The First Premier Bank Credit Card Review

The First Premier Bank Credit Card Review
Lauren Ward
on June 4, 2018
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.

Conclusion

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.

See Business Lenders

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.

Lendio
Headway Capital

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.