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
- All credit types welcome to apply
- May approve those currently building their credit history
- Reports your history to all major Consumer Reporting Agencies on a monthly basis.
- 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
- Complimentary Mastercard Identity Theft Resolution Services (subject to Mastercard guidelines)
- Checking Account Required
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
All credit types welcome – 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 to all major Consumer Reporting Agencies on a monthly basis.
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.
Complimentary Mastercard Identity Theft Resolution Services () – 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 CreditPeople 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.
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