- APR: 36%
- Annual Fee: $75 to $125 for the first year, $45 to $49 after that
- Monthly Fee: $0 to $8 for the first year, $6.25 to $10.40 after that
- Late Fee: $39
- Rewards: None
- Credit Score: Poor to Fair (300-590)
- Compare cards here.
When selecting a credit card, you need to choose an option that best fits your current financial situation, current credit score, and spending needs.
To choose the best credit card, you should weigh these factors and find the option that best addresses them. If you have good credit, a rewards card may offer the best features for your needs, but if your credit is poor, a secured credit card is often the best option.
Once you educate yourself about the features of credit cards, you can find a good fit for your wallet.
There are a few unique offerings out there. One, for example, is the First Premier Credit Card. This card is for people with a poor credit history. However, unlike most credit cards for poor credit, it is not a secured credit card.
Table of Contents
What Is a First Premier Bank Credit Card?
The First Premier Credit Card is an unsecured credit card for people with a poor credit score. To decide if this card is a good fit for your needs, you first need to understand its features, fees, and how it works.
Rewards
Like most credit cards for people with poor credit, this one does not offer a rewards program. However, First Premier does report to credit bureaus like Equifax, Experian, and TransUnion regularly. With proper usage, you can build a better credit score and eventually qualify for better cards with rewards programs.
Fees
The First Premier Credit Card does not require a security deposit, but it does levy a significant amount of fees. These come in the form of processing fees, annual fees, and monthly fees. Some of these charges depend on the credit limit for which you apply.
The average account with a $400 credit limit will have a $95 program fee charged when you sign up for the card. You then need to pay an annual fee. For most accounts, the cost is $100 for the first year and $45 for each subsequent year. You can expect to pay $195 in fees when opening a First Premier Credit Card.
There is also a service charge of $6.25 per month.
These fees vary depending on your credit limit. Initial annual fees range from $50 to $125, and monthly fees are $6.25 to $10.40 after you’ve had the card for a year. The amount of these fees depends on the credit limit you need. First Premier offers limits of between $200 and $1,000.
Required Credit
You can qualify for this card even if you have a poor credit score. A credit score below 580 falls into the “poor” range on the widely accepted FICO credit score scale. If you aren’t sure of your credit score, you can get a free report annually from the three major credit bureaus, Equifax, TransUnion, and Experian.
First Premier Credit Card Pros
The First Premier Credit Card has a few advantages that could benefit some users.
- You do not have to make a security deposit, although you have to pay fees for this card.
- You can qualify even if you have a poor credit score.
- First Premier reports to credit bureaus regularly, so if you use your card correctly, you should see your score increase quickly. The company lists your credit score on billing statements so that you can track your score.
First Premier Credit Card Cons
There are some drawbacks to the First Premier Credit Card that people need to be aware of before signing up.
- There are a lot of fees. Between the one-time program fee, annual fee, and monthly fees, you have high fees with this card.
- With a secured credit card, you can get your security deposit back, but you cannot reclaim the fees from using the First Premier Credit Card.
- The interest rate, currently 36%, is exceptionally high compared to other credit cards. The DCU Secured Visa Card, for example, has an interest rate as low as 11.50%, and it does not have an annual fee. To get such a card, however, you will need to make a security deposit.
How to Apply for the First Premier Credit Card
The steps to apply for a First Premier Credit Card are similar to the steps to apply for any other type of credit card.
You can start the application process by visiting the Premier Credit Card web page, which is part of the First Premier Bank website.
During the application process, you need to provide information about your income, address, and identification info, such as your Social Security number. Applicants may get a response in as little as 60 seconds after completing the online application.
First Premier does not offer any signup bonuses for new customers.
Compare other similar credit cards and learn more here.
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