- 1 » First PREMIER Bank Credit Cards Review
- 2 First Premier Credit Card Review: Bad Option for Bad Credit
- 3 First Premier Bank Credit Card Review
- 4 First Premier Bank - First Premier Credit card
» First PREMIER Bank Credit Cards Review
First Premier Bank Credit Card
Looking for First Premier Bank credit cards? www.mypremiercreditcard.com is the First Premier Credit Card page for pre-approved credit card offer applications that you may have received in the mail. The purpose of that page is to redirect you to the application for the First Premier credit card in a particular offer. However with the www.mypremiercreditcard.com offer you may qualify for additional offers below. See how your offer compares to other top offers below. If you received a pre-approved offer it is very likely you are pre-approved to apply for a better offer below. Important: Be sure to review and compare the fees and penalties in your offer. Offers for consumers with bad credit or no credit histories have been known to include heavy fees.
As the whole world feels the pinch from the crumbling economy, the chance of slipping into credit card, or any other debt is ever easier. Sometimes circumstances can leave you in a position of having a bad credit score, or even neglect on a previous debt. Whether it is your fault or not, receiving credit after can be difficult. There are now many “bad credit, credit cards”. One such card is the First Premier Bank Classic Credit Card.
The big problem with many of these bad credit credit cards is that they come at a high price. The company knows that they may be your last chance, and if you are desperate will take any deal on offer. Many see these kinds of offers as nothing other than glorified loan sharking, while others claim they are a vital step back onto the first rung of the credit ladder. While not being the worst of these cards the First Premier Bank Classic still asks a lot for what it is, and does not give much in the way of perks and features.
Expect to be on the end of some very extortionate fees when you receive your First Premier card. However, firstly, the one plus side of this card is that it requires a poor credit score to be accepted, anything below 620 is considered. If you are even applying for this card then it is evident that you have been turned down elsewhere, and thus this could be your last port of call. The good news is you will probably be accepted for the First Premier Bank Classic Credit Card. The bad news is that the company know this too, and are in a position to do something like charge an annual fee of $50 (Which is higher than many upmarket cards), and give APR’s of 19.9% on both balance transfers and purchases. Another factor is you will not be treated to very considerate credit increases, with a charge of 50% of the credit increase.
Another shock may come in the guise of the fees that will already come loaded on the card, often as much as $200. All these financial restrictions mean that the First Premier Bank Classic Credit Card is purely for rebuilding you credit worthiness, if you want to be purchasing regularly, stay well clear of this card. If you pay your bills on time, and clear the fees then you will slowly rebuild your reputation.
So this like any other bad credit credit card is to be avoided by all accept the most in need of rebuilding their score. Do not consider it as a classic credit card that may reward a purchase, in fact you may end up getting stung by regular purchases; instead keep your limit low and pay on time. In reality a card like this should be avoided at all costs, firstly by preventing getting into a situation where you need to apply for a bad credit credit card.
First Premier Credit Card Review: Bad Option for Bad Credit
If you have bad credit, you’ll often be urged to get a secured credit card. These cards require a cash security deposit, usually equal to your credit limit. The First Premier Bank Credit Card is one of the few unsecured credit cards designed for people with bad credit, meaning you can skip the deposit.
But even though tying up money in a secured card deposit isn’t ideal, the cost of carrying the First Premier Bank Credit Card is so high that a deposit pales in comparison. And unlike a deposit on a secured card, which you get back when you close or upgrade the account, the fees you pay to First Premier are gone forever.
Because of the high fees and annual percentage rate, we recommend that you avoid the First Premier Bank Credit Card, but a couple of alternatives may be worth your while.
Why the First Premier card is so costly
When you have bad credit, a higher APR and extra fees are not uncommon. Card issuers see you as a higher risk and will charge you accordingly. But the First Premier card takes these charges to a new level.
The fees include processing fees, annual fees and monthly servicing fees, which vary depending on the credit limit you have. The day we looked at the terms and conditions, the credit limits ranged from $300 to $1,000 (see table below).
The fee parade begins with a one-time processing fee, which must be paid before the account is opened. Next comes the annual fee. Bringing up the rear is a monthly servicing fee, waived the first year for credit limits up to $500. For example, a $300 credit limit will run you a total of $170 the first year and $120 a year thereafter. Some of the best rewards credit cards don’t even charge that much. See the chart below for details on each credit limit. Also, if you want a cash advance, you’ll pay 5% or $6, whichever is greater. Here’s how the fees break down based on your credit limit:
While most credit cards for bad credit from major card issuers have comparatively high APRs, none of them come close to the First Premier Bank Credit Card’s APR of 36% for purchases and cash advances. (For cash advances, you’ll pay the 5% transaction fee noted above and the 36% APR.) Carrying a balance on this card can get you into financial trouble quickly.
