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If you’ve got bad credit, you may search the market for a credit card that can improve your score. One of the credit cards that you may come across in your search is First Premier credit card. First Premier Bank Mastercard Credit Card is one of the cards designed for consumers with bad credit. However, the cost of carrying this card is very high.
If you’re interested in knowing whether the First Premier Bank Mastercard Credit Card deserves a place in your wallet, read this comprehensive review detailing the APR, costs, and fees, and pros and cons of the card.
First Premier Bank Mastercard Credit Card
First Premier Bank Mastercard Credit Card isn’t a great deal for those with a so-so credit score. You’ll be required to pay $25 to $95 fees for processing if you’re approved for the card. Then, you’ll have to deal with an annual fee for the first year that could range from $75-$125 depending on your credit line. The starting credit line on the First Premier credit card ranges from $300 to $1000. This greatly reduces your spending power. Such a low amount combined with burdensome fees wouldn’t do you any good when you’re hit with unexpected expenses like home repairs, medical procedures, etc.
Not only that but First Premier Bank Mastercard Credit Card comes with a 36% APR (regular). That’s a very high-interest rate and you could sink into debt if you don’t pay off your balance on the credit card every month.
Pros of First Premier Credit Card
While looking for ways to remedy your bad credit, you may consider getting an unsecured card to buy something that you can’t afford to pay for in cash. That’s where First Premier credit card provides assistance. Assume that you’re approved for the card and are required to pay $25 after approval and a $79 in first-year fee for a 1,000 starting credit line. This will leave you with $896 in total spending power ($1000-$79-$25= $896). The monthly fees will not be waived so you’ll pay $8 monthly fee in the first year and in the second, it’ll increase to $10.4.
Cons of First Premier Credit Card
As discussed earlier, all those who’re approved for the First Premier credit card must pay a processing fee that could range from $25-$95. This could affect your spending limit and if you aren’t able to pay this fee within 85 days from the date of approval, First Premier will terminate your account.
Annual Fee for the First Year
The annual fee for the first year could be high – as much as $125. More specifically, if you are approved for the First Premier credit card with a $500 starting credit line, you’ll be required to pay $125. For $400, you must pay $100, for $600, $700 and $1000 you’ll be charged $79, and for $300 you’ll be required to pay $75 annual fee.
36% APR (Regular)
The main reason people with bad credit get unsecured credit cards is to finance unexpected expenses. So, you’ll probably be carrying a balance on the card every month. Unfortunately, this will prove to be extremely expensive for you with First Premier credit card because of the incredibly high 36% APR.
5% Fee on Cash Advances
If you tap into the credit line of your First Premier credit card at an ATM, you’ll have to pay 5 percent of the total amount withdrawn in cash advance fee. Interest will start accruing at 36% APR.
Foreign Transaction Fee Is 3%
If you charge international travel and/or spending on your credit card, you’ll have to pay a 3% fee for the foreign transaction.
There are no rewards or cash backs on First Premier Bank Mastercard Credit Card. There isn’t any introductory 0% APR special financing options either which means you can’t avoid the interest rate on the card if you finance your purchases with it.
First Premier Credit Card Login Information
You can access your credit card account online at https://www.mypremiercreditcard.com/. Payments can be made online, over the phone, or by a variety of other options. You can also sign up to receive real-time alerts to your email address or mobile phone. A mobile app is also available to manage First Premier credit card.
Should You Get a First Premier Credit Card?
We don’t recommend a First Premier Mastercard Bank Credit Card to you even if you’ve got poor credit. There are four reasons for that. First is that the card is very expensive. The processing fees could be from $25 to $95. The annual fee charge could be $75 to $125 for the initial year and then $45-$49 each year. Most of the other credit cards neither charge a processing fee nor an annual fee. This means that First Premier Mastercard Bank Credit Card is expensive compared to other credit cards.
The second reason is that this card offers very little payoff. The credit limit could be from $300 to $1000, depending on your creditworthiness. But, you won’t have the entire amount at your disposal. Given the high fees of the First Premier Mastercard Bank Credit Card, you may end with very little spending power.
The third reason is that the 36% APR of First Premier Credit Card is very high. If you carry a balance on your card, you’ll end up paying handsomely in interest. Moreover, your borrower power will keep decreasing as you continue carrying a balance on the credit card because of the monthly payments, annual fee, and high-interest rate.
The fourth reason we don’t recommend First Premier Bank Mastercard credit card is that there are much better alternatives available. Regardless of your need, you could qualify for better credit cards than the First Premier credit card. If you want to use a credit card for rebuilding your credit, you would be better off with a card that doesn’t charge an annual fee.
Alternatives for You to Consider
A good alternative that you could consider for rebuilding your credit is Capital One Secured Mastercard. This card comes with a $0 annual fee. There are no rewards and no introductory APR offer but it still is a good option for credit building since you won’t be paying an annual fee.Learn More >>
Our Last Thoughts on First Premier Credit Card
In a nutshell, First Premier Mastercard Credit Card isn’t the best option for rebuilding credit. The high fees and interest on the card can prove costly for you. Moreover, the card offers vary little payoff. So, before you apply for this credit card, search the market for better alternatives. You should only get it when you can’t qualify for a better credit card.
3 Alternative Credit Cards to Consider
This is not the only credit card aimed at people with a subprime credit score. There are some other options you should consider that may suit your situation better. The credit cards below are a few of our favorites, especially if you’re looking to rebuild your credit score through responsibly making your payments. The middle card even earns rewards which should offset the annual fee of the card.
|Poor Credit Alternative||Fair Credit Alternative||Limited/No Credit Alternative|
|Milestone Unsecured||Capital One Quicksilver One||Capital One Platinum|
|Rewards||No rewards||1.5% cash back on all purchases||No rewards|
|Annual Fee||See terms||$39||$0|
|Extra Perks||Quick pre-qualification that won't hurt your credit score.|
Free custom card design.
Free online account access.
Previous bankruptcy OK.
|Access a higher credit line after making your first 5 on-time monthly payments.|
Free credit monitoring.
$0 Fraud liability.
|Access a higher credit line after making your first 5 on-time monthly payments.|
Pay by check, online, or at a local branch.
|Best for People Who...||Have bad credit and need help to strengthen it through responsible use.||Need help to strengthen their credit through responsible use. Also earns rewards.||Need help to strengthen their credit through responsible use.|
|Learn More >>||Learn More >>||Learn More >>|
Decision Time: Which Credit Card is Really the Best for You?
Here at Travel Freedom, we like to travel, which is why we always prefer to get travel credit cards for ourselves. We also know that travel credit cards are not available to all credit score levels. With anything less than a good credit score it will be hard to be approved for a travel card. Any of these cards will be beneficial in rebuilding your credit so that you’ll have the option in the future of what card type to get. After your credit is good, you’ll have the opportunity to be approved for valuable travel rewards or cash back cards.
Good luck on your road back to good credit. It’s great that you’re looking to improve your credit score and the way you live.