First Premier Secured Credit Card review May 2018 | finder.com

First PREMIER® Bank Secured Credit Card Review May 2018

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Build your credit with a deposit as low as $300 — but watch out for fees.

With an annual fee of up to $125.00 per year, this secured card reports to all major credit bureaus — potentially building your credit.

  • Get this card if… You’re looking to build your credit and can pay off your bill each month.
  • Pick something else if… You’re looking for a card without fees.
  • Recommended poor to fair credit of 0 to 300 to apply.
Product NameFirst PREMIER® Bank Secured Credit Card
APR for Purchases ( Purchase Rate )36% variable
Annual fee$varies by credit limit (up to $125.00 per year)
Cash Advance Rate36% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 27 days
Returned Payment Fee$35
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$300
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$500
Annual fee$varies by credit limit (up to $125.00 per year)
Returned Payment Fee$35
Late Payment Fee$38.00
Cash Advance Fee$6.00 or 5% of the amount of each cash advance, whichever is greater

The Premier 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 $300 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 a $100 increase, you’re charged $25, giving you only a $75.

There is a bright side — pay your bill and build good credit and you could move up to a less expensive, unsecured credit card.

What’s great about this card?

This card is OK if you’re trying to rebuild your credit and move to a less expensive, unsecured card.

  • Qualify regardless of credit score. Poor or no credit, all you need is $300 to open the card.
  • Extra time to pay deposit. You have 85 days to fund your initial $300 deposit.
  • Reports to all credit bureaus. Each month your credit history is reported to Experian, Equifax and TransUnion.

What to watch out for

  • Shares your information. First Premier shares your personal information with third parties — meaning you could get calls and mail from companies you haven’t ever contacted.
  • Fees. A high annual fee that varies by credit limit (up to $125.00 per year) and $38.00 late fee.
  • No contact information. There’s no email or phone number listed on the website, only a physical address.
  • Pay to increase limit. Each time you increase your limit, First Premier charges 25% of the increase. You could pay as much as $1,200 over time.
  • High APR. The First Premier Secured credit card carries a 36% variable APR — higher than some other secured cards.
  • Cash advance limits. You can only take out 10% of your initial deposit as a cash advance for the first 90 days.

What should I know before I apply?

To apply for the First Premier credit card, you must be at least 18 years old (or 21 for resident of Puerto Rico).

initially you’ll pay at least $25 for a security deposit.

This card is not available to active duty military personnel or their dependents, or 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

How long will it take to get approved?

You’ll get a response within a minute of submitting your application.

I got the First Premier Secured credit card. Now what?

  • Make payments. Make your monthly payments on time to build your credit and avoid a $38.00 late fee.
  • Avoid interest. After the close of each billing cycle, you have a grace period of 27 days to pay your balance.

Bottom line

The First Premier Secured credit card is like a taxi — it will help you build up your credit score, 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 like the Applied Bank Secured Visa Gold Preferred credit card or the primor® Secured Mastercard® Gold Card.

Common questions about this card

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