First Premier Bank Mastercard Credit Card Review
Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.
JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
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.
Jump To
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.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
How does the First Premier Bank Mastercard Credit Card work?
To sign up for the card, you’ll need to apply online.
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.
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.
How much does the First Premier Bank Mastercard Credit Card cost?
The First Premier Bank Mastercard Credit Card comes with various costs and fees. There’s a one-time program fee of $55 to $95. There’s also an annual fee of $50 to $125 and a monthly fee of $0 to $8 the first year (then a $45 to $49 annual fee and a $6.25 to $10.40 monthly fee). That’s a hefty amount of money to pay for a credit card, especially one without any rewards. If your credit limit is increased, the card comes with a credit 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.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
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
You may still qualify for this card if you don’t have a perfect credit history. 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 has 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 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 and 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
Bank | Annual Fee | APR | Rewards |
First Premier Bank Mastercard Credit Card | $50 to $125 1st year, $45-$49 after | 36% | None |
Discover it Secured Credit Card | None | 27.74% | 2% cash back at gas stations and restaurants (up to $1,000 combined each quarter), 1% cashback on everything else |
Capital One Platinum Secured Credit Card | $0 | 29.99% | N/A |
Discover it® Secured Credit Card
Discover It® Secured Credit Card
Card Name
Discover It® Secured Credit Card
APR
28.24%
Recommended Credit Score
N/A
Annual Fee
$0
Rewards Rate
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all your other purchases automatically. 2x cash back with Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
Why We Like It
- Credit-building credit card with limit you set with your deposit.
- Automatic review in 7 months to see if you can transition into an unsecured line of credit and return your deposit.
Capital One Secured Mastercard
Capital One Platinum Secured Credit Card
Card Name
Capital One Platinum Secured Credit Card
APR
29.99%
Recommended Credit Score
Limited, Bad
Annual Fee
$0
Special Offer
No annual or hidden fees.
Special Offer Terms
See if you're approved in seconds.
Rewards Rate
N/A
Terms
Why We Like It
- No annual or hidden fees.
- You could earn back your security deposit as a statement credit by making on-time payments.
- Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
- Monitor your credit score for free with CreditWise from Capital One.
Raise Your Credit 80 points*
- 5 star service trusted by over 450,000 members
- Have processed over $11,000,000 in bill payments for members
- No deposit, no credit check, no interest
- New member promotions available
*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.
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 comes with extremely high rates and fees, so the First Premier Bank Mastercard Credit Card isn’t a great choice for most borrowers. In general, looking for a secured card with few fees is better if you’re looking to build credit.
Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.
Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.
Images appearing across JoyWallet are courtesy of shutterstock.com.
JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.
Writer
Margaret Wack covers personal finance and small business and has appeared on MoneyUnder30, The Simple Dollar and Interest.com.
Share this article
