The First Premier Bank Credit Card Review

The First Premier Bank Credit Card Review
Lauren Ward
on March 16, 2020
Read in 2 min

The First Premier Bank Credit Card is a credit builder card that requires no security deposit.

The credit score limitations aren’t as strict as they are with most other credit cards, so you have a good chance of qualifying even if you have bad credit.

Is it the best card for you?

Keep reading to find out how this card stacks up vs your other options.

First Premier Bank Credit Card Account Basics

Since this credit card is designed specifically for people with bad credit, the limits aren’t too high, typically ranging from $300 to $1,000.

One perk is that you’ll get access to your FICO credit score each quarter so you can track your improvement.

If you make your payments on time and don’t carry a high balance on your card, then you should start to see an increase over time.

This is a fair amount of savings if you’re already paying for a credit tracking service or plan on getting one.

Review of Fees

When you first get approved for this card, you’ll be required to pay a $25 to $95 processing fee just to open your account.

After that, there’s also an annual fee between $75 and $125, which varies based on your credit limit.

This fee typically drops to $45 or $49 per year after the first year.

Another fee you’ll encounter with this card is a monthly service fee.

Depending on your account, you’ll pay $5.85 to $10.40 each month, although you may be able to get this fee waived for the first year.

For some of the higher credit limits, however, you’ll probably still have to pay even during that introductory year.

The APR is also quite high at 36%. If you want a cash advance, you’ll be required to pay an extra 5% transaction fee.

Account Limitations

One of the requirements for approval with this card is that you must have had a checking account.

Additionally, there is no rewards program with the First Premier Credit Card, so you won’t accrue any type of points or cash back.

After 13 months of using your card responsibly, you may qualify for an increase in your credit limit.

It comes with a catch, however.

You’ll be charged a fee of 25% of the difference between the two limits.

So if you’re jumping from a $300 limit to a $600 limit, you’ll have to pay a one-time fee of $75.


This card certainly comes with both pros and cons.

The approval requirements are at a minimum, so if you’re trying to build your credit without having to pay a security deposit on a secured card, it’s a good option.

On the downside, you’ll definitely have to pay for that access to credit.

With both upfront and ongoing fees, plus one of the highest APRs on the market, it’s an expensive card.

Ultimately, you’ll need to weigh what matters most to you.

You can always just use this card as a short-term solution while you build your credit, then later apply for a card or even a personal loan with better terms.

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Lauren Ward Finance Journalist

Lauren Ward is a freelance content writer focusing on personal finance, real estate, and lending.

Her work has been featured on Huffington Post, CBS News, and Kiplinger.

She previously worked at the Federal Reserve Bank of Richmond as well as several national non-profit organizations.

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