Review: First Premier Bank Mastercard Credit Card
First PREMIER Credit Card Review Highlights:
- Very expensive. The First PREMIER Bank Mastercard Credit Card charges an application-processing fee, an annual fee and a monthly fee. The exact amounts depend on the credit limit youre assigned, but the processing fee could be anywhere from $25 to $95. The annual fee ranges from $75 to $125 the first year and $45 to $49 each year thereafter. And the monthly fee could be as low as $6.25 or as high as $10.40.Best case, youll have to pay roughly $290 in fees before the second anniversary of account opening. Worst case, youll have to shell out $404. In contrast, the average credit card would cost you about $34.7 over the first two years of use. And the best credit cards for people with the bad credit can be free to use.
- The costs just keep on coming when you use the First PREMIER Bank Card. Balances carried from month to month will accrue interest at a whopping high annual rate. Its by far the highest APR on the market, according to WalletHubs database of 1,000+ credit card offers, and nearly double the 17.75% average among secured cards. Furthermore, as finance charges are added to your minimum monthly payment, youll have less and less borrowing power to work with the longer you carry a balance.
Secured Is Better And Cheaper
If you’re going to need to come up with $300 or more to get a credit card in your wallet in order to build your credit, you should at least be able to get that money back once your score has risen enough to qualify you for other cards. That’s why secured cards, with their refundable deposits, remain the best option for bad credit.
Can I Get A Cash Advance Online
Another way to receive cash is through a cash advance loan online. An online cash advance loan works when you apply with an online lender for a short-term loan. You fill out an online application and once approved you find out how much money you qualify for.
That money can then be used as an emergency fund to pay off those unexpected bills or expenses. The payment for a cash advance loan can include a fee on top of the monthly payment that is due.
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First Premier Bank Account Features
All of First PREMIER Banks checking accounts collect interest, and they require small opening balances. While they don’t have the best interest rates around, these accounts are relatively easy to manage and carry low fees that you can waive. Most other banks’ basic checking accounts dont pay interest, so this is a considerable perk. One of its savings accounts generate a tiered interest rate, but youd need to keep a large balance to get a rate that can compete with some online banks. Still, First PREMIER Bank offers other benefits such as access to thousands of ATMs and customer service through community-focused branches.
Making Payments With Billpay
If your bank offers the BillPay service, send your payment to First Premier Bank at < st1:address w:st=”on”> < st1:street w:st=”on”> PO Box 5529, < st1:city w:st=”on”> Sioux Falls, < st1:state w:st=”on”> SD, < st1:postalcode w:st=”on”> 57117-5529 by entering your 16-digit credit card number in the account number field. BillPay payments post within three business days.
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What Can You Do Online With First Premier Bank
First PREMIER Bank offers some useful online features. You can check your account balance, pay bills and manage your accounts online or through a mobile device. You can also snap a photo of a check to make a mobile deposit. In addition, you can transfer money and find ATM locations from your phone or tablet. The First PREMIER mobile banking app is compatible with iPhones and Androids.
The app also offers a Personal Financial Management tool that allows you to connect multiple accounts including those outside First PREMIER bank to get a complete picture of your finances. The tool also automatically categorizes transactions to help you take a closer look at how youre spending your budget. You can modify transaction descriptions as you wish.
How To Use This Card
The First Premier Bank Credit Card is unsecured, so youll be assigned a credit limit by the issuer if youre approved. This credit limit will be $300, $400, $500, $600, $700 or $1,000, depending on your creditworthiness. However, your annual fee will be deducted from this credit limit, so your initial available credit will be your credit limit minus your annual fee.
Your primary goal while using this card should be to improve your credit score so you can get approved for a credit card with rewards, lower fees and a higher credit line. Many different components go into calculating your credit score, but FICO one of the primary formulas used to calculated credit scores states that 35% of your score is based on your payment history and 30% of your score is based on your credit utilization ratio.
