Saturday, August 20, 2022

When Can I Use My First Premier Credit Card

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Use The Candy Bar Method

How To Read Your Credit Card Statement Like A PRO!

You have probably seen talk about this method throughout our site because we find it to be the best strategy for establishing a good payment history.

Your goal with the Candy Bar Method is to take your card once per month and purchase a candy bar.

This should cost no more than $1.00 or $1.50 and after 3 days you should be able to make your payment on the card.

This will show that the card is being actively used and that you are paying your bill.

Features Of First Premier Credit Cards

1st Premier bank specializes in subprime and credit repair credit cards. As such, all First PREMIER Bank Cards are designed for those with bad credit scores or no credit history. Other features of First PREMIER Cards include:

  • Annual Fees: First PREMIER credit cards come with an annual fee. These yearly charges range from $75 to $125 for the first year and approximately $45 every year after that.
  • Monthly Maintenance Fees: First PREMIER Bank may also charge a monthly fee for using your credit card. These fees may range from $6 to $10 per month, though some 1st Premier cards come with no monthly maintenance fees at all.
  • High APR: Unsecured credit cards for bad credit dont feature low interest rates and 1st premier unsecured credit cards are no different. While the First PREMIER secured Card features a competitive APR , all other cards have a regular purchase APR in the mid-30s. That rate is among the highest APRs you can expect anywhere.

Whats The First Premier Bank Secured Card

The First Premier Bank secured credit card was created for the millions of Americans who find themselves faced with bad credit.

This cards primary objective is to help customers transition to develop better credit habits.

Like most secured cards it will report to all 3 credit reporting agencies and help you establish a good payment history.

Who Is First Premier Bank?

First PREMIER Bank was established in 1929 and is headquartered in South Dakota and are one of the top 20 issuers of MasterCard® credit cards in the United States.

They are also a four time recipient of Mastercards Performance Excellence Award which is a major achievement.

What Makes Them Different?

What makes First Premier Different is that they offer a ton of additional benefits with their cards.

Along with reporting to all 3 of your credit bureaus, you will get free access to your FICO score as well as an instant credit limit increase after the first 13 months.

Also Check: How To Pay Best Buy Credit Card On App

Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your First Premier® secured credit card has a $3500 limit and you spend $60.

Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.

Our Pick For: Intro Apr

How to choose your first credit card

Why we like it

The Blue Cash Preferred® Card from American Express comes with a solid 0% APR offer: 0% intro APR on Purchases for 12 months, and then the ongoing APR of 13.99% – 23.99% Variable APR. And it starts with a good welcome offer: Earn up to $350 in statement credits: Earn 20% back on purchases on the Card within the first 6 months of Card Membership, up to $200 back. Plus, earn $150 back after you spend $3,000 in purchases on the Card within the first 6 months of Card Membership. You will receive cash back in the form of statement credits. Terms Apply. The annual fee is $0 intro for the first year, then $95. Plus, it offers an industry-leading 6% cash back at U.S. supermarkets on up to $6,000 in spending per year, 6% cash back on streaming subscriptions, such as Netflix, HBO Now and Audible 3% on transit and gas at U.S. gas stations and 1% on all other purchases. Terms apply .

» MORE:How an AmEx card’s instant credit access helped me fix my roof

How to use it instantly

Eligible cardholders will be able to get an instant card number immediately after being approved online. The number can be used anywhere American Express is accepted where a physical card isn’t required. Eligibility for an instant card number is based on AmEx’s ability to instantly verify your identity. Instant card numbers are available only on online AmEx applications, not through applications processed by phone.

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What Credit Scores Do I Need To Qualify For The First Premier Bank Credit Card

The First PREMIER Bank Credit Card is not hard to qualify for: Its designed for people with poor credit.

If youre within 300579 for FICO or 300649 for VantageScore, youre considered to have bad or poor credit.

Although First PREMIER is very accepting, credit card issuers take other factors besides credit scores into account when determining your creditworthiness, like income. In the end, it comes down to First PREMIER Banks discretion.

First Premier Credit Card Review

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Recommended Credit Score

Bad Credit to Fairi

A FICO score/credit score is 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 financial product.

Annual Fee:

Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit ourbad credit category page.

  • Annual fee: $45 to $125 depending on the credit limit
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 36 percent

Designed for people trying to rebuild their credit, the First Premier credit card has flexible approval requirements. It reports your account activity to the three major credit bureaus and typically can improve your score in 18 to 24 months if you use it responsibly. However, you might want to check the fine print before applying as First Premier comes with some hefty fees.

Read Also: Apply For Best Buy Credit Card Online Or Instore

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

Insider Advice: Getting The Most Out Of Your Card

When To Pay Your Credit Card Bill And Increase Your Credit Score!!!
  • Improve your credit scores: Build a positive credit history by paying your bill on time, every time.
  • Pay your statement balance in full: Be sure to pay your statement balance in full each month to avoid having to pay interest. Additionally, itll help keep your credit utilization low which in turn can help your credit scores.
  • Know the facts: Read your card terms, as there are many fees to be aware of. Theres a program fee, monthly fee, annual fee, authorized user fee, copy fee, express delivery fee, and more.
  • Avoid the fees: Opt for paperless statements, dont lose your card, and limit the number of authorized users on your account. If you get a credit limit increase but dont want it, you can reject it by contacting customer support.
Insider tip

Looking for more information on rebuilding your credit scores? Heres our in-depth guide!

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Making Payments By Mail

Send your check or money order through < st1:country-region w:st=”on”> < st1:place w:st=”on”> U.S. postal mail to First Premier Bank, < 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. Be sure to allow five to seven days for delivery.

