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Card Review: First PREMIER® Bank Mastercard® Credit Card: A Good Option for Bad Credit

Card Review: First PREMIER® Bank Mastercard® Credit Card: A Good Option for Bad Credit

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• Updated: July 04, 2019



Do you worry that you screwed up your credit so badly that you won't qualify for an unsecured credit card? Don't stress. Instead, look into the First PREMIER® Bank Mastercard® Credit Card, an unsecured entry-level card with manageable limits and regular credit reporting designed for the cardholder working to rebuild his or her credit.

The Basics

  • Low monthly payment intended to fit your budget
  • May Access to available credit when you need it
  • Reports your history[content 166 bullets args='number=6, remove=The activity on our manageable credit limit products is reported']
  • Eligibility for credit limit increase 13 months after account opening
  • 36% APR
  • Annual fee, program fee, and monthly fee vary by credit limit
  • Credit limits range from $300 to $1,000
  • [content 166 bullets args='number=8']
  • WE'VE GOT YOUR BACK. With millions of customers nationwide, First PREMIER Bank has the expertise to serve you, your family and friends. It’s fast and easy to apply. The first step on your journey is a checking account.  Fill out an application and know in 60 seconds if you're approved!
Let's face it: it's difficult to function in today's digital world without a credit card. If you've made mistakes in the past, bad credit can be a barrier to getting approved. The First PREMIER® Bank Mastercard® Credit Card might be the solution. It's a no-frills unsecured option for people struggling to rebuild their credit.

Credit limits are small and manageable, ranging from $300 to $1,000, depending on creditworthiness. Regular reporting to the credit bureaus helps build credit history, and receiving a free quarterly FICO score encourages cardholders to monitor their credit.

First PREMIER® Bank Mastercard® Credit Card Fees

The fee structure for the First PREMIER® Bank Mastercard® Credit Card is somewhat complicated as it's comprised of three separate fees: a one-time program fee, an annual fee, and a monthly fee. On top of that, the fees vary based on your assigned credit limit and how long you've had the card. The table below breaks them down, so you won't have any surprises:
Credit Limit One-time Program Fee Annual Fee Monthly Fee
$300 $95 First year: $75

After that: $45
First year: $0

After that: $6.25
$400 $95 First year: $100

After that: $45
First year: $0

After that: $6.25
$500 $95 First year: $125

After that: $49
First year: $0

After that: $10.40
$600 $75 First year: $79

After that: $49
First year: $5.85

After that: $8.25
$700 $55 First year: $79

After that: $49
First year: $8

After that: $10.40
$1,000 $25 First year: $79

After that: $49
First year: $8

After that: $10.40

Pros

Low monthly payment intended to fit your budget – If you’re struggling with bad or no credit, most cards won’t approve you. That makes it hard to build or rebuild your credit history. First PREMIER® Bank Mastercard® Credit Card is different — people with credit scores as low as 300 are welcome to apply.

Manageable credit limit – When you’re building or rebuilding your credit history, it can be easiest to start small. With the First PREMIER® Bank Mastercard® Credit Card, you’ll be assigned a credit limit between $300 and $1,000, depending on your creditworthiness. You won't be stuck with that limit forever: you may be considered for a credit limit increase 13 months after account opening (subject to a 25% fee). These limits are manageable while giving you more spending power than some competitors (like the Capital One® Secured Mastercard®).

Regular reports to the credit bureaus – To successfully rebuild or establish a good credit history, you need consistent, on-time payments showing on your credit report. The First PREMIER® Bank Mastercard® Credit Card reports your payments and balance [content 166 bullets args='number=6, remove=The activity on our manageable credit limit products is reported']

Free quarterly FICO score – Continuing with the credit-building theme, the First PREMIER® Bank Mastercard® Credit Card helps you monitor your credit by providing a free quarterly FICO score on your monthly statement.

[content 166 bullets args='number=8, remove=(subject to Mastercard guidelines)'] – As a Mastercard® holder, you get access to free support if you become a victim of identity theft.

Cons

Expensive fees – If avoiding fees is a priority, the First PREMIER® Bank Mastercard® Credit Card's fee structure might give you pause. In addition to the program, annual, and monthly fees outlined in the table above, there's a 3% foreign transaction fee and an $8 or 5% cash advance fee. If you are approved for and accept a credit limit increase, you're charged 25%.  The reality is that cards for bad credit usually require a security deposit (which this card doesn't) or carry significant set-up and maintenance fees.

High APR – The First PREMIER® Bank Mastercard® Credit Card’s current APR is 36%, which is among the highest in the market.

No Rewards – If you’re looking to earn cash back or points, this isn’t the card for you. The main benefit of the First PREMIER® Bank Mastercard® Credit Card is its accessibility to people with bad/fair credit. If you’re not in that boat, it may not be the best fit for you.

Qualifying for the First PREMIER® Bank Mastercard® Credit Card

Credit Needed: Bad/Fair Credit

People with credit scores in the 300 to 620 range can qualify for the First PREMIER® Bank Mastercard® Credit Card, making it a viable option for those struggling to build or rebuild their credit.

Conclusions

While the fees and the APR are high, the First PREMIER® Bank Mastercard® Credit Card will appeal to people with bad credit who are looking for an unsecured option. Credit limits are kept small and manageable, with eligibility for an increase after 13 months. Regular reporting to the credit bureaus helps responsible cardholders build a positive credit history, while free FICO scores encourage credit monitoring. If you have a thin credit file, or weren't as responsible credit-wise as you should have been, the First PREMIER® Bank Mastercard® Credit Card could give you a second chance.

First PREMIER® Bank Mastercard® Credit Card

WE'VE GOT YOUR BACK. With millions of customers nationwide, First PREMIER Bank has the expertise to serve you, your family and friends. It’s fast and easy to apply. The first step on your journey is a checking account.  Fill out an application and know in 60 seconds if you're approved!
Apply Now
Bad/Fair Credit
  • Excellent Benefits & KEY FEATURES

    • WE'VE GOT YOUR BACK. With millions of customers nationwide, First PREMIER Bank has the expertise to serve you, your family and friends. It’s fast and easy to apply. The first step on your journey is a checking account.  Fill out an application and know in 60 seconds if you're approved!
    • Access to available credit when you need it
    • Low monthly payment intended to fit your budget
    • Build credit with First PREMIER-opportunity for credit limit increases after consistent responsible account management
    • Customized account management options to fit your needs


Photo ©iStockphoto.com/RgStudio

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