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First PREMIER Bank Credit Card Review

First PREMIER Bank Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Mar 23, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you have poor or limited credit, and have few credit card options for which you can be approved for, you may have heard about  the First PREMIER® Bank Credit Card.

The First PREMIER® Bank Credit Card is an unsecured credit card — meaning, it does not require a security deposit to access your line of credit. However, due to the card’s numerous fees and extremely high interest rates, we think it makes more sense to look at alternative credit card options, such as the Discover it® Secured.

We break down the pros and cons of the First PREMIER® Bank Credit Card and show how it compares to the Discover it® Secured.

First PREMIER® Bank Credit Card pros

No security deposit required. If you have poor or limited credit, and are interested in a credit card that doesn’t require a security deposit of a secured credit card, the First PREMIER® Bank Credit Card is an option.

Typically, secured credit cards can require a deposit of at least $200, which will serve as the cardholder’s line of credit, but are refunded (minus any balance owed) once the account is closed or moved to an unsecured card. But, while avoiding a security deposit may seem like a plus, you could easily incur fees higher than that amount simply by opening your First PREMIER® Bank Credit Card account (more on that below).

Read: The difference between secured and unsecured credit cards

First PREMIER® Bank Credit Card cons

Extremely high APR. If you are considering applying for a First PREMIER® Bank Credit Card, know that you will be subject to an annual percentage rate (APR) of 36% fixed. Because of that high APR, this isn’t a card you want to carry a balance on, as the interest charges will considerably inflate what you owe.

Excessive fees. Much like other credit cards designed for individuals with bad credit, the First PREMIER® Bank Credit Card is laden with feesFor example, the card requires a one-time program fee, as well as monthly and annual fees, which vary depending on your credit limit.

First PREMIER® Bank Credit Card set-up and maintenance fees

Credit limitOne-time program feeAnnual feeMonthly fee
$300$95$75 first year, $45 annually after that$0 first year, $75 annually after that ($6.25 per month)
$400$95$100 first year, $45 annually after that$0 first year, $75 annually after that ($6.25 per month)
$500$95$125 first year, $49 annually after that$0 first year, $124.80 annually after that ($10.40 per month)
$600$75$79 first year, $49 annually after that$70.20 first year ($5.85 per month), $99 annually after that ($8.25 per month)
$700$55$79 first year, $49 annually after that$96 first year ($8 per month), $124.80 annually after that ($10.40 per month)
$1,000$25$79 first year, $49 annually after that$96 first year ($8 per month), $124.80 annually after that ($10.40 per month)

Automatic credit limit increase fees. Once your account has been open for 13 months, First PREMIER Bank may check to see if you’re eligible for a credit limit increase. If you are, you will be charged a fee that’s 25% of the amount of the credit limit increase. For example, if approved for a $100 credit limit increase, you’ll incur a $25 credit limit increase fee, which will result in an increased available credit of $75.

If you have been granted a credit limit increase you don’t want, you can request a refund within 30 days after the date of the billing statement on which the fee is billed.

Additional First PREMIER® Bank Credit Card fees:

  • Late payment fee: Up to $39
  • Return item charge: Up to $39
  • Express card delivery fee: $35 (only available for lost, stolen or replacement cards)
  • Wire transfer fee: $5 per transaction
  • Copying fee: $3 for each statement, sales draft or other document copy
  • Foreign transaction fees: 3% of each transaction amount in U.S. dollars

Compare it to the Discover it® Secured

  • 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically

  • Credit line will equal your security deposit of $200 or more*

  • No annual fee, no late fee on your first late payment. No penalty APR*

Highlights
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
  • Establish your credit line with your tax return by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • See Rates & Fees

See additional details for Discover it® Secured

More Info

If you’d prefer to pay a refundable security deposit rather than a plethora of set-up and maintenance fees, you may want to consider the Discover it® Secured.

The card requires a minimum security deposit of $200 to open your account, and your credit limit will be determined by your income and ability to pay (up to $2,500). Then, starting at 8 months, Discover will automatically review your account to see if you qualify to receive your security deposit back and convert to an unsecured card.

The Discover it® Secured also comes with a $0 annual fee and waives your first late payment fee.

First PREMIER® Bank Credit Card vs. Discover it® Secured

 First PREMIER® Bank Credit CardDiscover it® Secured
Annual fee$95 one-time program fee, then annual and monthly fees that vary by your credit limit$0
Sign-up bonusN/AN/A
Rewards rateN/A2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
Regular purchase APR36% fixed22.99% Variable
Foreign transaction fees3%None

Unlike typical secured credit cards, the Discover it® Secured offers rewards on every purchase you make. Cardholders earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Additionally, for new card members only, Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

Keep in mind, though, that it’s best to focus on demonstrating responsible card usage by paying your card balance in full and on time each month, rather than racking up rewards.

Which credit card is best for me?

If you’re in the market for a credit card that accepts applicants with Limited/Bad/Poor credit, we suggest avoiding the First PREMIER® Bank Credit Card. Instead, consider a credit card with considerably lower fees and interest rates, such as the Discover it® Secured.


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