First PREMIER® Bank Mastercard® Credit Card Review
The First PREMIER® Bank Mastercard® Credit Card is a good choice for consumers with low credit scores or no credit history who can't be approved for the most traditional credit cards.
Let's discuss the First Premier® Bank Mastercard's pros and cons, which is a pricey unsecured card that requires no security deposit but with exceptionally high APR.
First PREMIER® Bank Mastercard®: pros and cons
|Widely Accepted. Most merchants accept the First Premier® Bank Mastercard®. You can use it online or in-person for dining, shopping, groceries, gas, and much more.
||High Program, Annual, and Monthly Fees. Besides the high program fees which ranges from $55 to $95, this card charges annual fees up to $125 the first year and $45 in subsequent years. In addition to that, you get charged monthly fees ranging from $6.25 to $10.40 per month.
|Fast Approval. According to First Premier®, most people will find out if they qualify within 60 seconds. If you do not receive an immediate response, you may have to wait from 48 hours to 7-10 business days. The bank looks at your current credit score and history to decide your eligibility.
||High-Interest Rate. This is a pricey card that charges about double the average credit card APR (36.00% fixed). It's expensive, even for credit cards designed for people with bad credit.
|Monthly Credit Bureau Reporting. The First Premier® bank reports to all three credit bureaus each month. By making on-time payments each month, you build a history of responsible use. This will help rebuild your credit and increase your credit score.
||High Credit Limit Increase Fee. You are required to pay a fee of 25% of the credit limit increase. For example, if your credit limit increases by $200, you'll pay a $50 fee.
|Accessible for applicants with poor credit. First Premier® Bank will approve applications from even those with bad credit. You must be 18 to apply.
||No Rewards: The First Premier® Bank Mastercard® is a credit-building tool, so there are no rewards or rewards programs associated with it.
|Increase Your Credit Limit: You become eligible for a credit increase if you use your First Premier® Bank credit card responsibly for 13 months.
||There is a fee for just about everything. The card is riddled with fees from sign-in to statement copy. These fees include a 3% foreign transaction fee, $29 authorized user fee, a late fee up to $39, an annual fee, a 5% cash advance fee, a 25% credit limit increase fee, processing fee, and more.
First PREMIER® Bank Mastercard®: rewards system in a nutshell
The card offers no rewards.
Who can benefit from getting the First PREMIER® Bank Mastercard® Credit Card?
People with severely damaged credit are the ones that will benefit from getting the First PREMIER® Bank Mastercard®. However, it would be best if you don't plan to use this card long-term.
It is a subprime product with relatively unfriendly terms and a staggering APR (36.00% fixed). Moreso, it has no benefits or shopping/ travel protections attached.
Are there any other benefits?
- Mobile App
The First PREMIER® Bank provides their clients with free mobile banking abilities. According to the bank’s website, with the app, you can “check account balances, make transfers, pay bills, locate ATMs, deposit checks, receive electronic bank statements and more”. The mobile app also gives you access to free spending analysis and budgeting tools. The ability to schedule and make payments with Online Bill Pay using a mobile app is an addition to the traditional set of payment options. And, of course, there are some classic app features like locking and unlocking lost or stolen cards, up-to-36 months of transaction history, and paperless monthly eStatements.
- Mastercard® benefits
The First PREMIER® Bank Mastercard® is subject to basic Mastercard® features, which include the number of protections and warranties.
Unfortunately, the issuer does not complement the card with many benefits available. Taking into account the card’s high rates and fees, it may seem that the First PREMIER® Bank thought people would apply for the card just for its deep orange color. Obviously, it doesn’t work this way.
The First Premier® Bank Credit Card should only be considered by people with severely damaged credit. It reports to the credit bureaus and might help improve your credit score, but the exorbitant fees and 36.00% APR make it an expensive card to own. As soon as you have a chance, try applying for the new card with better rates and less fees.
Can I increase my credit limit?
Yes, you should be eligible for a credit limit increase after 13 months, but you're expected to pay 25% of the amount of the increase. This is extremely rare as most credit card issuers will not charge you for increasing your credit limit and some won’t review your credit limit at all. But you need to be aware of more fees beyond that.
What credit scores do I need to qualify for the First Premier Bank Mastercard?
The First PREMIER Bank Credit Card doesn't explicitly state what kind of credit score you need to qualify for the card. However, a poor credit score may range within 300 – 579 for FICO or 300 – 649 for VantageScore. Credit card issuers also consider other factors like income when determining your creditworthiness, but it ultimately comes down to the bank's discretion.
What is the customer service phone number for First PREMIER Bank Mastercard Credit Card?
First PREMIER Bank credit card customers can call for support on 800-987-5521
. They provide cardholders with phone support from Monday to Saturday, as well as 24/7 automated phone support and online access.