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PREMIER Bankcard® Mastercard® Credit Card Review
Stay away from this predatory credit-building card with enormous fees.
- Get this card if you have few other options and are very attentive to the card’s rates and fees.
- Pick something else if you want a better credit-building card that doesn’t charge numerous fees.
- Apply with a bad credit score of 300 or greater.
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36%
Purchase APR
300
Recommended credit score
Review by
Steven Dashiell
steven.dashiell@finder.comSteven Dashiell is Senior Writer, Personal Finance at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, NASDAQ, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
Expert review
I’ll get this out of the way: this is not a card you should consider if you need to raise your credit. The PREMIER Bankcard® Mastercard® Credit Card comes with a dizzying array of fees, including an annual fee, program fees, monthly fees, your standard late payment fees and a horrendous APR of 36%.
In fact, the card’s terms and conditions have an entire table laid out dedicated to the card’s confusing fee structure. You see, your card’s program fee, annual fee and monthly fee all depend on your initial credit limit. What’s especially strange is earning a higher credit limit doesn’t necessarily mean you’re paying less than someone with a lower credit limit. In fact, the card’s largest monthly fee is found on the $700 tier, which also possesses an annual fee comparable to the “worst” version of the card you can get (which itself charges less in monthly fees).
Don’t try to wrap your head around it — no one should need to pay these fees to start building their credit. Stay far away from this card, and look into another secured card with fewer fees and better rates.
How to apply for the PREMIER Bankcard® Mastercard® Credit Card
If you really must, you can apply for the PREMIER Bankcard® Mastercard® Credit Card by doing the following.
- Go to the provider's site and select Apply now.
- Select the PREMIER Bankcard® Mastercard® Credit Card and fill out the requested information. This includes your name, address, date of birth, and social security number.
- Select Continue to finish the application.
PREMIER Bankcard® Mastercard® Credit Card drawbacks
- Far too many fees. The PREMIER Bankcard® Mastercard® Credit Card has an array of fees, with the exact price you pay depending on your initial credit limit.
- Program/activation fee: $55 to $95
- Annual fee: to $125 for first year, to $49 after that.
- Monthly fee: $75 to $124.80 annually
- Foreign transaction fee: 3% of the transaction
- Late payment fee: Up to $39
- Return item charge: Up to $39
- Additional card fee: $29 annually for each additional card
- Credit limit increase fee: 25% of the credit limit increase
- Express delivery fee: $35
- Very high APR. At 36%, the PREMIER Bankcard® Mastercard® Credit Card‘s APR is more than double the industry average. Carrying a balance on this card is a very bad idea.
- No rewards. This card lacks any sort of rewards or introductory offers that generate value.
PREMIER Bankcard® Mastercard® Credit Card benefits
- Reports to all three major credit bureaus. This includes Equifax, Experian and Transunion.
- Unsecured. You won’t need to make a security deposit to use this card, though this is hardly a perk given the card’s fees.
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PREMIER Bankcard® Mastercard® Credit Card customer reviews and complaints
Customer reviews are few, though one reddit user did describe applying for the card, receiving it and getting blindsided by the card’s fees. They opted not to use the card.
First Premier Bank is accredited with the Better Business Bureau and has received an A+ rating as of November 2021. Strangely, the bank has no customer reviews listed on the site.
Bottom line
There’s little good to say about the PREMIER Bankcard® Mastercard® Credit Card. The card’s sky high APR and copious fees mean this card will likely do more damage to your wallet than it would help. Instead, look for other credit building options that can better help you build credit safely.