First Premier Bank Credit Card Pros and Cons
The First Premier Bank credit card has been around for a while. Traditionally, people less than perfect credit use the First Premier card to build or rebuild their credit. This card is slowly gaining popularity for a variety of reasons, and it has its downsides as well. When you’re looking for a card to build your credit, the First Premier card can be a decent option.
You’ll at least want to look into it to see if the First Premier credit card is even a bad credit card application to consider. We’ve rounded up the top benefits and drawbacks of the First Premier Bank credit card. So this should help you make an informed decision as to whether the First Premier bank card can help you.
First Premier Bank Credit Card Pros
1. People With Less Than Perfect Credit are Accepted
As this particular card targets people who want to build their credit, it has less strict qualification requirements. The First Premier credit card will accept people who have recently filed for bankruptcy or who have lower credit scores. This is a plus because you can use this card to begin rebuilding your credit after bankruptcy. However, you do have to use this card responsibly and make every payment on time. If you can’t do this, it defeats the purpose of the First Premier card.
2. Monthly Credit Bureau Reporting
The First Premier card reports to all three credit bureaus each month. This is an essential step when it comes to building your credit. By making on-time payments each month, you’re building a history of responsible use. This will help increase your credit score slowly but surely each month that you’re on time.
3. Widely Accepted
When you get a credit card, you want the ability to use it at many locations. The First Premier Bank credit card allows you to do this. Any vendor that accepts MasterCard will accept this card by First Premier. You can use it online or in-person for dining, shopping, groceries, gas, and much more. You’ll get the most of out of your card, and it helps to build your credit. Another option to consider is the Fortiva MasterCard.
4. Fast Approval
For an easy online application, try the First Premier credit card. Go to the website and input your relevant information and hit submit. Most people will find out if they qualify within 60 seconds. This card looks at your current credit score and history to decide your eligibility.
5. Increase Your Credit Limit
Use your First Premier Bank credit card responsibly for 13 months, and become eligible for a credit increase. This will let you purchase larger ticket items. It’ll also let you spend more in general. However, you still want to keep a tight reign on your spending habits. Never spend more than you can afford to pay off. Ideally, you want to bring your balance to $0 each month.
6. Free Email or Text Alerts
First Premier Bank makes it very easy to monitor your card in real time. They offer free text or email credit card alerts for a variety of things. You can set an alert for purchases over a certain dollar amount, payment due dates, and much more. This allows you to protect yourself against identity theft better. So you’ll know sooner if someone used your card without your permission with these alerts.
7. Credit Protection
You can opt-in for additional credit protection for a fee. First Premier Bank does this to protect cardholders in case of an emergency. This program may cover disability, unpaid family leave, unemployment, loss of life, and hospitalization. There are restrictions, but this is a huge benefit if something were to happen.
First Premier Bank Credit Card Cons
1. High APR
Since this card is for credit building, borrowers are higher risk. Lenders protect themselves by charging a higher APR with these types of cards. First Premier Bank is no different. The First Premier Bank credit card has an APR of 36%. This rate adds on to any balance you have each month, and for any cash advances you may take out.
2. Credit Limit
Again, as this card is meant to help someone rebuild credit, it’s more restricted. You have to demonstrate responsible use before you get a higher credit line. First Premier sets the typical credit limit at $500 or lower. However, once 13 months is over, you can apply for a credit increase.
3. Security Deposit
Once First Premier Bank approves you for this card, you’ll need a security deposit. The security deposit amount depends on your overall creditworthiness. If you have a lower credit score or a recent bankruptcy, expect to pay a higher security deposit. This is another example of First Premier protecting itself from missed payments or a complete default.
4. No Rewards
The First Premier bank card is a credit building tool; this MasterCard is not a reward credit card. It’s a pretty basic card that doesn’t come with a lot of extras. So there are no rewards and no rewards program associated with this card. This makes it easier to focus on rebuilding your credit. You won’t have to try to balance keeping track of rewards with everything else.
5. Fees
The First Premier Bank credit card comes with several fees. These fees vary, and they depend on your credit score when you applied. The lender charges a one-time program fee to your account when you open it. You’ll also pay an annual fee, and this depends on your credit score.
Not a Fan of the First Premier Bank Credit Card?- Consider The Capital One Secured Card With No Annual Fee
First PREMIER® Bank Credit Card Bottom Line
Although the First PREMIER® Bank credit card comes with setbacks, it is a solid option to help rebuild your credit. This MasterCard is an ideal credit card if you have less than perfect credit. You just have to focus on paying your balance off each month and pay on time. Rebuilding your credit isn’t an instant process, and it takes work. You may have setbacks, but the rewards are worth it. When you’re looking for credit building cards, remember to look at the First Premier Bank credit card. It may fit into your lifestyle perfectly.
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