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First PREMIER® Bank Mastercard® Credit Card review

Published: November 27, 2018

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Published: November 27, 2018

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Ratings Policy
Credit Building Rating:
0.9 rating
0.9 rating
0.9 / 5
Cost of Membership 0.3
Ease of Building Credit 3.6
APR 0.0
Features 0.0

In a Nutshell:

The First PREMIER Bank MasterCard is designed to help those with lower credit scores steadily improve their credit, but it comes with hefty fees.

Learn more about this card

Average cost of membership per year ($3,600 annual spend)
$136

Security deposit required
None

Initial credit limit
$225-$375

Access to higher credit line?
Account review after 13 months

APR
36% (variable)

Annual fee
Depending on credit limit, $75-$125 for the first year and $45-$49 after that

Other rates and fees

  • Cash advance fee: 5%
  • Foreign transaction fee: 3%
  • Minimum interest charge: $1
  • Late or returned payment: $38
  • Authorized user card fee: $29/year
  • Processing fee: $95 (one-time fee)
  • Monthly servicing fee: $75-$124.80, depending on credit limit
  • Credit limit increase fee: 25% of increase
  • Wire transfer fee: $5 per transaction

Rewards
None

Features: Free FICO® score, optional credit protection for a fee

A bare bones credit card designed for those with bad to fair credit, The First PREMIER Bank MasterCard offers an easy application process and regular reviews for a credit line increase. But a high annual fee, APR and monthly fee rank this card on the lower side for a credit building card.

Good approval odds

The First PREMIER Bank MasterCard is specifically designed for those with bad to fair credit and has a low barrier of entry. When you apply online, you’ll be typically be notified of approval in less than a minute.

No security deposit

Unlike many cards available to lower credit scores, The First PREMIER Bank MasterCard does not require an initial deposit that matches a credit limit. This is a big plus for those ready to start improving their credit scores who don’t have the funds for a large deposit right away. Even without a security deposit, you’ll qualify for a minimum credit limit of $225 if you are approved.

While the card does not require a security deposit, it is important to note that you’ll have to pay a $95 processing fee to open your account.

Regular reviews to increase credit limit

After making your payments on time for 13 months, First PREMIER Bank MasterCard cardholders are eligible to apply for a credit line increase. This is a great way for cardholders with a lower credit score to make steady improvements.

However, users are charged a 25 percent credit limit increase fee on the additional amount. So if you want to increase your credit limit even just $100, you’ll be charged $25. This is a huge drawback for those trying to improve their credit score on a limited budget.

If you are looking for a card that offers regular reviews to increase your credit limit without this severe limitation, check out the Capital One® QuicksilverOne® Cash Rewards Credit Card  or Discover it® Secured.

Inflated fees with a higher credit limit

Upon application approval, users of the First PREMIER Bank Mastercard are eligible for an initial credit limit of $225, $300 or $375 based on creditworthiness. While the larger credit line is great to help you improve a bad credit score, it comes with a price. Cardholders with the highest credit limit are charged higher annual and monthly fees.

For example, if you are approved for the highest credit line, your initial available credit is $375. You’ll be charged $4.15 more per month in monthly fees than someone with $300 in available credit. Your annual fee after the first year is also $4 more. This means you’ll rack up over $50 more in fees each year than someone with the next highest credit limit.

High annual and monthly fees

Even with a lower initial credit limit, the fees associated with the First PREMIER Bank Mastercard are high. Annual fees range from $75-$125 the first year and $45-$49 after that. In addition, you’re charged a monthly fee of $75-$124.80. With no rewards program to offset these costs, we estimate you’ll have to pay around $136 a year just to own this card.

Exceptionally high APR

This is also not a great option for those needing to carry a balance, with an APR of 36 percent. This is one of the highest APRs you will see, even among credit building cards. Plus, you’ll be charged a minimum of $1 every time you have to pay interest, even if the actual amount is lower. If you do choose this card, be sure to pay your balance in full every month.

No rewards program and few other benefits

The First PREMIER Bank Mastercard doesn’t offer any sort of rewards program. You also won’t enjoy many other benefits, like purchase protection or additional insurances.

You will be given a free quarterly FICO score with your billing statements to help you keep track of your credit building progress. If you are worried about making your payments on time, you can also opt in to email or text alerts.

Why get the First PREMIER Bank Mastercard?

  • You have bad to fair credit and need a card with a low barrier to entry.
  • You don’t have the funds for a large security deposit, but still want to be eligible for higher credit limits.
  • You want regular opportunities to increase your credit limit and improve your credit score.

How to use the First PREMIER Bank Mastercard:

  • Make payments in full and on time to avoid hefty interest charges.
  • Budget funds to invest in increasing your credit line regularly.
  • Utilize your free FICO score to monitor your progress while building credit.

2018’s best secured credit cards that help to build credit

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