First Premier Bank Mastercard Credit Card Review - A Credit Building Card

The First Premier Bank Mastercard Credit Card is a credit card for borrowers looking to build their credit score. This unsecured card is accessible to borrowers even with less-than-stellar credit and is a decent option for those working to raise their scores. However, the card also comes with a high interest rate and significant fees.

What is the First Premier Bank Mastercard Credit Card?

The First Premier Bank Mastercard Credit Card is designed for borrowers with poor credit or thin credit history. These borrowers may find it challenging to qualify for an unsecured credit card. Still, First Premier Bank Mastercard Credit Card accepts applications from borrowers who don’t have a perfect credit score.

How does the First Premier Bank Mastercard Credit Card work?

To sign up for the card, you’ll need to apply online.
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You’ll need to provide information about yourself, including your name, address, birthday, email, and social security number. You can also pick out what design you’d like your card to have.
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There’s a variable fee of $55 to $95, depending on your credit limit, determined by your credit score. You’ll also have to pay a monthly and annual fee that varies depending on your credit line limit.
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How much does the First Premier Bank Mastercard Credit Card cost?

The First Premier Bank Mastercard Credit Card comes with several different costs and fees. There’s a one-time program fee of $55 to $95. There’s also an annual fee of $45 to $125 and a monthly fee of $6.25 to $10.40. While some of these fees are reduced or waived for the first year, that’s still a hefty amount of money to pay for a credit card, especially one that doesn’t come with any rewards. If your credit limit is increased, the card comes with a credit card limit increase fee of 25%. The initial fees are deducted from your available credit, so you’ll start with this card already carrying a balance.

First Premier Bank Mastercard Credit Card features

The First Premier Bank Mastercard Credit Card features building credit, credit reporting, and a mobile app.

Good for borrowers with low credit scores

If you don’t have a perfect credit history, chances are you may still qualify for this card. While First Premier doesn’t list credit score requirements on its website, this card is marketed to borrowers looking to rebuild their scores.

Credit reporting and monitoring

The First Premier Bank Mastercard Credit Card reports payments directly to all three major credit bureaus, which can help you to raise your score if you make regular on-time payments. The account also comes with a free FICO score to help you monitor your credit.

Mobile app and account management tools

The First Premier Bank Mastercard Credit Card comes with a handy mobile app, which allows you to manage your card using an online account, including making payments and viewing transactions. You can also receive account alerts regarding your card and switch to paperless statements.

Who is the First Premier Bank Mastercard Credit Card best for?

Borrowers looking to rebuild credit

If you want to rebuild your credit score but can’t qualify for many credit cards, the First Premier Bank Mastercard Credit Card could be an option for you. The card is designed specifically for borrowers with less than perfect scores.

Borrowers who don’t want a secured card

If you have poor credit, most of the credit card options available to you come from secured credit cards, which require a security deposit to open. The First Premier Bank Mastercard Credit Card is an unsecured credit card, which doesn’t require a deposit.

Who shouldn’t use the First Premier Bank Mastercard Credit Card?

Borrowers with fair to good credit

If you have a slightly higher credit score, you’ll probably be able to afford a card with much lower fees and rates. Even if you’re struggling to raise your score, it might be a good idea to hold out for a less expensive card or opt for a secured card.

Borrowers with enough saved up for a secured card deposit

Secured credit cards are accessible to borrowers with poor credit, with one catch: you need to put down a deposit the size of your credit limit. If you have a few hundred dollars saved up, you might be better off going with a secured credit card for building credit, especially since the First Premier Bank Mastercard Credit Card already comes with over $100 in fees in many cases.

Pros & cons

Pros
  • Accept applications from borrowers with bad credit. The card is designed for borrowers rebuilding their score and has more flexible application requirements than many other credit cards.
  • Credit monitoring and reporting. The card reports payments to all three credit bureaus and comes with a free FICO score.
  • Mobile app. You can use a mobile app to make payments, view transactions, and manage your account.
Cons
  • High fees. The card comes with very high fees in the form of a one-time setup fee, annual fee, monthly fee, and fees for cash advances, late payment, and foreign transactions.
  • High rates. The card also has an extremely high APR of 36% on top of high fees. This means that if you carry a balance from month to month, you could accumulate some serious interest. There’s no intro APR, so the high APR starts right away.

First Premier Bank Mastercard Credit Card vs. competitors

BankAnnual FeeAPRRewards
First Premier Bank Mastercard Credit Card$45 to $12536%None
Discover it Secured Credit CardNone22.99%2% cash back at gas stations and restaurants, 1% cashback on everything else, 2x cash back match at the end of the first year
Capital One Secured MastercardNone26.99%None

Discover it Secured Credit Card

The Discover It Secured Credit Card is an excellent option if you’re looking to build your credit. This secured card does require a deposit before you can open an account. However, it charges no annual fee and has a lower APR than the First Premier Bank Mastercard Credit Card. Unusual among credit cards for borrowers with poor credit, the card also earns cash back rewards, including 2% cash back at gas stations and restaurants, 1% cashback on everything else, and a 2x cash back match at the end of the first year. While you can transfer a balance to this card, a balance transfer fee of 3% to 5%.

Capital One Secured Mastercard

The Capital One Secured Mastercard is another good option. There’s no annual fee, and while the card doesn’t earn any rewards, it does come with other perks, like an automatic line of credit increases in as little as six months. Overall, it’s another card that’s much more affordable than the First Premier Bank Mastercard Credit Card.

FAQs

Is the First Premier Bank Mastercard Credit Card expensive?
Yes, the First Premier Bank Mastercard Credit Card is expensive for a credit card. Not only does the card come with an annual fee, but it also comes with a one-time setup fee, a monthly maintenance fee, and a high regular APR.
Does the First Premier Bank Mastercard Credit Card earn rewards?
No, the First Premier Bank Mastercard Credit Card doesn’t earn any rewards. If you’re looking for a credit card that builds your credit score while also earning rewards, you should consider the Discover It Secured Credit Card.
What is the credit limit for this card?
The credit limit varies depending on your creditworthiness. Limits can range from $300 to $700.

The bottom line

The First Premier Bank Mastercard Credit Card offers cardholders with low scores a chance to rebuild their credit. The card is open to borrowers with less than perfect credit, reports payments to the three main credit bureaus, and comes with a free FICO score. There’s no deposit required to open an account, making this card accessible to borrowers without a lot of money in savings.
However, the card also comes with extremely high rates and fees, which means that the First Premier Bank Mastercard Credit Card isn’t a great choice for most borrowers. In general, it’s a better idea to look for a secured card with few fees if you’re looking to build credit.
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