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Is First Premier Credit Card Legit

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Should I Enroll In First Premiers Credit Protection Program

First Premier Credit Card Review | SCAM

The First Premier Bank Credit Card offers optional credit protection, which may pay the minimum payment due on your billing statement if the primary cardholder enrolls and then experiences involuntarily unemployment, disability, unpaid family leave, hospitalization or loss of life. The monthly cost of optional credit protection is $0.89 for each $100 of your outstanding ending monthly balance.

If you enroll in optional credit protection and then need to use this benefit, youll continue to accrue interest and other fees during the benefit period but you will not be able to use your account for any purpose. So, for most cardholders, it will be best to turn down the optional credit protection program and instead work on creating an emergency fund.

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First Premier Bank Mastercard Credit Card Reviews

This is the worst credit card Ive ever had!! Ive been on time for every payment and Ive paid over the minimum payment! And they always hit me with some hidden fee! Ive closed my account and paid the full balance and I checked the app and they somehow charged me another 10$???? How?? Why??? Never again!! I have one more card I have to pay off from them and Im done!! Folks this card is horrible! Ive been a loyal valuable customer for over 3 yrs.

The Annual Fee Will Eat Into Your Credit Limit For The First Month

The annual fee is due upon account opening, which means youll automatically have a balance of $29, $39 or $49 on your first statement . Thats important to note, especially if you provided the lowest allowable deposit of $200, which would reduce your credit limit to $171, $161 or $151 in the first month.

No-annual-fee secured credit cards are available, though they typically charge higher interest rates.

For instance, the Discover it® Secured Credit Card has a $0 annual fee and it charges a 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 22.99% Variable APR. Unlike the First Progress cards, this card earns rewards: 2% cash back on up to $1,000 in gas station and restaurant purchases each quarter, and 1% back everywhere else. Plus, theres a bonus for new cardholders, phrased this way: “INTRO OFFER: Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! Theres no minimum spending or maximum rewards. Just a dollar-for-dollar match.” The minimum security deposit is $200.

The Capital One Platinum Secured Credit Card doesnt offer rewards, but its possible to get a $200 credit limit with a lower initial deposit if you’re eligible. Depending on your financial situation, you may qualify for a minimum security deposit of $49, $99 or $200.

» MORE: NerdWallet’s best credit cards for bad credit

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First Access Credit Card Reviews

In the First Access credit card review below, well take a look at the ins and outs of the First Access Visa Card, including the pluses and minuses and well also highlight a few alternate credit cards for your consideration.

Having bad credit is tough. Obtaining new credit lines is difficult, and what credit you do obtain is typically expensive or full of restrictions.

And, while the modern credit card marketplace offers more options for unsecured subprime credit cards than ever before, combing through the seemingly identical high-priced offerings can be a chore.

Take the First Access Visa Card, for example. On the surface, it appears to have many of the same high fees and rates as its competition. However, looking closer at the customer reviews shows a well-reviewed card that stands out from the crowd.

Surge Mastercard Credit Card Vs Credit One Bank Platinum Rewards Visa

First Premier Bank Mastercard Reviews: Pricey Option To Rebuild Your ...

Both of these cards are geared towards customers with poor credit. What differentiates the from the Surge Mastercard® is the former earns cash back rewards. Credit One Bank Unsecured Visa cardholders can earn 1% cash back on eligible gas, grocery and telecommunication purchases, which include internet, cellphone, cable and satellite TV services.

You can expect the same added benefits on both cards . Like the Surge card, Credit One Bank Unsecured Visa also charges between $95 in annual fees, which can be confusing because you wont know until youre approved what your exact terms are. Again, these cards are best as a last resort. There are better options available.

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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.

Who Is This Card For

The First Premier Bank Credit Card is for consumers who are working to build or repair their credit and cant be approved for most traditional credit cards. Due to the cards high fees and lack of rewards, you will only want to get this card if you cant be approved for a credit card with lower fees and arent willing to use a secured credit card.

If you opt to use the First Premier Bank Credit Card, you hopefully wont need to keep this card for more than 18 to 24 months. This is because if you use the card responsibly during this time, you should be able to improve your credit enough to be approved for other cards.

