The First Premier Bank Mastercard offers a low hassle credit decision for consumers who have admittedly bad credit. Credit cardholders with bad credit are accustomed to high APRs and lots of fees, but the First Premier Bank Mastercard may be among the most costly, especially if not used properly to build credit. Here’s what you need to know about this card.
The First Premier Bank Mastercard may not be your best choice. If you can afford a deposit, you may want to look into secured cards from more popular issuers like Capital One, Chase or Citi. This card may be a singular option for people with very poor credit who don’t have the money for a deposit that equals their credit limit. You never want to drain your savings account to pay a deposit.
The First Premier Bank credit card offers access to unsecured credit after paying a processing fee that is less costly than your typical deposit. That may sound ideal for some consumers, but remember, you usually get your deposit back on secured credit cards. You don’t get processing fees returned to you.
This card also charges other fees and has an astronomically high APR on both purchases and cash advances. Many creditors won’t even look at you if you have very bad credit, but the cost of First Premier’s trust isn’t cheap. If you get this card, it’s imperative you use it to help increase your credit score in a disciplined way.
Essentially, you should use this card for small, routine, incremental purchases like gas or monthly groceries. Only make purchases that you can afford to pay off at the end of each month in the interest of building credit. This card should not be used for large purchases that can’t be paid off in a single payment, or even as an emergency fund. If you’ve skipped a secured credit card in favor of keeping a few hundred dollars in savings, instead, make your savings account your emergency fund. Do not carry a balance from month to month with this card.
While this isn’t the credit card you’ve been dreaming of, if you play your hand right with the First Premier Bank Mastercard, you CAN raise your credit score. They report to all three credit bureaus and do so in a timely fashion. Some customers have reported seeing substantial increases in their credit score in as little as two months with this card.
If you’re someone who needs strategic access to credit to rebuild a bad score, this could be a good card for you to carry because it isn’t hard to qualify for. However, if you need a card that you can use for a big one-time purchase, emergency fund or to carry a balance, you should look elsewhere. Consider a secured credit card if you don’t have many unsecured options beyond this card.