PREMIER Bankcard® Secured Credit Card review
Work on your credit with a low deposit — but watch out for fees.
- Get this card if you’re looking for a secured card to build your credit.
- Pick something else if you’re looking for a card without an annual fee.
- Apply with a poor credit score or with no credit history.
Recommended credit score
|Annual fee conditions||NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $200.00, your initial available credit will be only about $150.00.|
|Balance transfer APR||N/A|
|Minimum Credit Score||300|
Kliment Dukovski is a cryptocurrency and investments writer who has written over 700 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange and stock market trading.
The PREMIER Bankcard® Secured Credit Card is a starter card for people with poor credit who want to improve their financial situation — but watch out for the fees.
This secured card requires a minimum $200 cash deposit that becomes your credit limit. After 13 months you’re eligible for a credit limit increase (an increase that does not require an additional deposit), but you’ll pay a 25% fee on the increase. So, for every $100 increase, you’re charged $25.
There is a bright side — pay your bill and build good credit and you could move up to a less expensive, unsecured credit card.
How to apply for the PREMIER Bankcard® Secured Credit Card
- Visit First Premier website.
- Locate the PREMIER Bankcard® Secured Credit Card and click Apply now.
- Fill out the application form.
- Review the form and submit.
- Make a secured deposit.
What credit score do I need?
You can apply with no credit history or with poor credit score.
How long will it take to get approved?
You’ll get a response within a minute of submitting your application.
- Low qualification requirements. Even if you have poor or no credit, all you need is a $200 deposit to open the card.
- Extra time to pay deposit. You have 85 days to fund your initial $200 deposit. Once you fund your account, you can use your card.
- Build credit. Each month your credit history is reported to Experian, Equifax and TransUnion. Keep your balance low and pay your statement in full each month to start building up your credit.
What to watch out for
- Annual fee. There’s a $50 annual fee for the card. This is on the higher end for a secured credit card. If you don’t want to pay an annual fee, consider a no-annual-fee secured card.
- Foreign transaction fees. Every time you use your card abroad or online at foreign merchants, you’ll pay a 3% fee of the amount.
- Credit limit increase fees. First Premier provides an unsecured credit limit increase. However, each time you increase your limit, First Premier charges 25% of the increase.
- Cash advance limits. You can only take out 10% of your initial deposit as a cash advance for the first 90 days. After that, your cash advance limit may increase to 50% of your credit limit.
What should I know before I apply?
To apply for the PREMIER Bankcard® Secured Credit Card, you must be at least 18 years old (or 21 for resident of Puerto Rico). This card is not available to residents of New York or Wisconsin.
When you apply, have the following handy:
- Contact information including your full name, address, phone number and email address
- Your Social Security number
Compare secured cards
The PREMIER Bankcard® Secured Credit Card is like a taxi — it will help you build up your credit score if you pay your balance off in full each month, but get out once you’ve reached your destination. Use it to build your credit, but don’t hang on to it once you’ve met your goal.
Consider comparing secured cards to find the right card that best meets your needs.