This card isnt available to residents of New York and Wisconsin. Additionally, this card isnt available to active-duty military personnel and their dependents who are covered borrowers under the Military Lending Act.

Related reading: Secured vs. unsecured credit cards: What you should know

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First Premier Bank Credit Card: Avoid This Deal

Here are some aspects of one offer that cameinto the Cagey Consumer’s hands that had been sent to one such student:

The return address specifies that themailing piece is from the Office of the Chief Bank Officer,suggesting that the recipient has received the personal attentionof an important official of some bank.
false “Reply Required” marking
The outside of the envelope is marked in red with thelegend “Reply Required, MasterCard Issuance Pending”,falsely indicating that the recipient has a legalobligation to reply.
misleading “documents registered” legend
The outside of the envelope is marked”DOCUMENTS REGISTERED: The person identified in window has beenassigned the enclosed Bank Documents”.This completely meaningless statement is intended to givethe recipient the impression that the person is legallyresponsible for reviewing the contents.
Inadequate disclosure of mandatory fees
In addition to an annual fee of $50, there is a monthly feethat equates to $72 per year, a one-time acceptance fee of$119, and a one-time processing fee of $19.The only one of these mentioned on the front of the letteris the $19 processing fee.
No toll-free number for additional information
The “information line” provided is not a toll-free number,thus discouraging the recipient from asking questions.

Here are comments from others about First Premier Bank’scredit card offers:

Guranteed unsecured $250 minimum VISA card

Surge Mastercard Credit Card Vs Indigo Platinum Mastercard

First Premier Bank Platinum Credit Card Review (SCAM)

These two unsecured credit cards similar except for the annual fee. Where the Surge may charge you a high annual fee in the first year , the Indigo® Platinum Mastercard® comes with a set $0-$99 annual fee every year ranging from $0-$99 depending on your creditworthiness. Since both are unsecured credit cards, no cash deposit is required in exchange for a line of credit.

Despite the high annual fees, each card accepts applicants with poor credit. Since both cards report your credit activity on a monthly basis to the major bureaus, either can be a useful tool for those who need to revamp their creditassuming you are never late on a payment. But know that there are better options without any annual or other unnecessary fees.

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Annual Fee Monthly Fees And Program Fee

As mentioned earlier, your credit limit with the First Premier Bank Credit Card will be $300, $400, $500, $600, $700 or $1,000 depending on your creditworthiness. The cards annual fee, monthly fees and program fee vary based on your credit limit.

$79 the first year, then $49 $8.00 per month the first year, then $10.40 per month

The program fee must be paid in full before the credit account is opened. If you are approved but dont pay the program fee in full within 85 days from the date the application was approved, your application will be withdrawn.

The annual fee will be charged once your credit account is opened, and then in about the same billing cycle of each following year. The monthly fee will be billed until your credit account is closed and the balance is $20 or less.

No benefits besides the benefit of having access to a credit card are provided for these fees. Instead, First Premier says the program fee is to offset the risk associated with the credit account.

Related reading: The best no-annual-fee credit cards

Other Cards To Consider

If youre looking for a credit card to help improve your credit score, you may want to consider a secured credit card. Secured credit cards require that you put down a deposit equal to your credit line, but the fees on many secured cards are much lower than those on the First Premier Bank Credit Card. Some secured credit cards like the Discover it Secured and BankAmericard Secured credit card dont charge an annual fee and may even move you to an unsecured credit line as your credit score improves. The Discover it Secured even provides cash-back rewards.

The information for the BankAmericard Secured credit card and Discover it Secured has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Even if you want to stick to unsecured credit cards, there may be better options than the First Premier Bank Credit Card. For example, the Indigo Platinum Mastercard is designed for consumers with bad to fair credit, but it has lower fees and you could pre-qualify without needing a hard credit pull. that have modest fees and offer limited cash-back earning for consumers who are rebuilding their credit.

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% Foreign Transaction Fee

If your financial emergency for some reason involves international travel or spending, its important for you to note this cards 3% fee for transactions processed outside the U.S. Such a charge bucks the market-wide trend away from geographic nickel-and-diming, as the average foreign transaction fee has fallen by 38% since 2014, according to WalletHub data.

