If you can manage to put money down on a secured card instead, that’s a much better option. And after taking the annual fee into consideration, the credit limit available to you initially will be just $225.Īs you can see, you’ll pay $170 the first year and then $120 every year after that in order to keep your account open. The monthly fee on the card with a $300 limit is $6.25 or $75 per year (waived for the first year). You also will be charged a $75 annual fee for the first year and $45 for every year afterward.
Once you open a credit card with a $300 limit, you will pay a $95 program fee just to open an account. The First Premier Credit Card Is Expensive Still, paying that much for a credit card that earns no rewards is hard to justify, particularly when you have options. Mind you, this card doesn’t earn any rewards other than the reward of rebuilding your credit history, of course. In addition to the processing fee, you’re also charged an annual service fee, which again ranges from $49 to $125, and a monthly service fee of $6.25 to $ 10.40 (waived for the first year). Depending on your score and the credit limit you’re approved for, the fee can be as high as $95. Opening a credit card also includes a processing fee. Although the issuer doesn’t require a security deposit upfront, it more than makes up for it in the fees associated with opening and keeping the account.įirst of all, opening a credit card with the First Premier Bank requires an active checking account with the institution. You also might want to consider its costs. If you have a poor credit score and want to rebuild your credit history, you might be considering the First Premier Bank card. Is the First Premier MasterCard the Best Choice?
That makes it one of the few options that gives folks with bad credit a chance to improve it without having to make an initial deposit.įor that reason alone, the card might seem attractive, but it comes with a number of fees.
While this is a fully functional card, complete with a First Premier credit card app (called MyFirstPremierCard), it’s most notable for not requiring a cash deposit upfront. While the First Premier credit card might not have all the features and benefits of a premium credit card, it can help you build your credit history and improve your credit score. Applying for a secured credit card could be the answer, and the First Premier credit card may be exactly what you need. Applying for a mortgage? You betcha! Even renting an apartment or shopping for a cell phone plan requires a credit pull these days.īut what do you do if your credit score has seen better days? You need to start looking for ways to improve it. Buying a new car? You need good credit for that.
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