does this card have high ongoing fees, but it also has one-time fees upfront. In addition, secured credit cards typically return your security deposit if you close the card or upgrade it to an unsecured credit card. But the money you spend on fees for the First Premier card won’t be returned to you.
While this card is best for people looking to build their credit, arguably better options are available. Secured credit cards are likely a better choice, especially as some can later be upgraded to unsecured ones.
Pros and cons
- Reports to major credit bureaus: Payment history is among the most important credit score factors. This card reports activity to Experian, Equifax, and TransUnion each month, allowing you to boost your credit score by regularly making on-time payments.
- Access to FICO score: This credit card gives you access to your FICO score, allowing you to monitor your progress in building your credit score.
- Very high fees: This card charges a lot of money in fees, including a one-time program fee, annual fees, and monthly fees. There is even a fee if you want to increase your credit limit.
- APR among the highest in the industry: The purchase APR for this card is 36%, among the highest APRs you will see in the credit card industry.
In-depth analysis based on card features
As with any credit card, there is a lot to consider when deciding if this card is right for you. The main thing to consider is the fees, but we’ll also closely examine the features this card offers.
This card has basic security features, including secure connections to the bank website and Mastercard’s ID Theft Protection. This feature from Mastercard monitors your account for suspicious activity and sends an alert if anything is detected. Then, it will help you take action to eliminate any potential threats.
Credit monitoring and protection
First Premier Bank has features to help monitor and protect your credit. Unfortunately, there are yet more fees to pay for those features. Premier Credit Manager gives you access to credit reporting from Experian, including VantageScore. It includes other features, too, like dark web monitoring and lost wallet protection. The lower tier costs $3.99 per month. For $7.99 per month, you can add alternative loan monitoring, child dark web monitoring and child identity restoration support.
You can also add credit protection to pay your credit bill in an emergency, such as job loss, disability, or loss of life. There is also a fee of $0.89 per $100 for this feature.
The First Premier Bank Mastercard has a complex web of fees that make this card costly. Even with the lowest credit limit of $200, you will pay $145 in fees the first year. After that, you pay $120 in fees yearly, and your initial credit limit will be only $150. On the high end, you pay $230 in fees the first year and $173.80 in fees every year after that, and your initial credit limit is $613.
As mentioned, there is also an extremely high APR of 36%. There are also late payment and returned item charges, which are $39 each. You may be able to request a credit limit increase with this card, but that also comes with a fee, which is equal to 25% of the increase.
How does the FP Mastercard compare to competitors?
The best comparison to the First Premier Bank Mastercard are other cards for customers with poor credit. Unfortunately, even compared to those credit cards, the First Premier doesn’t fare well. For example, the card_name has annual_fees annual fee, a credit limit of $300 - $5,000 and it even has cash back of 2% to 10%. It has a variable APR much lower than the First Premier’s of reg_apr,reg_apr_type. Both cards have foreign transaction fees.
We can also compare the First Premier Mastercard to the card_name. As a secured credit card, your approval odds might be better with the card_name. Also, while the card_name is secured, one of its unique features is that you might be able to put down a smaller security deposit than the credit line. You put $49, $99 or $200 down for an initial $200 credit line. There is annual_fees annual fee for the card_name and the APR is reg_apr,reg_apr_type. There are foreign_transaction_fee foreign transaction fees for this card, either.
Is the First Premier card worth it?
The First Premier card has some appealing features, like no security deposit and reporting to major credit bureaus. However, the competition often does these things as well but without such exorbitant fees. Even basic things like credit monitoring come with a fee. You can’t even request a credit line increase without incurring a fee, and the purchase APR is also high. While this card has potential, its features aren’t worth the fees, and you will be better served by competing cards.
Frequently asked questions (FAQs)
What is the highest credit limit for the First Premier Bank credit card?
According to its terms, the highest initial credit limit is $700. You may also be eligible for credit line increases. According to First Premier, you could be eligible for an increase when your account has been open for 13 months.
What is the $95 program fee for First Premier Bank?
The program fee is a one-time fee to open the account. You must pay the fee upon application approval.
Does First Premier increase my credit limit?
You may be able to request a credit line increase, but there is a 25% fee with those requests.
Where can I use my First Premier credit card?
Because it is a Mastercard, you can use it anywhere Mastercard is accepted. That includes most U.S. merchants and many international merchants.
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