The First Premier Bank MasterCard is a credit card targeted at the bad credit customer. Our review of the card can be summed up in one sentence: don’t get one!
To expand on that, many bad credit customers will do just about anything to get back in the credit game. In our opinion, First Premier takes advantage of this fact by offering a credit card with some of the most restrictive terms & highest fees that we know of on the market.
We’ll start with the measly credit line — usually a $300 limit to start. Now, sure, First Premier might not want to risk giving you a bigger credit line; after all, you are a risky customer. But, this card also has an annual fee in the first year of $75 (the annual fee is $45 in subsequent years). Can you guess how that $75 gets charged? It shows up on your first bill, thereby knocking your credit line down to $225 before you’ve even used the card. A $225 credit line doesn’t go far, so it’s difficult to see why you’d want a credit card that has so little use.
Like we said, in our opinion, you shouldn’t want it. And we haven’t even finished yet. The First Premier MasterCard also charges you:
- a $95 one-time fee upon card approval
- a $6.25 monthly servicing fee after you’ve had the card for a year. (Don’t forget this is on top of the $45 annual fee, so you’ll end up paying $120 in fees in Year 2 of having the card.)
- a 36% interest rate if you fail to pay off your balance each month.
The only way we could see you wanting this card is if you were absolutely desperate to try to rebuild a severely damaged credit history and no other bank would consider taking you. You get such a small credit limit and so many fees that it is just not worth it.
If your credit is bad enough that you are considering the First Premier credit card, we would suggest you instead get one of the secured credit cards available from a major bank, which you can learn more about here.