What Is The Best Annual Fee Credit Card
If you want to earn rewards on every purchase you make, the Capital One Venture Rewards Credit Card is a clear winner. This card offers a number of valuable perks, a ton of flexibility and a generous welcome bonus. It earns two miles on every purchase made, and there are a number of convenient redemption offers, including the ability to transfer miles to several leading travel loyalty programs. If you don’t want to think about how, when, or where you earn rewards, this is a hard card to beat.
You may spend heavily in certain categories though, or maybe you don’t mind keeping up with rotating rewards. No two credit card users are the exact same, so it’s not so easy to declare one winner overall.
When it comes to deciding what the best credit card for the annual fee is, it’s important to consider which rewards make the most sense for you and your spending habits, and evaluate whether or not you’ll actually use your card and any added benefits it offers. If you’re not utilizing a card’s perks, it’ll be hard to offset the annual fee. So don’t choose a card just because the benefits sound great. Make sure they’re perks you’ll actually use.
Best Card For Dining Out
Why We Like It:
The Bonus:;Earn 60,000 Membership Rewards® points after you spend $4,000 on purchases within your first six months as a cardholder.
The Rewards: You’ll earn four times the Membership Rewards® points at restaurants, including takeout and delivery; four points at U.S. supermarkets ; three times the Membership Rewards® points on flights booked directly with airlines or on amextravel.com; and one point per $1 on your other purchases.
The Annual Fee:$250
How do you Offset the Annual Fee?: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. This alone gets you almost halfway there. Take advantage of up to $10 total monthly in statement credits when you use your card to pay for purchases at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed and participating Shake Shack locations . This can be an annual savings of up to $120. Plus, there’s the generous welcome bonus, and with strong ongoing rewards, if you use this card regularly you’ll easily earn enough to offset the cost of the card.;
Good, Excellent
PROS:
CONS:
- Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.
- If you don’t fly often, you might be better off with a card that rewards gas purchases or hotel stays instead of airline expenses.
| Likelihood of Continuing to Use | 9.2 |
What Are Some Of The Best Cards With No Annual Fee
- Bank of America® Travel Rewards credit card: Best for Bank of America Preferred Rewards members
The Wells Fargo Propel card is no longer available for new applicants. The information for this card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.;
Read Also: Is Apple Credit Card Worth It
First Premier Bank Credit Card Review
This is a credit card issued by First Premier Bank. If you’re wondering whether First Premier Bank credit card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.
- High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 36%
- Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
- Accepts cosigners. First Premier Bank is one of the few credit card issuers that allows applicants to include a cosigner. Adding a cosigner can really improve your approval chances if your credit is not great.
- Poor credit accepted. This card will consider people who have bad credit. Even if you have poor credit, you may still have good approval odds.
| The Good | |
|---|---|
|
|
Should I Close My First Premier Bank Credit Card
Generally, its best to keep credit card accounts open to increase your average account age. But, unless you can downgrade to a no-fee card with First Premier Bank which doesnt seem to be an option it will likely be best to close your card account once youve been approved for a more traditional credit card with lower fees.
Related reading:;How to find the best pre-qualified credit card offers
You May Like: How To Transfer Balance From One Credit Card To Another
Is There A Downside To Balance Transfers
Cons of a Balance Transfer You could end up with a higher interest rate if you dont qualify for a promotional interest rate because your credit score, income, or existing debt. Balance transfers can get expensive considering the balance transfer fee and the annual fee if the new credit card has one.
Best Credit Card With No Foreign Transaction Fees
Why We Like It:
The Bonus:;Earn 100,000 Chase Ultimate Rewards® points after spending $4,000 in the first three months. That’s worth $1,250 in travel.
The Rewards: Earn five points per $1 on travel purchased through Ultimate Rewards®; three points per $1 on dining, select streaming services and online grocery store purchases ; two points for every $1 spent on travel expenses; and one point for every $1 spent on all other purchases. Plus earn five points on Lyft rides through March 2022. That’s three points in addition to the two points you already earn on travel.