Credit cards for bad credit tend to have low credit limits. When your limit is only $300, for example, you don’t have much room to use the card — and when you do use it, you can easily use up most of your available credit, causing your credit utilization ratio to spike and potentially hurting your credit score. This is a consideration with most cards for bad credit. But First Premier throws in an extra hassle: The bank may increase your credit limit after your account has been open for 13 months — but it will charge you a fee of 25% of the increase upon approval. For example, if you receive a $200 credit limit increase, you’ll be charged a $50 fee. Cardholders may reject the credit limit increase and have the fee reversed, but they must notify First Premier within 30 days of the billing statement that shows the increase and the fee.
In most cases, a secured credit card is a good choice while you’re getting back on your feet credit-wise. The downside to secured cards is the deposit. Although this means you’ll have some cash tied up while you’re using the card, you’ll typically get it back when you close the account, sometimes with interest. Here are two secured cards worthy of consideration.
Digital Federal Credit Union Visa Platinum Secured Credit Card
The card also offers free access to your FICO credit score so you can keep an eye on your credit-building progress and see what you still need to work on. The card also reports your activity to all three credit bureaus.
Though the Digital Federal Credit Union Visa Platinum Secured Credit Card does require you to put up a security deposit equal to your credit limit, there’s no limit to how high you can go. So if you happen to have $5,000 in savings you don’t need for a while, you can get a $5,000 credit limit.
One downside to the card is that you have to be a member of Digital Federal Credit Union to be approved. You may become a member if:
- Someone you are related to is a current member
- The company you work for or retired from is a participating employer
- You belong to a participating organization (you can join one of the listed organizations when you open your account with as little as $10)
- You live, work, worship or attend school in a community which has been designated as underserved and the credit union has a branch in it
Despite the extra hoop to jump through to apply, the Digital Federal Credit Union Visa Platinum Secured Credit Card is about as good as it gets.
OpenSky® Secured Visa® Credit Card
Your credit limit, which requires an equal security deposit, can be anywhere from $200 to $3,000. The ongoing APR is 18.64% Variable APR, and the card reports your activity to all three credit bureaus. For cash advances, you’ll pay $6 or 5%, whichever is greater.
The OpenSky® Secured Visa® Credit Card isn’t as impressive as the Digital Federal Credit Union Visa Platinum Secured Credit Card, but considering it won’t deny you simply for having poor credit, it’s not a bad option.
Tending to your credit doesn’t have to be expensive, and even with bad credit, you have options. Before you apply for any credit card, review the fees and other terms of the account and compare them with other cards. The more time you spend researching, the more likely you’ll come to the best option available for you.
First Premier Bank Credit Card Review
Executive Summary - First Premier is one of two unsecured cards today that specifically target the sub-prime market. The other card being Credit One. Compared to the Credit One Visa, FP has ridiculously high fees and APR. If you are seriously considering this card, we would urge you to check out the Credit One Visa With Gas Rewards instead.
Credit Line Increase Fee - This is another one of those fee suckers. If your credit limit is increased by First Premier, they will charge you a fee that is equal to 50% of the credit line increase. As an example, if your credit line is increase by $100, you will be charged a fee of $50! Only in the subprime world does this exist!
First Premier Bank - First Premier Credit card
This card is a joke!I wasnt's tupid enough to get one, but read the fine print.Please don't be a sucker and get this trash! You're better off getting Orchard Bank or a "Secured card" at your local Bank.Here is First Premiers 59.0% APR and FEES taken right from their web site. -------------------------------Annual Percentage Rate (APR) for Purchases 59.9% APR for Cash Advances 59.9% How to Avoid Paying Interest on Purchases Your due date is at least 25 days after the close of each Billing Cycle. We will not charge you interest on Purchases if you pay your entire balance by the due date each month. Minimum Interest Charge If you are charged interest, the charge will be no less than $0.50. The Minimum Interest Charge will not be assessed in the first 12 months your Credit Account is open. For Credit Card Tips from the Federal Reserve Board To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard. Fees Set-up and Maintenance Fees NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will be only about $225.00.
Processing Fee$45.00 (one-time fee) First Year Annual Fee$75.00 (one-time fee) Subsequent Year Annual Fee$75.00 annually (which will be billed at $6.25 per month)
Cash AdvanceEither $5.00 or 3% of the amount of each Cash Advance, whichever is greater (maximum fee: $10.00). This fee will not be assessed to Cash Advances taken in the first 12 months your Credit Account is open.
Foreign Currency3% of each transaction amount in U.S. dollars. This fee will not be assessed to foreign transactions made in the first 12 months your Credit Account is open. Penalty Fees
Late PaymentUp to $35.00. Return Item ChargeUp to $29.00.
How We Will Calculate Your Balance. We use a method called "average daily balance (including new purchases)."
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