First Premier Bank Card Review, Eligibility Criteria & Benefits to Know
– First Premier Bank Card –
First Premier Bank Card: First PREMIER Bank Secured credit card is easy to qualify for, has a low-interest rate, and has some neat benefits like access to a free credit score. However, you still have to pay an annual fee and a security deposit. In this article, you will get a proper understanding of the perks and setbacks of this card.
What’s The First Premier® Bank Secured Card?
The First Premier Bank secured credit card was created for the people who find themselves faced with bad credit. This card’s primary objective is to help customers transition to develop better credit habits. Like most secured cards it will report to all 3 credit reporting agencies and help you establish a good payment history.
First PREMIER Bank Credit Card Highlights
- Must have a checking account to qualify
- Only you can build a good credit history. Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit reports each month
- Your First PREMIER Bank credit card activity is reported to the Consumer Reporting Agencies each month
- Track your progress. Your quarterly FICO Score is provided for free on your monthly billing statement
- Credit scores are used to represent the creditworthiness of a person and may be one indicator of the credit type you are eligible for. However, credit scores alone do not guarantee or imply approval for any First PREMIER® Bank product
First Premier Bank Secured Credit Card Basics
Below are some of the basic features of the First Premier® Bank Secured Credit Card:
- Card type: Secured
- Interest rate: 9% APR
- Annual fee:$75
- Rewards: None
- *Security deposit:$200 minimum, $5,000 maximum
- Foreign transaction fee:3% of each transaction amount in U.S. dollars.
- Credit reporting: Reports payment information to all three credit bureaus.
- Late payment fee: Up to $39.00
- Credit limit increase fee: 25% of the amount of the credit limit increase
- Return Item fee: Up to $39.00
- Balance Transfer fee: N/A
- Cash advance fee: Either $8 or 5% of the amount of each cash advance, whichever is greater.
With secured cards, you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don’t pay your bill.
Now, while there might be a few fees associated with getting a secured card, building your credit score will always be worth paying those small fees.
First Premier Bank Credit Card Pros
The following are First Premier Bank Credit Card Pros:
1. People With Poor Credit are Accepted
As this particular card targets people who want to build their credit, it has less strict qualification requirements.
2. Monthly Credit Bureau Reporting
The First Premier card reports to all three credit bureaus each month. This is an essential step when it comes to building your credit.
3. Widely Accepted
The First Premier Bank credit card allows you to use this anywhere. Any vendor that accepts MasterCard will accept this card by First Premier. You can use it online or in-person for dining, shopping, groceries, gas, and much more.
4. Fast Approval
For an easy online application, try the First Premier credit card. Go to the website and input your relevant information and hit submit. Most people will find out if they qualify within 60 seconds.
5. Increase Your Credit Limit
Use your First Premier Bank credit card responsibly for 13 months, and become eligible for a credit increase. This will let you purchase larger ticket items. It’ll also let you spend more in general.
6. Free Email or Text Alerts
First Premier® Bank makes it very easy to monitor your card in real-time. They offer free to text or email credit card alerts for a variety of things. You can set an alert for purchases over a certain dollar amount, payment due dates, and much more.
7. Credit Protection
You can opt-in for additional credit protection for a fee. First Premier Bank does this to protect cardholders in case of an emergency. This program may cover disability, unpaid family leave, unemployment, loss of life, and hospitalization. There are restrictions, but this is a huge benefit if something were to happen.
8. Bonus Cash
Enroll in online statements within your first 30 days when you open your account and get a $10 statement credit
First Premier Bank Credit Card Cons
1. High APR
The First Premier® Bank credit card has an APR of 36%. This rate adds on to any balance you have each month, and for any cash advances you may take out.
2. Credit Limit
Again, as this card is meant to help someone rebuild credit, it’s more restricted. You have to demonstrate responsible use before you get a higher credit line. First Premier sets the typical credit limit at $500 or lower. However, once 13 months is over, you can apply for a credit increase.
3. Security Deposit
Once First Premier Bank approves you for this card, you’ll need a security deposit. The security deposit amount depends on your overall creditworthiness.
If you have a lower credit score or a recent bankruptcy, expect to pay a higher security deposit. This is another example of First Premier protecting itself from missed payments or a complete default.
4. No Rewards
The First Premier bank card is a credit-building tool; this MasterCard is not a reward credit card. It’s a pretty basic card that doesn’t come with a lot of extras.
So there are no rewards and no rewards programs associated with this card. This makes it easier to focus on rebuilding your credit. You won’t have to try to balance keeping track of rewards with everything else.
5. Fees
The First Premier Bank credit card comes with several fees. These fees vary, and they depend on your credit score when you applied. The lender charges a one-time program fee to your account when you open it. You’ll also pay an annual fee, and this depends on your credit score.
6. Foreign Transaction Fees
Expect to pay a 3% fee of the amount of each transaction made abroad or online with foreign merchants.
First PREMIER® Secured Credit Card Features
The First Premier® Bank secured credit card is packed with a few features that make it one of the best-secured credit cards for rebuilding credit.
The main features of this card include:
- Easy Online Application Process
- Quarterly Access To Your FICO score
- Monthly reports to all three major credit bureaus
- Manage your account 24/7 with online or telephone access
- Automatic Credit Limit Increase (if you qualify)
Application Criteria
To apply for the First PREMIER® Bank Credit Card, you’ll need at least $245 to cover the deposit and fees. First PREMIER® Bank Credit Card determines your credit limit based on your credit score.
You also must:
- Be at least 18 years old, or 21 if you’re a permanent resident of Puerto Rico.
- Live in any US state except for New York or Wisconsin.
When you apply, you’ll need to provide the following information:
- Your full name, address, phone number, and email address
- How long you’ve lived in your current home
- Your Social Security number
- Whether or not you have a checking or savings account
How do I Apply for the Card?
- Go to the First Premier Bank site and click Apply today in the green box at the bottom of the page.
- Answer a few questions about your financial situation and click Continue.
- Enter your personal and contact information and click Continue.
- Your information is sent for approval.
How long will it take to get Approved?
You’ll get a response within a minute of submitting your application. In some instances, First Premier Bank credit card will take an additional seven to 10 days to determine approval and send you a response by mail. If you have questions about the status of your First Premier Bank credit card application, call 800-987-5521.
Although the First PREMIER® Bank credit card comes with setbacks, it is a solid option to help rebuild your credit. This MasterCard is an ideal credit card if you have less than perfect credit. You just have to focus on paying your balance off each month and pay on time.
We hope this article was useful and educative, do well to share these messages with friends and loved ones. If you have a question, kindly drop your comments below.