The Annual Fee:$95
How do you Offset the Annual Fee? The welcome bonus easily covers the annual fee, but even if you don’t achieve the bonus, you can easily cover the annual fee if you are someone who travels or dines out often. For example, spending $6,000 a year on dining out and travel would net you 12,000 points. That alone would be worth $150 when redeemed for travel through the Chase Ultimate Rewards® program.
Excellent, Good
PROS:
- We really like the travel perks, such as no foreign transaction fees and trip cancellation and interruption insurance.
- It isn’t just that there are high reward rates, but there are no blackout dates, restrictions or expiration dates on rewards.
- The points earned with this card are worth 25% more when redeemed for travel through the Chase Ultimate Rewards® travel portal, meaning the bonus alone is worth $1,250 in travel.
CONS:
| Likelihood of Continuing to Use | 8.7 |
Read Also: Is It Best To Pay Off Credit Card In Full
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.
First Premier Bank Mastercards Other Features
- : If you lose your job involuntarily, are hospitalized, go on unpaid family leave, or become disabled, this program may cover your minimum payments for a certain period of time. Its not free, however; youll have to opt into this service, and itll cost you $0.89 for every $100 of your outstanding balance covered per month. For example, if you have an outstanding balance of $200, itll cost you an additional $1.78 for that month.
You May Like: How To Get Your Credit Card Interest Rate Reduced
How To Avoid An Annual Credit Card Fee
If you decide the annual fee isn’t worth it after the first year of using the card, you can close the account. Before you do, you should:
- Redeem any rewards you’ve accumulated.
- Check if you can switch to a no-fee credit card with the same issuer.
Switching to another credit card can allow you to avoid an annual fee without damaging your credit score. Downgrading your account may cost you some benefits or prevent you from earning any rewards at all.;However, by downgrading, you’ve avoided the annual fee, which may make more financial sense if you were not using the rewards associated with it.
Some credit cards may waive the annual fee on a regular basis if you charge a certain amount on your credit card each year. Contact your credit card issuer to find out if your annual fee can be waived based on your account activity, payment history, or length of time as a customer.
First Premier Bank Mastercard Credit Card
First Premier Bank Mastercard Credit Card isnt a great deal for those with a so-so credit score. Youll be required to pay $25 to $95 fees for processing if youre approved for the card. Then, youll have to deal with an annual fee for the first year that could range from $75-$125 depending on your credit line. The starting credit line on the First Premier credit card ranges from $300 to $1000. This greatly reduces your spending power. Such a low amount combined with burdensome fees wouldnt do you any good when youre hit with unexpected expenses like home repairs, medical procedures, etc.
Not only that;but First Premier Bank Mastercard Credit Card comes with a 36% APR . Thats a very high-interest rate and you could sink into debt if you dont pay off your balance on the credit card every month.
Recommended Reading: Why Is Google Services Charging My Credit Card
Bankrates Takeis The First Premier Credit Card Worth It
The First Premier credit card is designed for borrowers with;bad credit;or;no credit;who are looking to repair or build it. If you have a decent credit score, youll be better off choosing a credit card that has more benefits and lower fees.
But even if you have poor credit, First Premier may not be the cheapest option. There are other cards marketed toward subprime borrowers that have lower APRs and annual fees.
First Premier Bank reviews on the BBB;website also tend to be negative, so you may want to find a company that has a higher level of customer satisfaction.
How To Use First Premier Bank Mastercard Credit Card
Before applying for the First Premier Bank Mastercard, consider other options for poor credit or no credit history. The Indigo Platinum Mastercard or Capital One Platinum Credit Card are both unsecured options for people with bad or limited credit that will provide a much clearer and less costly path to good credit.
If you still want to apply for this card, or you own it already, make sure you never carry a balance. Not only will you avoid accruing 36% interest on any revolving balances but youll build your credit to qualify for other, better card options. When First Premier reports your card use to the credit bureaus, youll want to show only a positive history of timely payments in full.;
If youre using this card to improve your credit, you should also keep your in mind. Experts recommend keeping your utilization under 30% for the best chances of improving your score. If youre issued a $300 credit limit from First Premier, that means you should keep your monthly balances below $90 to maintain an ideal utilization rate and thats including any fees deducted from your limit.;
Don’t Miss: Is Carecredit Visa Or Mastercard
I Got The First Premier Bank Credit Card Now What
- Keep a close eye on how much youre spending. Dont get caught spending money on interest on top of fees. The First PREMIER® Bank Credit Card is expensive and is better suited to build your credit and fund emergencies rather than cover everyday expenses.
