For those with no credit history or low credit scores, the PREMIER Bankcard Mastercard Credit Card* offers an unsecured solution. However, we do not advise using this card to develop credit. There are significantly superior alternatives to the PREMIER Mastercard's extensive list of fees and high interest rates.Establish credit by maintaining a solid payment history. $55 to $95 one-time program cost at account opening In the first year, from $75 to 125, then from $45 to $49.a price per month that varies between $6.25 and $10.40

Pros

First, Premier sends positive payment history information to credit bureaus as an alternative to unsecured cards with bad credit or no credit. Every cardholder must pay a credit limit increase fee of 25% of the new limit at an interest rate of 36%.

Cons

Exorbitant prices and significantly more fees compared with other credit cards a rise in the current APR (more than double the national average)

Additional card details

When you apply for a card, First Premier will issue you a credit limit depending on your creditworthiness; the limit you are given will affect how your card will be charged.

Here is an explanation of such charges.

However, there are still other costs to consider. Every time your credit limit is raised, a fee is imposed. After 13 months, Premier may start examining your account in order to raise your credit limit. If you are qualified for an increase and authorized for one, the fee will be automatically deducted.

This cost is equal to 25% of the increase. You will be charged $25 for the extra $100 if your credit limit rises from $500 to $600 unless you call the bank to dispute the increase within 30 days of receiving the billing statement outlining the charge.

Do You Need to Buy This Card?

Please don't get this card. It will be challenging to find a card with a continuing APR higher than the 36% First Premier charges at first. In any case, you should avoid carrying a balance if you're using this card to develop credit because the high-interest rate implies that any missed or late payments will quickly result in high-interest debt, in addition to slowing down the establishment of your credit.

The biggest drawback of the card is its numerous fees, though. In addition to being confusing, the fee structure might cost you more than $200 in the first year of ownership.

If you have $200 on hand and are seeking to raise your credit score, you would be far better off making a $200 deposit on a secured credit card with no fees and a reduced APR. Think about a secured card like the Capital One Platinum Secured Credit Card or the Citi® Secured Mastercard®, both of which need $200 minimum deposits. Additionally, your deposit is repaid when you close your account or move to an alternative unsecured card, unlike the costs you'll incur with First Premier.

How to Use The PREMIER Bankcard Mastercard Credit Card

Before applying for the PREMIER Bankcard Mastercard, consider alternative options for those with poor credit or no credit history. The Indigo Mastercard* or Capital One Platinum Credit Card are two unsecured options for people with bad or limited credit that will provide a much simpler and more reasonable route to good credit.

If you're considering applying for this card or already have one, be sure you never carry a balance. Not only will you avoid any revolving accounts charging 36% interest, but you'll also raise your credit score and increase your chances of getting approved for other, better credit card options. When First Premier reports your card activity to the credit bureaus, you should only demonstrate a history of on-time, complete payments.

You should know your credit use rate if you're using this card to establish credit. Experts advise keeping your utilization (the proportion of credit you are using to that you have available) at or below 30% for the best chance of improving your score.

Methodology for Credit Card Ratings

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Overall Star Rating Explanation

Nearly 100 distinct card features are objectively assessed, ranked, and weighted. These elements are divided into five main feature sets: fees, interest, incentives, benefits, and security/customer service.