Premier Bank’s first Gold Mastercard first review

If your credit limit is: Your program fees will be: Your annual membership fee will be: Your monthly fees will be: Your initial available credit will be:
$ 300 $ 95 (one-time fee) 75 the first year, 45 $ thereafter $ 0 the first year, $ 75 thereafter ($ 6.25 per year) $ 225
$ 400 $ 95 (one-time fee) $ 100 the first year, $ 45 thereafter $ 0 the first year, $ 75 thereafter ($ 6.25 per year) $ 300
$ 500 $ 95 (one-time fee) $ 125 the first year, $ 49 thereafter $ 0 the first year, $ 124.80 thereafter ($ 10.40 per year) $ 375
$ 600 $ 75 (one-time fee) $ 79 the first year, $ 49 thereafter $ 70.20 for the first year ($ 5.85 per month), $ 99 thereafter ($ 8.25 per month) $ 515
$ 700 $ 55 (one-time fee) $ 79 the first year, $ 49 thereafter $ 96 for the first year ($ 8.00 per month), $ 124.80 thereafter ($ 10.40 per month) $ 613
$ 1,000 $ 25 (one-time fee) $ 79 the first year, $ 49 thereafter $ 96 for the first year ($ 8.00 per month), $ 124.80 thereafter ($ 10.40 per month) $ 913

To put these charges into perspective, let’s say you’ve been approved for this card with a credit limit of $ 600. In your first year as a cardholder, you would pay:

  • $ 75 program fee
  • $ 79 annual fee
  • Monthly fee of $ 70.20, valued at $ 5.85 per month

All in all, you would pay $ 224.20 in non-refundable fees. Considering this high cost, you might want to consider requesting a secure card instead. Even though secure cards require a security deposit, the deposit is refundable, so you get the money back. The Capital One Secure Mastercard has no annual fee and a minimum security deposit of $ 49 for qualified applicants. If you make your first six monthly payments on time, you may qualify for a higher line of credit.

  • Extremely high APR: The First Premier Bank Gold Mastercard has a high APR on purchases. According to Federal Reserve, the average APR for all credit cards that rated interest was 16.88% as of November 2019, the latest data available. At 36%, the First Premier Bank Gold Mastercard APR is more than double this average rate. If you keep a balance at such a high APR, you could end up paying hundreds more than what you originally charged. To avoid expensive interest charges, try paying off your statement balance in full each month.
  • Expensive credit limit increase fees: If you make all of your payments on time and develop good credit habits with this card, you may be eligible for an increase in your line of credit. More purchasing power is generally a good thing, except that the First Premier Bank Gold Mastercard has a credit limit increase fee. Each time you are approved for a credit limit increase, you will be charged 25% of the amount of the credit limit increase. For example, if your line of credit is increased by $ 100, you will be charged a fee of $ 25. Initially, you will only have $ 75 of additional credit available through this fee. The fees for increasing the credit limit are unusually high, even for a card designed for people with bad credit. For another option, consider the Blaze Mastercard. This unsecured card for people rebuilding their credit has an annual fee of $ 75, but you can qualify for a credit limit increase in as little as six months with no credit limit increase fees.

According to a May 2019 survey conducted by CNBC Select and Morning Consult, nearly one in four Americans said they were unable to get credit card approval. The most common reasons for credit denial include poor credit history and missed payments.

If you are one of the millions who have struggled to get a credit card, the First Premier Bank Gold Mastercard is an option to build or replenish your credit. First Premier Bank reports payment activity to credit bureaus. Making payments on time will help you qualify for other lines of credit later.

Standard benefits

  • Free access to the FICO score
  • Online account access

Cardholder experience

The First Premier Bank Gold Mastercard is issued by First Premier Bank, a private regional bank.

As a small card issuer, First Premier Bank was not included in the ranking of JD Power Credit Card Satisfaction Study.

You can access your account 24 hours a day, seven days a week online or contact customer service at 800-987-5521.

Security functions

First Premier Bank Gold Mastercard holders can take advantage of Mastercard Identity Theft Protection, an identity theft alert and monitoring program. If any suspicious activity is detected, Mastercard will send you a notification and help you take action to resolve the issue.

Our verdict

While the First Premier Bank Gold Mastercard is an unsecured credit card that you can potentially claim with bad credit, its exorbitant fees and APR make it extremely expensive. Unless you’ve exhausted all other options, this should be avoided.

Most consumers would find a secure credit card more cost effective. Many secure cards, like the Discover it Secured card, do not have an annual fee. Over time, you can qualify for an unsecured card with regular on-time payments and get your security deposit back. It’s a good idea to shop around for a card that doesn’t charge as many fees so that you can keep more of your hard-earned money while you build your credit.

About Andrew Miller

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