First PREMIER Bank Secured Credit Card Review

Rating:
2.9/5
2.9 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

First PREMIER Bank Secured Credit Card is a secured credit card for those looking to build or repair their credit history. 

First PREMIER Bank Secured Credit card is issued by First Premier Bank, which is a newer regional bank founded in 1986. They mostly operate in North Dakota but their card can be used by anyone in the US. They are one of the larger issuers of Mastercard credit cards. 

Cardholders then use the card just like any credit card and the deposit cannot be used for the monthly payment. The deposit is refundable. The card is issued by Mastercard and is widely accepted.

First PREMIER Bank Secured Card

First PREMIER Bank Secured review

On First PREMIER Bank Secure Website

Our Bottom Line

  • Expensive Option For Bad Credit Customers

Credit Rating Requirements

  • No – Poor Credit

PROS

  • Easy Application Process
  • Reports to Bureaus

CONS

  • Annual + Monthly Fee
  • No 0% APR Introductory Rate

Pros

Cons

APR

First PREMIER Bank Secured Card – Benefits

Let’s take a look at the benefits of the First PREMIER Bank Secured card and see if it’s the right one for your wallet or not.

  • Easy Application Process

First PREMIER Bank Secured Credit card has a very easy application process in which they will let you know if you’re approved within seconds. 

Even with terrible or no credit history, you most likely will be approved. The card is issued after an initial deposit into a savings account, the minimum amount is $200.

  • Low Starting Deposit

First PREMIER Bank Secured Credit card allows for a deposit of just $200. If you are looking to rebuild credit and do not have a lot of money, you can start with just $200. 

With the First PREMIER Bank Secured Credit card you can also build your credit limit by depositing more money, up to $5,000 for a credit line up to $5,000.

  • Reports to Bureaus

First PREMIER Bank Secured Credit card is used for those with limited or poor credit, so it is a benefit that it reports to all three of the major credit bureaus. 

Make all payments on time if you want to build your credit. This will help cardholders build a credit history.

  • Approve Poor Credit

First PREMIER Bank Secured Credit card is built for those with no or very poor credit histories, which typically gives consumers less options

  • Mastercard Perks

First PREMIER Bank Secured Credit Card is a Mastercard and comes with some of the perks and protections of a Mastercard including zero fraud liability.

First PREMIER Bank Secured Card – Drawbacks

Here are the most important cons you should consider before apply to the Bank of First PREMIER Bank Secured card:

  • Annual Fee

First PREMIER Bank Secured Credit card has a $45-49 annual fee for cardholders.

That is high for a secured credit card. It may be lower than many cards on the market, but most cards on the market with an annual fee have rewards and cashback bonuses. 

There are other secured credit cards that do not have annual fees.

  • Monthly Fee

First PREMIER Bank Secured Credit card requires a monthly fee, in addition to the annual fee, depends on your credit limit. 

For example, If assigned a credit limit of $600 –  your credit account will be charged a monthly fee of $5.85 per month ($70.20) for the first year (introductory) and $8.25 per month ($99.00 annually) each month thereafter.

  • No 0% APR Introductory Rate

First PREMIER Bank Secured Credit card does not offer an introductory rate like many cards on the market. 

If you need or are looking for an introductory rate, you will have to look at other offerings. It makes sense that they do not offer this because you need to secure the card with your money first.

  • No Rewards

Many cards on the market offer rewards for spending, such as cashback rewards, points, or travel rewards. 

The First PREMIER Bank Secured Credit card does not offer any rewards. Its main purpose is to help consumers rebuild credit.

  • There Are Other Options for Building Credit

There dozens of other products and services that help borrowers build credit. Many of these options are cheaper. 

There are secured cards that do not have annual fees, or at least lower fees. There are some on the market that also have a lower interest rate.

  • High APR

First PREMIER Bank Secured Credit card rate is 36%, which is high for a secured credit card. 

Also, the cash advanced fee is high – while the standard fee for cash advances is $5 or 3%, but the First PREMIER Bank Secured Credit card has a higher fee and cash advances should be avoided. The fee is $8 or 5% of the amount withdrawn, whichever is greater. 

Alternatives to First PREMIER Bank Secured Card

There are several other secured credit card options that will help you establish credit history and fix your credit score. Let’s take a look at a few alternative options:

The Discover It Secured Credit Card is a great card for any new card holder who is looking to open a line of credit. This card, much liked the First PREMIER Bank Secured Card, designed to help card holders build or rebuild their credit score. 

The Discover It Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically, and Earn unlimited 1% cash back on all other purchases. The biggest difference between these two cards is the APR. 

The Discover It Secured Credit Card has a set APR of 22.99%, compared to the 36% of the First PREMIER card. The Discover It Secured Card also has no annual fee associated to keeping the account open.

The Discover it Secured card’s benefits include a $0 annual fee.

The AvantCard Credit Card is a great starting place for anyone who is looking to build a line of credit, or has limited credit options due to past credit encounters. 

Despite the fact that the Avant Card has limited bonus options and perks when compared to other credit cards, it does give a lot of love for people who are looking for a card that can help boost their credit score quickly, especially when it comes to people who are applying for a first credit card.

While for some AvantCard Credit Card holders the annual fee may be $29, the company does state that this is subject to change based on market testing. 

Green Dot Primor Visa Gold Secured Credit Card is a secured credit card for those looking to build or repair their credit history. Green Dot Primor Visa Gold Secured Credit card is issued by First Choice Bank, which is a newer regional bank founded in 2007. 

The card can be used by anyone in the US, but potential cardholders will need to make a savings deposit with First Choice Bank to open the Green Dot Primor Visa Gold Secured Credit card. The minimum is $200 and maximum is $5,000. 

This card does have an annual fee of $49, which is high for a secured card.

Is the First PREMIER Bank Secured Credit Card Right for You?

The First PREMIER Bank Secured Credit card’s main purpose is to help consumers rebuild or build their credit. 

The First PREMIER Bank Secured Credit card reports your on-time payments to all 3 major bureaus, but they also report any missed payments or derogatory actions on your credit card to the credit bureaus, so make sure to pay your card on time. The card has a high interest rate for a secured card, and it has many fees.

This card has an annual fee of $45-49, which is high for a secured card. In addition, they  impose $6-10 monthly fee depends on your credit limit. If you have poor credit or limited options, this is a good card to consider but there are other secured cards on the market that do not have as high of fees and rates. This card is a very expensive option for customers looking to improve their credit scores

If your score is above 650, you should start looking for more traditional cards that offer rewards and benefits to cardholders.