First PREMIER® Bank Secured MasterCard®, Editor Reviewed at CompareCards.com

First PREMIER® Bank Secured MasterCard®

Editor's Rating: 8.5
Consumer Rating: (5 ratings) 8.0

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Intro APR:	See Terms
Regular APR:	See Terms*
Annual Fee:	See Terms*

Intro Period:	See Terms
Balance Transfer:	See Terms*
Credit Needed:	All Types

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Reports monthly to 4 Major Credit Bureaus
A Credit Card for Those With Less Than Perfect Credit
Accepted where you see the MasterCard Logo
Quality Customer Service
Over 3 Million Card Holders

EDITORS' RATINGS OVERALL SCORE

8.5

Overall

The Bottom-Line

For anyone who has had trouble qualifying for a traditional credit card, this card is available to most applicants and can actually improve credit history by reporting to the major credit bureaus.

The Good

This card is even to those with bad credit. It’s accepted anywhere that MasterCard is accepted and can actually help improve credit score by reporting to major credit bureaus.

The Not So Good

Credit limit is dependent on amount deposited for security deposit. Fees can be quite high and will reduce the amount of the credit limit.

CARD DESCRIPTION

The First PREMIER® Bank Secured MasterCard is a card designed especially for those with negative credit history. Credit limits are based on the amount the cardholder deposits on the account up to $5000 and good account management will help to improve the card holder’s credit score.

This is a secured card that doesn't issue your standard line of credit. Instead, this card is designed to help people with a lower credit score such as those with a FICO score around 409. If your score is in this range or slightly higher and you cannot get approved for other cards, then you should consider this one.

This card does not have an introductory rate so the APR will apply right away with the lowest available on this card being 19.90%. There is a grace period of 25 days so you will not generate any interest charges during that time.

If you've had problems in the past with qualifying for a regular credit card because of your prior credit history, then this could be the opportunity for you to get a MasterCard and start repairing your less than perfect credit rating. This card reports to four major credit bureaus so you can improve your credit score more quickly by making your payments in full and on time.

Read Customer Reviews (Last Reviewed: Jul 31, 2008)

DETAILED EDITORS' RATINGS

7.5

Benefits

Accepted wherever MasterCard® is accepted; relatively low APR on purchases; reports monthly to major credit bureaus.

7.0

Fees

$69 annual fee; 3% cash advance fee; $29 (one time) account set-up fee; $95 (one time) program fee; and $72 annual participation fee.

7.0

Regular APR

19.9% fixed APR on purchases; 19.90% fixed APR on cash advances