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The First Premier Bank Mastercard

The main benefit of this First Premier credit card is that it is available to persons with bad credit. You can get a credit card even if you have poor credit.

A poor credit score could make it challenging to authorize an additional credit card. Still, it’s not a reason to rule out the possibility of obtaining any credit even. Credit cards available to people who have bad credit tend to include higher rates of interest and charges, so make sure you research before committing to anything.

An excellent illustration could be one of the best examples: First Premier Bank Mastercard. It’s a credit card that is not regulated, allowing a broader range of credit profiles than other cards. However, there are several significant negatives. If you’re thinking of purchasing one of the First Premier credit cards, here’s the information you need to be aware of.

What are the benefits of having a Mastercard with First Premier Bank?

The principal advantage of this First Premier credit card is that people with poor credit can utilize it. The card is accepted by thousands of retailers across the United States and the world as a Mastercard. The card also comes with an extended grace period of 27 days, giving customers sufficient time to settle their monthly statements in full and not pay interest. Furthermore, the monthly fees include an annual FICO score for free.

What are the first Premier credit card’s drawbacks?

However, this card has numerous disadvantages than benefits. For a card designed to help people with bad or damaged credit scores, charges for this card are high.

  • This First Premier bank credit card offers one of the highest rates for interest that are available. It offers an annual percentage of 36 percent rate (as of 12/19/2019) which is more than twice the average national rate.
  • The initial setup cost is high. The fee is a one-time processing charge as high as $95. The application can be denied if you fail to pay the monthly fee within the timeframe of 85 days following acceptance.
  • Annual fees are high. The first year’s yearly charge may lower the credit limit, varying between $125. If, for instance, you’re granted an amount of $300, and you are paying an annual fee of $75 in the first year, your credit limit will be $225. The cost per year decreases in subsequent years; however, it’s still sufficient to take a bite out of your budget.
  • Monthly service cost: First Premier Bank Mastercard charges an unorthodox monthly service charge after the 1st year. Following the first anniversary of opening the card, the monthly service fee can range from $6.25 to $10.40.
  • The fee for increasing your credit limit is high. A credit limit can fluctuate between $200 and $1,000 following approval. Once you have had your credit card in use for 13 months, you could be qualified to receive a credit limit boost. Most credit card companies will allow you to increase your spending limit without cost if you exhibit proper payment and credit card usage. However, First Premier Bank would charge you 25% of the increase in credit limit. To avoid paying the fee, you have to reject the increase in credit limits within 30 days after receiving it.
  • In truth, there are fees for almost everything, including a 3% international transaction fee and a late charge of up to $39 bills. An annual user fee, a copying license, a wire transfer fee, and an expedited delivery fee are all part of the overhead costs.
  • Cashback rewards are not available: While this isn’t unusual with the credit card of those with poor credit, it’s nevertheless disappointing in that the First Premier credit card doesn’t offer any rewards.

Who is suitable for this card?

Only those with poor credit who cannot qualify for any other credit cards with no unsecured features and do not want to open secured credit card accounts are advised to look into this card. The disadvantages of this card are more significant than its benefits and can do more harm than good for those who have bad credit. Instead of helping them improve their credit score, the card imposes additional costs and increases the chance of a missed payment or other mistakes.

Expert Advice: Are you looking for a more favorable credit card? Make sure you pay bills promptly, keep your debt to a minimum, and open several credit accounts to build up good credit with time. Learn more about.

If it’s the only card you’re able to accept after an entire year of paying on-time payments and boosting your overall credit score, you will be able to explore new options. It is possible to switch cards and not pay monthly service fees in the following year.

Alternate options to the Mastercard by First Premier Bank

The Mastercard of First Premier Bank is not suitable for all. Think about one of these options for upgrading your credit card due to your poor credit.

OpenSky Secured Visa Credit Card

OpenSky Secured Visa is an ideal choice to build or repair their credit and credit score. A fully refundable security deposit as low as $200 or as high as $3,000. It is a requirement to be eligible for this card. There is no need to be worried about having your credit score affected, as they won’t consider your credit score when you apply for the card.

Indigo Platinum Mastercard

Indigo Platinum Mastercard Indigo Platinum MasterCard is an option for those with a low score on their FICO who want to get credit cards. It offers a recurring APR of 24.90 percent and a zero to $99* annual cost. It also has a travel-friendly feature. With the option of paying 1% for international transactions—tax, even though the maximum amount of credit is only $300.

Milestones Mastercard Unsecured

If you have a poor or bad credit score, the Milestone Unsecured Mastercard may be the better option. It’s a straightforward application procedure that won’t affect your credit score. This contrasts with the typical credit card that requires a significant pull. It comes with an annual APR of 24.90 percent and a monthly cost between $35 and $99.

The Most Suitable credit Card for You

If you are looking to get a better credit score, the best approach is to build up good credit.  By making sure you pay all your bills punctually. Keep your debt at a minimum while opening up as many credit cards as your wallet can handle.

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Jason Rathman
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