Review of First Premier Credit Card

Jan 31, 2023 By Triston Martin

People with no credit history or a low credit score can apply for the PREMIER Bankcard Mastercard Credit Card*, an unsecured card. However, this is not something we encourage doing to improve one's credit. If you're looking to improve your credit score, you don't need a card like the PREMIER Mastercard, which has an outrageously high-interest rate and a laundry list of fees.

Financial institutions are aware of First Premier's prompt payment history because, To those with poor or nonexistent credit, there is the option of an unsecured credit card. Con high costs, significantly more than those of competing credit cards Consistently high-interest rates (more than double the national average)

Complementary Credit Card Information

First, Premier determines your credit limit when you apply for a card, and the amount of your credit line is directly related to the interest you'll pay. The breakdown of the costs is as follows: The Credit Limit Program Annual Fee Monthly Fee Total First Year Fee Subsequent.

The initial program cost and the first annual charge are withdrawn from your available credit at the time of account opening. If your credit score warrants a $500 limit, for example, the real amount your first premier bank credit card review has access to right off the bat is closer to $375.

Of course, there are other costs to consider. You'll have to pay a fee each time your credit limit is raised. After 13 months, First Premier will likely begin examining your account for a credit limit increase and will automatically charge the fee if you are eligible and approved. The charge is twenty-five percent of the premium. To rephrase, if your credit limit is raised from $500 to $600, you'll be charged a $25 fee for the extra $100 unless you call the bank to refuse the increase within 30 days of receiving the billing statement on which the fee appears.

Will This Card Be Useful to You?

To begin, the continuous annual percentage rate (APR) that First Premier charges are among the industry's lowest at 36%. Carrying a load on a credit card is never a good idea. Still, if you're using this card to improve your credit score, it's especially important to refrain from doing so because any missed or late payments will soon lead to high-interest debt.

But the card's various fees are its major downside. Even if you make sense of the charge structure, you may spend more than $200 on fees in the first year of ownership.

A $200 deposit on a secured credit card with no fees and a lower APR is a better use of your money if you have bad credit and are trying to improve your score. Consider a secured credit card with a low minimum deposit requirement, such as the Capital One® Platinum Secured Credit Card or the Citi® Secured Mastercard®. Moreover, unlike the fees you'll pay with First Premier, your deposit is refunded when you cancel your account or switch to an unsecured card alternative.

Guidelines for Managing Your PREMIER Bankcard Mastercard Credit Account

If you're thinking about getting this card or already have one, you should avoid ever having a balance. Not only will you save money by not carrying a balance, but you'll also improve your credit history and open the door to better credit card offers in the future. If you want First Premier to report your responsible card use to the credit bureaus, you should only make on-time, complete payments.

Keeping an eye on your credit use rate is important if you use this card to boost your credit score. To raise your credit score, experts advise limiting how long it takes to get the first premier credit card in mail usage (the percentage of your available credit that you are using) below 30%. If First Premier has offered you a $300 credit limit

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Like all of our evaluations, our credit card reviews are unbiased and not based on any affiliate or advertising ties. The First Premier Bank Mastercard Credit Card comes with hefty fees and an excessively high annual percentage rate in exchange for a low credit limit and the usual credit bureau reporting.

There are far superior cards, both secured and unsecured, available for those who are just beginning to use credit or are trying to improve their first premier bank credit card login with a low credit score. Pick a credit-building instrument that will keep your bank account while helping you go on the road to good payment habits and a solid credit history with credit agencies.

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