If you’re in the market for a secured credit card, you’ve likely heard of First Premier Bank. It’s one of the most popular options available to people with bad or no credit who are looking to rebuild their history. But is it really a good choice? This post will give an in-depth review of the First Premier Bank Credit Card, examining its features, fees, and customer service. We will also look at the pros and cons of this credit card to help you make an informed decision about whether it’s right for you.
What is the First Premier Bank Credit Card?
The First Premier Bank Credit Card is a credit card that is issued by First Premier Bank. It is a MasterCard, which means it can be used anywhere that MasterCard is accepted. The credit card has a credit limit of $300 and an annual fee of $75. There is no grace period for this credit card, which means that interest will accrue on the balance from the date of the first purchase. There are also no rewards or cash back programs associated with this credit card.
How Does the First Premier Bank Credit Card Work?
The First Premier Bank Credit Card is a credit card that you can use to make purchases and build your credit. Here’s how it works:
When you make a purchase with your First Premier Bank Credit Card, you’ll be charged interest on the amount of the purchase. The interest rate will depend on your credit score and the type of purchase you make. For example, if you have a good credit score, you’ll likely be charged a lower interest rate than if you have a poor credit score.
You can avoid paying interest on your purchases by paying off your balance in full each month. If you do this, you’ll also be able to take advantage of any rewards or cash back offers that may be available.
If you carry a balance on your First Premier Bank Credit Card from month to month, you’ll be charged a monthly maintenance fee as well as interest on the outstanding balance. The monthly maintenance fee is currently $6.25, and the interest rate is 24.99% APR (annual percentage rate). These rates are subject to change at any time.
First Premier Bank also offers a few different cards for people with bad credit or no credit history. These cards typically have higher fees and interest rates than the standard First Premier Bank Credit Card.
What Are the Benefits of the First Premier Bank Credit Card?
If you’re looking to rebuild your credit, the First Premier Bank Credit Card may be a good option for you. This card offers a number of benefits that can help you improve your credit score and financial situation.
One of the biggest benefits of the First Premier Bank Credit Card is its flexibility when it comes to payments. You can choose to make either minimum payments or full payments each month, depending on what works best for your budget. This flexibility can help you stay on top of your finances and avoid missed or late payments.
Another benefit of the First Premier Bank Credit Card is its competitive interest rate. This card has a lower APR than many other cards designed for people with bad credit, which can save you money on interest charges over time.
Finally, the First Premier Bank Credit Card offers a number of valuable perks and features, including online account management, text alerts, and fraud protection. These features can help you keep track of your account balance and activity, and safeguard your information from identity thieves.
What Are the Drawbacks of the First Premier Bank Credit Card?
The First Premier Bank Credit Card is not without its drawbacks. One of the biggest is its high interest rate. At 36% APR, it’s one of the highest rates on the market. This means that if you carry a balance on your card, you’ll end up paying a lot in interest charges. Another drawback is the card’s annual fee. at $95, it’s one of the highest annual fees for a credit card. This can offset any rewards you might earn from using the card. Finally, the card has a foreign transaction fee of 3%, so it’s not a good choice for use outside of the United States.
How Does the First Premier Bank Credit Card Compare to Other Cards?
In order to decide if the First Premier Bank credit card is the right one for you, it’s important to compare it to other cards on the market. Here are some key factors to consider:
-Annual fee: The First Premier Bank credit card has a $95 annual fee. This is higher than some other cards on the market, but it’s important to remember that this fee also gives you access to a higher credit limit.
-Interest rate: The First Premier Bank credit card has a variable APR of 25.24%. This is higher than some other cards on the market, so it’s important to make sure you can pay off your balance in full each month to avoid paying interest.
-Rewards program: The First Premier Bank credit card does not offer a rewards program. If you are looking for a card that offers cash back or points for purchases, this may not be the right card for you.
-Credit limit: The First Premier Bank credit card has a minimum credit limit of $500. This is higher than some other cards on the market, which means you may have an easier time getting approved for this card if you have fair or average credit.
If you have bad credit, you may think that a First Premier Bank credit card is your only option. But there are other cards out there that may be better suited for your needs. We recommend the following cards for people with bad credit:
The Capital One® Secured Mastercard® is a good option for people with bad credit because it has a low security deposit and no annual fee. You can build your credit with this card by making on-time payments and keeping your balance low.
The Discover it® Secured Credit Card is another good option for people with bad credit. It also has no annual fee and a low security deposit. You can earn cash back rewards on this card, which can help offset some of the costs of using it.
The Citi® Secured Mastercard® is another good option for people with bad credit. It offers a low security deposit and no annual fee, and you can earn reward points on your purchases.
All in all, the First Premier Bank Credit Card is a great option for those who want to establish or build their credit or simply need access to funds during an emergency. The rewards program may not be as generous as other cards on the market but it does offer its users some valuable benefits such as low annual fees and no foreign transaction fees. If you are looking for a straightforward credit card that will help you manage your finances without any hassle, this could be the perfect choice.