First Premier Credit Card Review

First Premier Credit Card

6.1

Rewards Value:

5.5/10

Annual Percentage Rate:

2.5/10

Rewards Flexibility:

6.0/10

Features:

8.0/10

Customer Experience

8.5/10

Pros

  • Free FICO score
  • Low-ish interest rate

Cons

  • No cardholder perks
  • Poor customer service
  • High fee to increase credit limit

Make no mistake about it: This card is supposed for individuals with little or no credit score and few choices for a bank card. The continued rate of interest is decrease than some competing playing cards, which might prevent some cash as you strive work towards constructing (or rebuilding) your credit score historical past. Nonetheless, when you’re in search of a low rate of interest on a secured bank card, there are different choices out there. Should you’re seeking to keep away from charges, there are loads of secured playing cards that may assist you do this, too. Our recommendation is to look elsewhere for a secured bank card. There’s no compelling purpose to decide on this one—and loads of causes to remain away. First Premier Credit Card Review.

You probably have adverse credit, you’ll usually be urged to get a secured bank card. These playing cards require a money safety deposit, normally equal to your credit score restrict. The First Premier Financial institution Credit score Card is among the few unsecured bank cards designed for folks with adverse credit, which means you’ll be able to skip the deposit.

However though tying up cash in a secured card deposit isn’t perfect, the price of carrying the First Premier Financial institution Credit score Card is so excessive {that a} deposit pales compared. And in contrast to a deposit on a secured card, which you get again while you shut or improve the account, the charges you pay to First Premier are gone perpetually.

Due to the excessive charges and annual share charge, we advocate that you just keep away from the First Premier Financial institution Credit score Card, however a few alternate options could also be value your whereas.

Why the First Premier card is so pricey

When you’ve gotten dangerous credit score, the next APR and further charges usually are not unusual. Card issuers see you as the next threat and can cost you accordingly. However the First Premier card takes these prices to a brand new degree.

FEES – First Premier Credit Card Review

The charges embrace processing charges, annual charges and month-to-month servicing charges, which differ relying on the credit score restrict you’ve gotten. The day we regarded on the phrases and circumstances, the credit score limits ranged from $300 to $1,000 (see desk under).

The payment parade begins with a one-time processing payment, which have to be paid earlier than the account is opened. Subsequent comes the annual payment. Mentioning the rear is a month-to-month servicing payment, waived the primary yr for credit score limits as much as $500. For instance, a $300 credit score restrict will run you a complete of $170 the primary yr and $120 a yr thereafter. A few of the greatest rewards bank cards don’t even cost that a lot. See the chart under for particulars on every credit score restrict. Additionally, if you desire a money advance, you’ll pay 5% or $6, whichever is bigger. Right here’s how the charges break down based mostly in your credit score restrict:

 

Credit limit Processing fee (paid before account opens) Annual fee Monthly service fee
$300 $95 $75 first year, then $45 annually $0 first year, $75 annually thereafter (billed $6.25/month)
$400 $95 $100 first year, then $45 annually $0 first year, $75 annually thereafter (billed $6.25/month)
$500 $95 $125 first year, then $49 annually $0 first year, $124.80 annually thereafter (billed $10.40/month)
$600 $75 $79 first year, then $49 annually $70.20 first year (billed $5.85/month), then $99 annually (billed $8.25/month)
$700 $55 $79 first year, then $49 annually $96 first year (billed $8/month), then $124.80 annually (billed $10.40/month)
$1,000 $25 $79 first year, then $49 annually $96 first year (billed $8/month), then $124.80 annually (billed $10.40/month)

INTEREST RATES

INTEREST RATES

Whereas most bank cards for adverse credit from main card issuers have comparatively excessive APRs, none of them come near the First Premier Financial institution Credit score Card’s APR of 36% for purchases and money advances. (For money advances, you’ll pay the 5% transaction payment famous above and the 36% APR.) Carrying a stability on this card can get you into monetary bother rapidly.

COSTLY CREDIT LIMITS

Bank cards for adverse credit are inclined to have low credit score limits. When your restrict is just $300, for instance, you don’t have a lot room to make use of the cardboard — and while you do use it, you’ll be able to simply dissipate most of your accessible credit score, inflicting your credit score utilization ratio to spike and probably hurting your credit score rating. It is a consideration with most playing cards for adverse credit. However First Premier throws in an additional problem: The financial institution might improve your credit score restrict after your account has been open for 13 months — however it’s going to cost you a payment of 25% of the rise upon approval. For instance, if you happen to obtain a $200 credit score restrict improve, you’ll be charged a $50 payment. Cardholders might reject the credit score restrict improve and have the payment reversed, however they need to notify First Premier inside 30 days of the billing assertion that exhibits the rise and the payment.