First Premier Bank Credit Card

First Premier Bank Credit Card

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On Card Issuer’s Secure Website
  • You may qualify for an unsecured line of credit
  • First Premier reports to all three credit bureaus
  • Offers a U.S.- based customer service team
Highlights
  • This card requires a one-time upfront processing fee to be paid in full before the account is opened. If the processing fee is not paid in full within 85 days, the application will be withdrawn.
  • Your account history reports to the major consumer reporting agencies.
  • Use your card everywhere Mastercard cards are accepted.
  • Each time your Credit Account is eligible for and approved for an unsecured credit limit increase, a credit limit increase fee in the amount of 25% of the amount of the credit limit increase will be assessed.
  • Faveable is not affiliated with or authorized by First Premier Bank. The information in this article has not been reviewed or approved by First Premier Bank.

Our Detailed Review

  • Charges outrageous interest rates and fees
  • Customer reviews are overwhelmingly negative
  • You may have to put up a deposit
Details

Application Process: Apply online, and get a decision immediately. Pay the processing fee within 85 days to officially open your account.

Annual Fee: Your annual fee will depend on the offer you receive, which is based on your creditworthiness.

APR: 36% variable APR.

Rewards: None.

Bonus Offers: None.

Faveable Review

If you have bad credit, the right credit card can help you get back on track as you use the card and make on-time monthly payments.

The best credit cards for bad credit don’t charge an annual fee, but most of them are secured credit cards and require that you put up a security deposit to get approved.

Compared with that, you might be tempted by the First Premier Bank Credit Card. The card offers an unsecured line of credit to some, so you don’t always have to put down a deposit.

But as you go through the application process and look at the card’s terms, you’ll notice that what it offers is much worse than a security deposit.

In this review, we’ll explore the First Premier Bank Credit Card’s details and what makes it a poor choice even if you’re desperate for help.

The First Premier Bank Credit Card review - First Premier Bank Credit Card highlights

Paying a deposit for a secured credit card isn’t ideal, but the inconvenience of tying up your money as long as you have the account open isn’t as costly as the First Premier Bank Credit Card.

In fact, if we ran a list of the worst credit cards, this one could be the headliner. Depending on your application, you can get one of nine different offers. Here’s a breakdown of each.

Offer

Credit Limit

APR

Annual Fee

Monthly Fee

Program Fee

Security Deposit

1

$1,000

36%

$79

$8

$0

$0

2

$700

36%

$79

$8 the first year, then $12

$0

$0

3

$500

36%

$125 the first year, then $49

$0 the first year, then $10.40

$49

$0

4

$400

36%

$100 the first year, then $45

$0 the first year, then $6.25

$95

$0

5

$300

36%

$75 the first year, then $45

$0 the first year, then $10.40

$75

$0

6

$300

36%

$75 the first year, then $45

$0 the first year, then $10.40

$95

$0

7

$300

36%

$75 the first year, then $45

$0 the first year, then $10.40

$0

$150

8

$200

36%

$50

$0

$0

$200

9

$200

36%

$0

$0

$0

$200

As you can see, most of the offers require that you pay not only an annual fee but also a monthly maintenance fee and a program fee to just open the account.

With Offer 3, for example, you’d pay $347.80 in fees in just the first two years. And unlike a security deposit, you don’t get that money back when you close your account.

The card’s sky-high interest rate is also something you’d want to avoid like the plague.

What’s more, the only benefits the card boasts include:

  • Free online account access
  • Reporting your account activity to all three credit bureaus
  • Email and text alerts
  • Free quarterly access to your FICO credit score
  • U.S.- based customer service

As a result, we don’t recommend applying for the First Premier Bank Credit Card. Its predatory nature will make it difficult to rebuild your credit and could even break your budget.

Alternatives to the First Premier Bank Credit Card

If you need a credit card, but your credit is less than stellar, you can do better than the First Premier Bank Credit Card. Here are three cheaper alternatives that can help you reach your goal of rebuilding your credit.

Deserve Classic Mastercard

If you’re new to credit and don’t want to deal with a secured card, the Deserve Classic Mastercard is worth considering.

The card is unsecured, so you don’t have to worry about making a deposit. While it does charge an annual fee of $39, that’s far below what you’d pay with the First Premier Credit Card.

The card offers no rewards program, but it can give you a credit limit of up to $1,500. It has a 24.49% variable APR.

OpenSky® Secured Visa® Credit Card

If you’ve made some big mistakes and aren’t sure about your chances of getting approved, the OpenSky® Secured Visa® Credit Card is a solid choice.

What sets the card apart from the rest is that it doesn’t run a credit check when you apply. This means that it doesn’t matter if you’ve filed bankruptcy, have unpaid tax liens, or foreclosed on your last five houses. This card won’t deny you for those reasons.

That said, the card does require a security deposit. The minimum is $200, and your credit limit will be equal to your deposit. Also, the card charges a $35 annual fee and a relatively low 18.64% variable APR.

If your credit is in dire straits, this is the card that can help you establish a positive payment history and get out.

Discover it® Secured Card

If your credit score isn’t in great shape, but you don’t have any major negative items, consider the Discover it® Secured Card.

This is, of course, another card that requires a security deposit. But if you use the account responsibly, Discover may give you the deposit back before you close the account — and as early as eight months after you open it.

The card also offers a rewards program: you’ll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and an unlimited 1% cash back on all other purchases.

What’s more, Discover will double all the cash back you earn during your first year with the card.

There’s no annual fee and the card charges a 24.49% variable APR.

Which credit card for bad credit should you choose?

If you’re trying to build or rebuild your credit, there are plenty of credit cards that won’t strip you of your money and your dignity.

Compare some of the cards we’ve mentioned with other top credit cards for bad credit, and look at the fine print carefully.

As you do your research, you’ll have a better chance of getting a credit card that can help you improve your credit without fleecing you in the process.

 

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