The First PREMIER Bank Mastercard is aimed at people looking to build or rebuild their credit score. Unfortunately, we can’t recommend this card as a first-choice credit repair option due to the number of fees it has.
If you want to use credit cards to help build your credit, there are better options. Learn how credit scores work, and then consider applying for a secured card. While secured cards usually require a refundable deposit, they’re still generally cheaper than this card from First PREMIER Bank. Remember, the more money left in your pocket at the end of the month, the more money you’ll have to get ahead financially and lift up your credit score.
New York and Wisconsin residents are not eligible for this card.Pros
- Accessible for applicants with poor credit
- Free FICO credit score
- High set-up, annual, and monthly fees
- High interest rate
- High credit limit increase fee
- Accessible for applicants with poor credit: First PREMIER Bank will approve even those with bad credit. Even so, you have many other options for rebuilding credit.
- High set-up, annual, and monthly fees: It’s not uncommon for credit cards to charge annual fees. What is uncommon is for a credit card to charge monthly fees as well. You’ll also have to pay a one-time “program fee” in addition to the usual suite of fees other credit cards charge.
- High interest rate: This card charges about double the average credit card APR. It’s on the high end, even for credit cards marketed towards people with bad credit.
- High credit limit increase fee: One of the ways to boost your credit score is by getting a higher credit limit. If you’ve demonstrated responsible payment behavior, most issuers will do this for free. In contrast, with First PREMIER Bank, you’ll pay a fee of 25% of the credit limit increase. For example, if your credit limit increases by $200, you’ll pay a $50 fee.1
How to Get the Most Out of This Card
We do not recommend using this card because of its numerous, expensive fees. However, if you still plan to get it or already have it, the best way to use it is to pay off your balance every week. Doing so keeps your restrictive credit limit open for purchases, ensures you don’t pay late, and keeps your balance low. These three factors can help increase your credit score over time.
First PREMIER Bank Mastercard’s Other Features
- Credit protection: If you lose your job involuntarily, are hospitalized, go on unpaid family leave, or become disabled, this program may cover your minimum payments for a certain period of time. It’s not free, however; you’ll have to opt into this service, and it’ll cost you $0.89 for every $100 of your outstanding balance covered per month. For example, if you have an outstanding balance of $200, it’ll cost you an additional $1.78 for that month.1
First PREMIER Bank provides cardholders with phone support from Monday to Saturday, as well as 24/7 automated phone support and online access.
You can expect standard security features with the First PREMIER Bank Mastercard. It does offer two notable security and credit monitoring features:
- Mastercard ID Theft Protection: You can register for free credit monitoring services through this program. If you ever are the victim of identity theft or if you even lose your wallet, you can get help in setting things right again with assistance from resolution specialists.
- Single bureau credit monitoring: Mastercard will monitor your TransUnion credit file for unusual activity or changes that may indicate fraud.
First PREMIER Bank Mastercard’s Fees to Watch Out For
The First PREMIER Bank Mastercard hits cardholders with a lot of fees from sign up to statement copy. These fees are especially outsized considering the low value that this card delivers.
- Program fee: $55-$95, depending on creditworthiness and charged once to open the card
- Ongoing annual fee: $75-$125 during the first year, and $45-$49 thereafter
- Monthly fee: $0-$8 per month for the first year; up to $10.40 per month thereafter
- Authorized user fee: $29 per year
- Credit limit increase fee: 25% of the amount of the increase