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What A Cash Advance Is
A cash advance is a cash withdrawal from an ATM using a credit card. The cardholder is essentially purchasing cash from the credit card company as opposed to purchasing an item from a store. Money withdrawn from an ATM gets added to the account balance and will be reflected in monthly statements. One-time fees and high interest rates often accompany cash advances. The average APR for a cash advance ranges from 20% to 25%, which is much higher than APRs for regular purchase transactions. For these reasons, cash advances should be used only as a last resort or in an emergency situation.
How Can I Pay My Credit Card Bill
Check your payment details on Qantas Money, the Qantas Money app or on your statement.
Then, select one of the following payment options available to you:
- Make a one-off or recurring BPAY® payment from one of your financial institution accounts:
- Biller Code:266536
- Ref:Your 16-digit card number
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Are Cash Advances A Bad Idea
Many personal finance experts caution that cash advances from your credit card can be a bad idea and suggest to only use them in an emergency situation. Cash advances from your credit card can be a really expensive short-term loan as the current average interest rate for cash advances is 23.7%, according to CreditCards.com.
Notably, credit reports do not indicate when a cash advance is taken against a credit card account so cash advances do not directly affect your .
Mypremiercreditcard Username Or Password :
Sometimes you might forget your username or password, you dont need to panic. It happens with almost everyone because we are human beings. There are some simple steps to retrieve your password or username.
- Open the mypremiercreditcard login page, on this page you will get an option to forget your username or password. Click on that.
- It will direct you to another page, there you have to fill in your account range and social security number.
- Then select respective forget password or username, whichever you want to retrieve.
You can also contact the customer service representative on contact number: 1-800-987-5521.
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When Will A Mailed Payment Post To Your Account
Mailed credit card payments take the longest to post to your account. The credit card payment has to be delivered to your credit card issuer. Then, the payment processing center has to open up hundreds of envelopes, retrieve payments, and post the payments to each account.
Increased mail volume and postal holidays can delay mailed payments around holidays. Make sure you consider this when you mail a credit card payment.
How To Make Payments To First Premier Card
If you’re repairing your credit score because of some blemishes on your credit report, First Premier Bank offers a way to begin rebuilding a good credit history. First Premier’s Premier Bankcard is a credit card that’s designed for those with less-than-perfect credit. First Premier provides numerous ways for you to make your credit card payments, so you’ll be able to choose the option that works best for you. Premier credit card payment options include making payments online, by phone, by mail, with cash, through a wire transfer and by using BillPay through your bank account.
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First Premier Credit Card Review: Bad Option For Bad Credit
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For people struggling to raise their credit scores, the credit cards offered by First Premier Bank might initially seem attractive. But once you get past that first glance, things get ugly in a hurry.
The primary appeal of First Premier cards is that they are “unsecured.” That means that, unlike secured credit cards, they don’t require an upfront security deposit. Minimum deposits for secured cards are typically $200 to $300, and some people simply can’t afford to lock up that much money in a deposit.
Even without requiring a deposit, First Premier cards still get their hands deep into your pockets right away, piling on fees from the get-go and charging some of the highest interest rates in the industry.
» Want a better, cheaper option?See our best credit cards for bad credit
First Premier Bank Credit Card Reviews
As you might expect, the First Premier card doesn’t get rave reviews. The majority of reviewers give this card low marks for its high APR and excessive fees.
However, some reviewers say First Premier gave them a chance when other credit card lenders turned them down. For example, several reviewers said the First Premier Bank Mastercard helped them rebuild their credit, with one reviewer crediting the card with helping them raise their credit score after a bankruptcy.
It’s worth noting that the majority of positive reviewers said they were aware of the card’s high fees and before they signed up. To avoid any unpleasant surprises, it’s always a good idea to thoroughly review a card’s user agreement before you apply.
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How Long Does It Take A Credit Card Payment To Post
Eric is a duly licensed Independent Insurance Broker licensed in Life, Health, Property, and Casualty insurance. He has worked more than 13 years in both public and private accounting jobs and more than four years licensed as an insurance producer. His background in tax accounting has served as a solid base supporting his current book of business.
Have you ever made your , then eagerly waited for the payment to be applied to your account? Maybe you needed to clear up some available credit for a large payment or you’re hoping to reduce your balance for a credit report update.