- How to make payments. Make on-time payments by phone at 800-987-5521, mail or on its site.
- How to avoid interest. Pay your minimum payments on time or your balance in full. If you make payments in increments, make at least the minimum payment by the due date each month. The payment due date will be on the same day every month.
- Keep your account in good standing. Improve your credit by making on-time payments and paying your balance each month. This can increase your ability to qualify for a credit card with fewer fees and a lower APR.
Best Credit Card For Hotel Stays
Why We Like It:
The Bonus: Earn three free nights after you spend $3,000 in the first three months from account opening. Plus, earn 10X points per dollar spent on up to $2,500 in combined purchases at gas stations, restaurants and grocery stores within your first six months from account opening.
The Rewards: Earn up to 17X total points for every dollar spent at over 7,000 participating Marriott Bonvoy hotels. Earn 6X points with the credit card, up to 10X points from Marriott for being a Marriott Bonvoy member, and 1X point from Marriott with Silver Elite Status. Additionally, earn 2X points on other travel purchases, and all other purchases.
The Annual Fee:$95
How do you Offset the Annual Fee? The Marriott Bonvoy Boundless card takes care of offsetting the annual fee in a clean, simple fashion. Each year, on the anniversary of your card membership, you receive a free one-night stay at any of more than 7,000 participating Marriott Bonvoy properties. As for the annual fee for the first year, you can easily offset that with the five free nights after spending $3,000 in the first three months after the card is issued.
Excellent, Good
PROS:
CONS:
| Likelihood of Continuing to Use | 8.2 |
*Scores above reflect the results of surveys with actual cardholders. Full methodology below.
You May Like: How Do I Check My Cabela’s Credit Card Balance
First Premier Bank Mastercard Card Review
We want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
- Intro bonus: N/A
- Annual fee: See Issuer Website
- Regular APR: See Issuer Website
- Recommended credit score:
First Premiers Mastercard credit card is an unsecured card option for people with no credit history or a bad credit score, but we dont recommend this as a credit-building tool. There are plenty of better cards for building credit cards that dont impose a long list of fees and ridiculously high interest rate like First Premier Mastercard.
Contents
- Build credit by maintaining a positive payment history
- One-time program fee ranging from $55-$95 upon account opening
- Annual fee ranging from $75-$125 the first year, then $45-$49
- Monthly fee ranging from $6.25 to $10.40 per month
- 36% APR for all cardholders
No Other Place Can You Even Find A Card With A Limit Close To That For Those Of
I have a low credit score and this was the only card available to me. Furthermore First Premier card offers 0 fraud liabilit y. Receive text and email notification for scheduled or paid bills. If approved your credit limit and fees will be based on your creditworthiness. Merrick Bank Double Your Line Platinum Visa Credit Card. Although there is a very high first year fee of 175 and then 45 a year after the that the high credit limit of 700 to start blows other cards out of the water. Receive eBills for any payee offering electronic billing. I have a low credit score and this was the only card available to me. Based in the United States and available six days a week our friendly customer service associates are ready and able to help you get the answers. Secure access through Online Mobile Banking. No security deposit required.
Annual Fees Are Easily Managed
When your annual fee is charged to the card varies by issuer and even the credit card you have with the issuer.
If you arent sure when or if you want to end up paying the annual fee, its best to contact the bank and ask when it will be charged.
You can also find various credit cards that offer rewards and sign-up bonuses but waive the annual fee for the first year, giving you a chance to try out the card and see if you can earn enough to cover it later.
And, if for some reason, you are unexpectedly charged an annual fee, theres always a chance you can have the charge refunded if you call and speak with the credit card issuer.
Its worth trying, especially when so many banks will consider waiving the annual fee in order to keep you as a cardmember.
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.