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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: October 12, 2020

 

 

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

  • Build credit - Manageable credit limit, manageable payment, meant to fit your budget (build credit by keeping your balance low and paying on time every month)
  • Access to available credit when you need it 
  • Fast, easy & secure online applications
  • Enjoy peace of mind with free identity theft resolution services (subject to Mastercard guidelines)

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, depending on creditworthiness, and regular reporting to the credit bureaus helps build credit history. Keep in mind that the way to improve your credit is by keeping your balance low and paying on time every month. 

First PREMIER® Bank Mastercard® Credit Card Fees

Unfortunately, this card comes with some fees in order to use it. What you pay will depend on several factors, including your credit score, your credit limit, and how long you've had the card. You can learn more about these fees in the card's terms and conditions. 
 

Pros

All Credit Types Welcome to Apply - If you’re struggling with bad or no credit, most cards won’t approve you. That makes it hard to build your credit history. First PREMIER® Bank Mastercard® Credit Card is different — people with credit history as low as 300 are welcome to apply. Keep in mind, credit history is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit history alone does not guarantee or imply approval for any First PREMIER® Bank product.

Manageable credit limit – When you’re building your credit history, it can be easiest to start small. With the First PREMIER® Bank Mastercard® Credit Card, you will have a credit limit with monthly payments that are meant to fit your budget. By paying on time and keeping your credit balance low, you can work on improving your credit history over time. 

Regular reports to consumer reporting agencies – To successfully build 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 consumer reporting agencies. 

Enjoy peace of mind with free identity theft resolution services (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. This card can rack up several fees just to get started. 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. The goal isn't to keep these types of cards forever, but to use them responsibly while you improve your credit score so you can get a better card in the future. 

High APR – The First PREMIER® Bank Mastercard® Credit Card’s current APR is among the highest in the market. However, if you are paying your balance off monthly, then this won't be an issue for you. 

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

We recommend a score between 350 and 550 when applying for the First PREMIER® Bank Mastercard® Credit Card. In addition to this, it is required that you have a checking account in order to be approved for this card. 

But keep in mind that having a checking account and credit score in this range does not guarantee approval - These are only two of several factors that will be considered in your card application.


Conclusions

While the fees and the APR may be 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 possibilities for an increases. Regular reporting to the credit bureaus helps responsible cardholders build a positive credit history, as long as you keep your balance low and pay your bill on-time. If you have a thin credit file, or weren't as responsible credit-wise as you should have been in the past, then First PREMIER® Bank could give you a second chance.

First PREMIER® Bank Mastercard® Credit Card

YOU CAN DO MORE THAN JUST GET BY - Since 1989, First PREMIER Bank has worked to help individuals and families with less-than-perfect credit obtain the credit they need to improve their financial health.*
Apply Now
Bad/Fair Credit
  • Excellent Benefits & KEY FEATURES

    • YOU CAN DO MORE THAN JUST GET BY - Since 1989, First PREMIER Bank has worked to help individuals and families with less-than-perfect credit obtain the credit they need to improve their financial health.*
    • Access to available credit when you need it 
    • Build credit - Manageable credit limit, manageable payment, meant to fit your budget (build credit by keeping your balance low and paying on time every month)
    • Enjoy peace of mind with free identity theft resolution services (subject to Mastercard guidelines)
    • Fast, easy & secure online applications
    • Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any First PREMIER® Bank product.


Photo ©iStockphoto.com/RgStudio

 

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