If your payment due date falls before the date by which your postal mail payment will arrive, you can also send your payment via Express Mail or another courier service to First Premier Bank, < st1:address w:st=”on”> < st1:street w:st=”on”> < st1:address w:st=”on”> 3820 N. Louise Ave., < st1:city w:st=”on”> Sioux Falls, < st1:state w:st=”on”> SD, < st1:postalcode w:st=”on”> 57107-0145. Delivery times and costs vary for expedited mail delivery, depending on the carrier.

What To Watch Out For

  • Complex fee structure. The First PREMIER® Bank Credit Cards annual and monthly fees depends on your credit limit. But expect to pay a:
  • One time program fee payment from $25 to $95.
  • An annual fee from $79 to $125 for the first year and then $45 to $49 annually after that.
  • Monthly fee from $5.85 to $8 for the first year, and then from $6.25 to $10.40 after that.
  • High APR. The 36% variable interest rate is significantly more than youll find with other cards.
  • Foreign transaction fees. Expect to pay a 3% fee of the amount of each transaction made abroad or online with foreign merchants.
  • Also Check: What Bank Is Ulta Credit Card

    First Premier Bank Credit Card Overview

    The First Premier Bank Credit Card is designed for consumers with low credit scores who may not be approved for most other unsecured credit cards. You shouldnt plan to use this card long term. Instead, this is a card to use for a short time to build your credit before moving on to a more traditional credit card that offers rewards, lower fees, a higher credit limit and lower interest rates. Card rating*: ½

    *Card Rating is based on the opinion of TPGs editors and is not influenced by the card issuer.

    This page includes information about the Discover it Secured that is not currently available on The Points Guy and may be out of date.

    If you have limited credit or are working to repair your credit, you may not have many appealing options when it comes to credit cards. Most rewards credit cards will want to see a higher credit score and stronger credit history before extending credit. So, if you have bad or poor credit, you may need to temporarily rely on a secured credit card or an unsecured credit card with high fees while you work to improve your credit score.

    New to The Points Guy? Sign up for our TPG daily newsletter and check out our beginners guide.

    First Premier Bank Mastercards Fees To Watch Out For

    First Credit Card Advice

    The First PREMIER Bank Mastercard hits cardholders with a lot of fees from sign up to statement copy. These fees are especially outsized considering the low value that this card delivers.

    • Program fee: $55$95, depending on creditworthiness and charged once to open the card
    • Ongoing annual fee: $75$125 during the first year, and $45-$49 thereafter
    • Monthly fee: $0$8 per month for the first year up to $10.40 per month thereafter

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    First Premier Secured Credit Card Features

    The First Premier® Bank secured credit card is packed with a few features that make it one of the best secured credit cards for rebuilding credit.

    The main features of this card include:

    • Easy Online Application Process
    • Quarterly Access To Your FICO score
    • Monthly reports to all three major credit bureaus
    • Manage your account 24/7 with online or telephone access
    • Automatic Credit Limit Increase

    First Premier® Bank Secured Mastercard® helps you to establish a solid payment history with no annual fee required.

    Should I Enroll In First Premiers Credit Protection Program

    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.

    Related reading: Which budgeting technique is right for you?

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    Quarterly Fico From First Premier

    Another amazing benefit from First Premier is that you get quarterly access to your FICO Score for free.

    Your FICO score is the one used by over 90% of lenders when it comes to making credit approval decisions.

    To view your FICO score, every quarter you just need to log into your online account and look at your statement.

    First Premier Bank Secured Credit Card Basics

    How to Use Credit Cards Wisely

    Below are some of the basic features of the First Premier® Bank Secured Credit Card:

    • Card type: Secured
    • *Security deposit: $200 minimum, $5,000 maximum
    • Foreign transaction fee: 3% of each transaction amount in U.S. dollars.
    • Reports payment information to all three credit bureaus.
    • Late payment fee: Up to $39.00
    • 25% of the amount of the credit limit increase
    • Return Item fee: Up to $39.00
    • Balance Transfer fee: N/A
    • Cash advance fee: Either $8 or 5% of the amount of each cash advance, whichever is greater.

    *With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you dont pay your bill.

    Now, while there might be a few fees associated with getting a secured card, building your credit score will always be worth paying those small fees.

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    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.

    First Premier Bank Credit Card Review Summary

    The First PREMIER® Bank Mastercard Credit Card is a bad deal, even for people with bad credit, and its immediately obvious. Youll have to pay First Premier $25-$95 for processing right off the bat should you, for some reason, decide to apply and ultimately get approved. Thats a prerequisite for account opening. Youll then immediately find yourself facing a first-year fee of $75 to $125, depending on whether your starting credit line is $300, $400, $500, $600, $700 or $1000 which reduces your initial spending power.

    Such a relatively paltry amount, coupled with such burdensome fees, wont do you much good when it comes to affording emergency medical expenses or car repairs, which might very well be fueling your desire for an unsecured credit line. Neither will the cards 36% regular APR the highest interest rate on the market, according to our latest . For example, a $400 balance paid down over 12 months would generate about $83 in interest charges under these conditions. Whats more, if you keep your account open for longer than a year, you will have to pay $120 to $174 in fees each year, thanks to the combination of an annual fee and a monthly maintenance charge.

    In other words, you can basically think of First Premier as your wallets worst fear. Below you can learn more about why thats the case as well as which alternatives are preferable.

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    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
    • Considers applicants with fair or poor credit.
    • First Premier Bank Credit Card reports to multiple credit bureaus.
    • Higher than average purchase APRs.
    • Charges an annual fee of up to $100.
    • Does not offer a signup bonus.
    • Does not offer rewards or cash back.
    • Charges a foreign transaction fee of 3%.
    • You don’t earn rewards on every purchase.
    • Does not include many credit card benefits.

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