First PREMIER Bank Secured Credit Card Review

First PREMIER Bank Secured Credit Card Review 2019

Share: Rating: 3.8 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. The card is secured with a deposit of minimum $200 to maximum $5,000. 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

3.8/5
 First PREMIER Bank Secured Credit Card Review 2019

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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 Fee

  • No 0% APR Introductory Rate

 

ProsCons
Easy Application ProcessAnnual Fee
Low Starting DepositNo 0% APR Introductory Rate
Reports to BureausNo Rewards
Approve Poor CreditCash Advance & Other Fees
Mastercard PerksThere Are Other Options for Building Credit
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 $50 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.

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.

Cash Advance & Other Fees

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. Also the APR on cash advances is 19.99%. Also, there is a large credit limit fee increase. This increase is due to the unsecured increase in credit limit. That means if you are doing well with your card and you want to increase the amount without a deposit from lets say $500 to $1,000, you will pay 25% of the amount increase, or $125. That is an incredibly large fee.

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.

APR

First PREMIER Bank Secured Credit card rate is 19.99%, which is high for a secured credit card. Cash advance is the same at 19.99%

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. This card is secured by a refundable deposit that determines the cardholder’s credit line, which can be as high as $5,000. 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 $50, which is high for a secured card. 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. This card also has a very high 25% fee for a credit limit increase, which should be avoided at all costs. The card should be closed once your credit has improved, but there are very few reasons to get this card in the first place. If your score is above 650, you should start looking for more traditional cards that offer rewards and benefits to cardholders.