This Card Is Best For

The First Premier Mastercard is designed for applicants with poor credit who want to build or restore their credit history . Its also for such people who prefer not to come up with the security deposit required for a secured card, the leading alternative for those with no or damaged credit who want to improve their creditworthiness.

However, while the First Premier Mastercard involves no security deposit, you must have up to $95 on hand for its program fee soon after you are approved for the card, and other charges follow. This, then, is not a card for those who hope to get credit and yet cant come up with money to begin that process.

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Things To Know About First Progress Secured Credit Cards

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

First Progress offers three different secured credit cards that could be decent, if expensive, options for consumers looking to build their credit:

Each requires an initial deposit of $200 to $2,000, which becomes your credit limit. But unlike some other secured cards, you’ll also owe an annual fee, you won’t earn rewards, and there’s no clear upgrade path to a “normal” unsecured product from First Progress.

Still, you can apply for these cards without dinging your credit scores, and all of them report your activity to the three major credit bureaus. Plus, they come with comparatively low interest rates for cards in their class, ideal if you carry a balance.

Here are five things to know about First Progress secured credit cards.

» MORE: NerdWallets best secured credit cards

Our Take: A Subprime Card With Flexible Credit Reqs

As with any unsecured credit card designed for subprime or bad-credit consumers, the First Access Visa Card isnt the cheapest product on the market. It has a high APR, a fairly high annual fee that is deducted from your initial available credit, and a one-time program fee paid upfront.

That being said, the First Access Visa Card is a subprime card. As such, it has extremely flexible credit requirements, which makes it accessible to a wide variety of credit types. Plus, the online application is quick and easy, with decisions available within minutes of submitting your application.

Yes 8.0/10

Perhaps the most important thing to understand about the First Access Visa Card is that it isnt meant to be your forever card. The card is aimed at consumers with bad credit consumers who are notoriously high risk and more likely to default on their debts.

The high rates and fees charged by the First Access Visa Card are intended to balance out the high risk of its applicant demographic. In other words, theyre the cost of having bad credit.

The First Access Visa Card clearly lays out its costs in a fairly easy-to-find Rates & Fees documentation at the top of the application page. It also highlights its program fee on the main application page for double awareness.

The Rates & Fees documentation can be found through a link at the top of the First Access Visa Card application page.

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Can I Withdraw Money From My First Premier Bank Credit Card

You can withdraw money from the First Premier Bank Credit Card as a cash advance. Once your account is open, your initial cash advance limit will be 10% of your credit limit. But, once your account has been open and active for at least 90 days, has two consecutive months of current payment history, is not delinquent and has had no return payments for the past 60 days, your cash advance limit may be increased to 50% of your credit limit.

If you take a cash advance, youll need to pay a cash advance transaction fee of $8 or 5% of the cash advance, whichever is greater. And, youll start accruing interest on cash advances immediately. So, its best to avoid taking cash advances.

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Fees To Watch Out For

First Premier Credit Card Review 2021 – Bad Credit Mastercard

The set-up and maintenance fees are assessed before you begin to use your card, and are deducted from your available credit. See below for available fees and credit limits.

$75 first year after that, $45 per year $0 first year after that $75 per year $225
$100 first year after that, $45 $0 first year after that $75 $300
$125 first year after that $49 $0 first year after that $124.80 $375
$79 first year after that, $49 $70.20 first year after that $99 $515
$79 first year after that, $49 $96 first year after that $124.80 $613

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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.

You Need A Qualifying Bank Account

Regardless of which First Progress card you apply for, you must have a qualifying Synovus Bank account to be approved. Your security deposit will live there. First Progress notes that you’ll also need a bank account to make your monthly payments and “avoid having to incur separate costs imposed by outside payment vendors.”

If this requirement is a deal-breaker for you, you may want to consider the OpenSky® Secured Visa® Credit Card, which doesn’t require a bank account or a credit check. You’ll still owe an annual fee of $35.

» MORE: Can’t get a credit card? Try these alternative options

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