If you have so much money on hand and want to correct a bad credit score, you`d better put $200 as a down payment on a secured credit card with no fees and a lower APR. Consider a secured card like the Capital One Platinum Secured Credit Card or citi Secure Mastercard, both of which require deposits of $200 or less. In addition, your deposit will be refunded if you close your account or switch to an unsecured card option, as opposed to the fees you pay with First Premier. The higher your line of credit, the higher your fees. Federal law limits the amount that credit card issuers can charge in the first year of account opening. This fee cannot be more than 25% of the credit limit. The “program fee” does not count because it is calculated before you even open the account. But the annual and monthly fees do. And in any case, the First Premier fee reaches 25% on the nose or just a short hair. For example: Even if you want to stick to unsecured credit cards, there may be better options than the First Premier Bank credit card. For example, the Indigo Platinum Mastercard is designed for consumers with bad to fair credit, but it has lower fees and you can pre-qualify without the need for a hard credit hit. Credit One offers credit cards that have modest fees and offer limited cash back income to consumers who rebuild their credit. The PREMIER Bankcard Mastercard* credit card is an unsecured card option for people with no credit history or poor credit score, but we do not recommend it as a credit creation tool.
There are many better cards to build credit cards that don`t impose a long list of fees and ridiculously high interest rates like PREMIER Mastercard. When you submit your card application, First Premier assigns your credit limit based on your creditworthiness, and the limit for which you are approved determines your card`s fee schedule. If you have a credit limit of $300, the annual fee for your first year is $75 and there is no monthly fee. Your total fee is $75, which is exactly 25% of your limit. Additional Card Fees: If you want to add a cardholder to your account, it will cost you an additional $29 per year. There are a number of other fees charged by the card, such as the following: When you open your account, the program`s one-time fee and the first year`s annual fee are automatically deducted from your credit limit. So if you`re given a $500 limit based on your credit score, your initial available balance is actually only $375. Expensive fees and much more fees than other credit cards If you opt for the First Premier Bank credit card, I hope you won`t have to keep this card for more than 18 to 24 months. Because if you use the card responsibly during this time, you should be able to improve your balance to the point where it is approved for other cards.
The First Premier Bank credit card can be a useful product if you do not want to use a secured credit card and cannot be approved for an unsecured credit card with lower fees. But I wouldn`t recommend applying until you`re in debt and actively working to improve your credit. This allows you to focus on responsible card use before switching to a card with lower fees and a higher credit limit once you find that your credit score has improved enough. If you still want to apply for this card or if you already have it, make sure you never have a balance. Not only will you avoid paying 36% interest on revolving balances, but you`ll also accumulate your balance to qualify for other better card options. When First Premier reports the use of your card to credit bureaus, you should only view a complete payment history in a timely manner. You can withdraw money from the First Premier Bank credit card in the form of a cash advance. Once your account is opened, your initial cash advance limit is 10% of your credit limit. However, once your account has been open and active for at least 90 days, has two consecutive months of current payment history, is not late, and has not received any refunds in the last 60 days, your cash advance limit can be increased to 50% of your credit limit. An unsecured card option for people with low or zero credit The First Premier Bank credit card is designed for consumers with low credit scores who may not be approved for most other unsecured credit cards.
You should not plan to use this card in the long run. Instead, it`s a card you can use for a short period of time to build up your balance before switching to a more traditional credit card that offers rewards, lower fees, a higher credit limit, and lower interest rates. Card Evaluation*: ⭐1/2 You are responsible for maintaining the confidentiality of your username, passwords and other means by which you must access any of your Cards from time to time. You agree to take every precaution to ensure the security and integrity of your transactions, account, card, supported device, user ID and passwords when using the mobile wallet. You should keep your supported device and these credentials secure in the same way that you will keep your money, checks, credit cards, and other personal identification numbers and passwords safe. Subject to the applicable agreement governing the use of the relevant card, you are responsible for all transactions made with your card. Credit Limit Increase Fee: The issuer will begin reviewing your account after 13 months to determine if you are eligible for a credit limit increase. Sounds great, right? The problem is that if First Premier approves you for a raise, you pay a 25% fee for the increase. So if your limit is increased from $300 to $400, a $25 fee will appear on your bank statement.
And it can happen without you even asking for a raise. If First Premier increases your limit (and hits you with the fee), it`s up to you to decline the increase. First Premier credit cards are designed for consumers with bad or bad credit, so no minimum credit score is required. However, not all applicants will be accepted. If you`re looking for a credit card to improve your credit score, consider a secured credit card. Secured credit cards require you to make a down payment equal to your line of credit, but the fees for many secured cards are much lower than on the First Premier Bank credit card. Some secured credit cards like the Discover it Secured credit card and BankAmericard Secured don`t charge an annual fee and may even move you to an unsecured line of credit if your credit score improves. Discover it Secured even offers cash back.
If you need to raise $300 or more to get a credit card in your wallet to accumulate your balance, you should at least be able to get that money back once your score has increased enough to qualify for other cards. For this reason, secured cards with their refundable deposits remain the best option for bad credit. As mentioned earlier, your credit limit with the First Premier Bank credit card is $300, $400, $500, $600, $700 or $1,000, depending on your credit score. The card`s annual fee, monthly fee, and program fee will vary depending on your credit limit. Annual Fee: This ranges from $75 to $125 in the first year and from $45 to $49 after. You can use this card at any merchant that accepts Mastercard. Monthly Fee: This is billed in addition to the annual fee and ranges from $6.25 per month ($75 per year) to $10.40 per month ($124.80 per year). First Premier cards with smaller credit limits don`t charge a monthly fee for the first year, but they do afterward. This card is not available to residents of New York and Wisconsin. In addition, this card is not available to serving military members and their dependents who are insured as borrowers under the Military Loans Act. The First Premier Bank credit card is not guaranteed, so the issuer will give you a credit limit if approved. This credit limit is $300, $400, $500, $600, $700 or $1,000, depending on your credit score.
However, your annual fee will be deducted from this credit limit, so your originally available balance is your credit limit minus your annual fee. Once your account has been opened for 13 months, you may be eligible for an increase in the credit limit. If your credit limit increase is approved, you will be automatically charged a fee of 25% of the increase. .