First Premier Bank Credit Card Review: A Pricey Option for Rebuilding Credit

Rebuild your credit with the First Premier Bank credit card.

The First Premier Bank credit card helps with the dilemma of reestablishing your credit after you’ve hit some financial bumps. You need to show a good repayment history to build your credit back up, but it’s difficult to get approval for a credit card if your credit score is poor. The First Premier Bank Mastercard provides a credit line to people with problematic financial pasts, but it does come at a price.

Read on to see if this credit card for people looking to rebuild credit is right for you:

First Premier Bank Credit Card at a Glance 
Key Features Helps consumers with bad credit rebuild their credit history
APR36%
Annual Fee
  • $75 to $125 for the first year, based on credit limit
  • $45 to $49 thereafter, based on credit limit
Other Fees
  • Up to $95 one-time program fee
  • No monthly fee for the first year if your credit limit is $500 or less, then $6.25 to $10.40 per month, based on credit limit
  • Late payment fee and returned item fee up to $38
  • 3 percent foreign transaction fee
Advantages
  • Accepts applicants with bad credit
  • Reports payment history to credit bureaus to help rebuild credit
Disadvantages
  • High-interest rate
  • Imposes initial fee, annual fee and monthly fees

What You Need to Know About the First Premier Bank Credit Card

The First Premier Bank Mastercard is geared toward people who cannot qualify for conventional credit cards because of past credit issues. The bank responds quickly to applications, typically letting you know if you’re approved within as little as one minute of submission. It assigns your credit limit based on your credit report, so your credit line could be as low as $300 if your past problems were severe. You’ll pay a one-time program fee of up to $95, annual and monthly fees based on your credit limit and a steep 36 percent interest rate on your First Premier Bank credit card account.

Best Features of the First Premier Bank Credit Card

You can use the First Premier Bank Mastercard anywhere that Mastercard is accepted. The bank reports your payment history to the major credit reporting agencies, so your credit score should improve if you use the card responsibly and make on-time payments every month. You won’t pay interest if you’re able to pay off the monthly balance in full before your billing cycle closing date, which gives you at least 27 days from the start of each cycle.

First Premier Bank credit card reviews show that this card is expensive, especially if you carry a balance, but you can close the account once your credit is strong enough and you qualify for a credit card with fewer fees. The monthly fee for your First Premier Bank Mastercard, which runs between $6.25 and $10.40 per month based on your credit line, is waived for the first year if your credit limit is $500 or less.

Other Considerations for the First Premier Bank Credit Card

When considering the First Premier Bank credit card, review all the related costs to make sure they fit within your budget. The annual fee is based on your credit limit, running as high as $125 for the first year before dropping to $45 to $49 thereafter. Be prepared to pay monthly fees after the first year as well. They’ll run you $75 to $124.80 annually, depending on your credit line. The costs are charged to your account, reducing your initial available credit.

Find Out: How to Raise Your Credit Score by 100 Points (Almost) Overnight

A Credit Card for Non-Prime Customers

The First Premier Bank Mastercard is aimed at customers looking to rebuild their credit but who cannot qualify for credit cards with more advantageous terms. If you have no other choice, the First Premier Bank credit card lets you prove that you’re financially stable and can manage a revolving credit account responsibly. You’ll pay high fees to do so, but you can avoid the stiff interest charges if you pay off your balance every month.

Review the terms of the First Premier Bank credit card thoroughly, and make sure you can afford it. You’ll only hurt your credit score even more if you commit to this card and fall behind on the payments.

Click through to learn more about the best credit cards for people with fair credit.

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