Rewards Plan
Sign up Bonus
Credit Rating
0% Intro
Annual Fee
APR
- Easy Application Process
- Reports to Bureaus
- Annual + Monthly Fee
- No 0% APR Introductory Rate
On First PREMIER Bank Secure Website
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Easy Application Process
- Reports to Bureaus
CONS
- Annual + Monthly Fee
- No 0% APR Introductory Rate
APR
19.9% - 36% variable
Annual Fee
from $75 to $125 in the first year and $45 to $49 after that
Balance Transfer Fee
$5 or 3%
Credit Requirements
No – Poor Credit
First PREMIER Bank Secured Credit Card is a secured credit card for those looking to build or repair their credit history. However, it charges very high fess compared to other credit cards, so there are much better options in the market for those who are looking to build credit.
Cardholders then use the card just like any credit card and the deposit cannot be used for the monthly payment. The deposit is refundable. The card is issued by Mastercard and is widely accepted.
First PREMIER Bank Secured Credit card is issued by First Premier Bank, which is a newer regional bank founded in 1986. They mostly operate in North Dakota but their card can be used by anyone in the US. They are one of the larger issuers of Mastercard credit cards.
- Easy Application Process
- Reports to Bureaus
- Approve Poor Credit
- Low Starting Deposit
- Mastercard Perks
- Annual Fee
- Better Options for Building Credit
- Monthly Fee
- No Rewards
In This Review..
Benefits
Let’s take a look at the benefits of the First PREMIER Bank Secured card and see if it’s the right one for your wallet or not.
- Easy Application Process
First PREMIER Bank Secured Credit card has a very easy application process in which they will let you know if you’re approved within seconds.
Even with terrible or no credit history, you most likely will be approved. The card is issued after an initial deposit into a savings account, the minimum amount is $200.
- Reports to Bureaus
First PREMIER Bank Secured Credit card is used for those with limited or poor credit, so it is a benefit that it reports to all three of the major credit bureaus.
Make all payments on time if you want to build your credit. This will help cardholders build a credit history.
- Approve Poor Credit
First PREMIER Bank Secured Credit card is built for those with no or very poor credit histories, which typically gives consumers less options
- Low Starting Deposit
First PREMIER Bank Secured Credit card allows for a deposit of just $200. If you are looking to rebuild credit and do not have a lot of money, you can start with just $200.
With the First PREMIER Bank Secured Credit card you can also build your credit limit by depositing more money, up to $5,000 for a credit line up to $5,000.
- Mastercard Perks
First PREMIER Bank Secured Credit Card is a Mastercard and comes with some of the perks and protections of a Mastercard including zero fraud liability.
Drawbacks
Here are the most important cons you should consider before apply:
- Annual Fee
First PREMIER Bank Secured Credit card has an annual fee of from $75 to $125 in the first year and $45 to $49 after that annual fee for cardholders.
That is high for a secured credit card. It may be lower than many cards on the market, but most cards on the market with an annual fee have rewards and cashback bonuses.
There are other secured credit cards that do not have annual fees.
- Better Options for Building Credit
There dozens of other products and services that help borrowers build credit. Many of these options are cheaper.
There are secured cards that do not have annual fees, or at least lower fees. There are some on the market that also have a lower interest rate.
- Monthly Fee
First PREMIER Bank Secured Credit card requires a monthly fee of $6.25 per month ($75 a year) to $10.40 a month ($124.80 per year) , in addition to the annual fee, depends on your credit limit.
- No Rewards
Many cards on the market offer rewards for spending, such as cashback rewards, points, or travel rewards.
The First PREMIER Bank Secured Credit card does not offer any rewards. Its main purpose is to help consumers rebuild credit.
How To Apply For First PREMIER Bank Secured Card?
- 1.
Visit the First PREMIER Bank Secured Credit Card home page, and then click on “Apply Now.”
- 2.
Next, type in your zip code and click “Next”. The next page comes up; create and account, using an email and a password.
- 3.
After this, so many questions will be asked, answer “Yes” or “No”.
- 4.
Other options will be made available for you to add to your Reward Checking; choose one and click “Continue.”
- 5.
Lastly, accept all the conditions and click Submit.
Is the First PREMIER Bank Secured Right for You?
The First PREMIER Bank Secured Credit card’s main purpose is to help consumers rebuild or build their credit. However, there are better options to build credit which require less fess than this card.
The First PREMIER Bank Secured Credit card reports your on-time payments to all 3 major bureaus, but they also report any missed payments or derogatory actions on your credit card to the credit bureaus, so make sure to pay your card on time. The card has a high interest rate for a secured card, and it has many fees.
Compare The Alternatives
There are more cards for bad credit – here are some good alternatives to the First PREMIER card:
|
|
| |
|---|---|---|---|
Capital One Secured | Citi Secured | Discover It Secured | |
Annual Fee | $0
| $0
| $0
|
Rewards |
None
None
|
None
None
|
1-2%
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases
|
Welcome bonus |
None
None
|
None
None
|
Match Bonus
Discover automatically matches the cash back you've earned at the end of your first year, no limits
|
Foreign Transaction Fee | Unknown
| 3%
| 3%
|
Purchase APR | 29.74% (Variable)
| 26.74% (Variable)
| 27.24% (Variable)
|
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