A Comprehensive Analysis of the First Premier Bank Credit Card

Triston Martin

May 06, 2022

The Premier Bank of the United States A secured loan card is intended for those with poor or no credit. Anyone can apply because there is no credit check. Like most secured credit cards, there is a monthly fee that doesn't require a credit check. It has a low APR with no annual fee and other perks like online FICO score accessibility. There is still a yearly charge and a security deposit that you must pay. Look into the card's advantages and disadvantages in further detail.

What Is The First Premier Bank Secured Card That You Can Apply For?

First, Premier Bank introduced a secured credit card for persons with no or poor credit. Anyone can get a loan because there's no credit check like other secured cards, which will report them to all three major credit bureaus. Use the card responsibly, and you can build a solid payment record.

Scores Every Month

First Premier Bank Secured Credit Card customers will receive their FICO score on every monthly statement. Track their credit-building progress by utilizing the same number that most lenders use. First, Premier doesn't reasonably indicate which FICO scores model you will receive or which collection agency will be providing this information. Variations in credit scores are possible due to scoring models and bureaus. Check your FICO score by accessing your Internet account and viewing the statement.

Increase In First Premier's Credit Limit

After 13 months, you'll be eligible for an unsecured credit limit increase, even if you don't have enough money in your deposit. How you use the account in the first year will be considered when determining whether or not you will receive a bonus. This means that it is possible to obtain an increase after the first year without putting further funds. Nevertheless, note that you will be charged a 15% fee for any increase in your salary. Raising your credit limit can indeed aid in developing good credit by reducing your overall credit utilization, but the cost of doing so is prohibitive.

Upgrades to an insecure card are not available with First Premier. A better card with a cheaper charge and better benefits may be in your best interest once you've improved your credit rating.

What You're Depositing and What It Means

Your credit limit and credit history will be influenced by the initial security deposit you make. A $199 minimum deposit is required with First Premier, but you may expand your credit limit by $4,999 by depositing more money. Your credit limit will be determined by the amount you deposit. A little deposit is easy to handle, but you must use your credit card cautiously to prevent a high credit utilization rate, which might harm your credit score.

There is a trade-off between tying up cash and making it simpler to develop credit by increasing your deposit and boosting your limit. Refunds are available for any promises you may have made.

The First Premier Card's Replacements

If you don't have the credit or have bad credit and need a credit card, a secured bank card from First Premier may be an alternative. It's best to go with a free secured card if you can be eligible for one. Prequalification for many no-fee unsecured cards is possible without a rigorous credit search, so there's no harm in checking to see if you qualify. Comparing a few different options ensures you get the most outstanding value on a secured card.

Pay Attention to Your Credit Scores

The building or rebuilding of your credit requires constant attention to your credit report. It is possible to catch identity theft before it is too late if you keep a check on your credit reports. A new app that helps to monitor all three of your credit scores should be sought out.

Making On-Time, Complete Payment

Even though it sounds easy, paying bills on time can be difficult. Things rarely go according to plan in the physical world we all live in. Even if it's not always straightforward, it's critical to make all of your payments on the due date. If you're late on a payment, you'll be hit with late fees, which will ruin your credit. Reduce your spending on your credit card if you are unsure if you will be able to pay.

Also, make sure you pay your bill in full. The First Premier Bank Protected Credit Card has a respectable interest rate, but you don't want to spend any interest. You won't be charged interest if you pay off your entire account balance at each billing cycle.


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