Both the timing and method of your credit card payment affect how quickly the payment is applied to your account.
The amount of time it takes for a payment to post to your credit card account depends on how you pay, when you pay, your credit card issuer, and your bank.
Will My Credit Card Work In An Atm
Nearly every credit card allows you to borrow cash with cash advances, however it is probably not a good idea. After all, fees and high interest rates are a great way for issuers to make money, as you can see in this example.
Check the cardholder agreement that came with your card to make sure. If you see a Cash Advance APR and Cash Advances Fee, then you can probably get a cash advance with that card. It might look something like this:
Check your credit card statement. If you see a cash advance credit line or cash advance credit limit, thats the maximum amount of cash you can take out. Its important to know what this is so you dont try to withdraw too much. The credit limit for cash advances is usually smaller than your cards credit limit for regular purchases.
If you dont have your credit card terms or a statement handy, you can call the phone number on the back of your card to ask if your account allows cash advances and the limit of your cash advance line of credit.
Otherwise, provided you have enough available credit, the only thing that would prevent you from being able to access a cash advance on the fly is if you didnt know your credit card PIN.
You may have received a PIN when you initially received your new credit card in the mail, or you may have had the option to create your own custom PIN online or by phone.
Alternatively, you can always call the customer support phone number on the back of your credit card for assistance.
Insider tip
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Does Indigo Give Credit Increases
It takes about a year before you can ask for an Indigo credit limit increase. In general, each credit limit increase request can cause a small, short-term drop in your credit score. But its nothing to worry about, and getting an increase will help your score long-term.
Where Can I Find First Premier Bank
First Premier Bank operates more than 15 branches throughout eastern South Dakota, where its headquarters are also based. You cant currently find branches outside of the state, but you can call customer service at 605-357-3002 or 800-501-6535. You can access your account 24/7 by dialing 605-335-2255 if youre within Sioux Falls or 800-315-6350 if youre outside that region.
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Negative Effects On Credit Scores
Taking out even one cash advance could lead to a decrease in credit score if not paid off quickly. Just as with regular purchases, cash advances will lower a cardholders available credit. If the account balance isnt paid and interest continues to accrue daily, a cardholders rate can skyrocket as available credit drops. This can lead to a decrease in credit score. Lenders may also view cardholders as a credit risk if they ever apply for a new card or want to take out a loan for a car or mortgage and available credit is reduced. Note that landlords also may consider credit when deciding to rent a room, apartment or house.
Confirming Online Card Purchases
We provide an extra layer of security when you shop online with your HSBC UK debit card and credit card, using the VISA Secure or Mastercard Identity Check service. It’s free and you don’t need to register.
When you buy something online with your HSBC UK debit or credit card, you may be asked to confirm the payment so that we can check it’s really you and not a fraudster.
From June 2021, you may be asked to confirm online card payments more often, and we’re bringing in new ways for you to do this. To find out more about these changes, see confirming online card purchases.
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Making Payments By Phone
Call First Premier Bank at 1-800-987-5521 to make a payment by phone using your personal checking account or your debit card. You’ll need to have your debit card number and your credit card number handy before dialing. Using the automated attendant, follow the prompts to enter your information and make a payment.
Phone payment posting times follow the same schedule as the online payment posting times above.
Once Balance Is Paid Off Your Credit Limit Is Restored
New to credit? Heres how charging and repaying affects your credit limit.
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Dear Opening Credits,I have a credit-builder card from my bank with a $2,000 credit line. I have already racked up a bill of $500 on purchases. When I pay that off, will my loan amount go back up to $2,000? Tiffany
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Dear Tiffany,Thank you for asking this question because I want everybody to be perfectly clear on the way credit cards work. And just as importantly, how theyre reported to the credit reporting agencies and the effect they have on credit scores. So here is what you and all cardholders need to know.
Once a card is active, you can choose to charge any amount up to the limit. When you do, the amount you can borrow is reduced by what you owe. Since the limit for your card is $2,000 and youve already used $500 of it, you have $1,500 available to you. If you pay the bill in full and by the due date, you will have the complete $2,000 at your disposal again.
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