The First PREMIER® Bank Secured Credit Card has several features that don’t come with most secured cards. Learn how to use this card to establish or rebuild your credit.
First PREMIER® Bank Secured Credit Card
There aren’t many secured cards better than the First PREMIER® Bank Secured credit card.
This card is easy to qualify for, has a low interest rate, and has some neat benefits like access to a free credit score.
However, you still have to pay an annual fee and a security deposit.
I created this review so that you can understand how their card works, its benefits and short comings.
Easy to qualify
Credit building tool
Reports to all 3 major credit bureaus
Automatic Limit Increases
Free Access To FICO Score
$75.00 Annual Fee
Requires a $200 deposit
Limit Increase Fee
What’s The First Premier® Bank Secured Card?
The First Premier Bank secured credit card was created for the millions of Americans who find themselves faced with bad credit.
This card’s primary objective is to help customers transition to develop better credit habits.
Like most secured cards it will report to all 3 credit reporting agencies and help you establish a good payment history.
Who Is First Premier Bank?
First PREMIER Bank was established in 1929 and is headquartered in South Dakota and are one of the top 20 issuers of MasterCard® credit cards in the United States.
They are also a four time recipient of Mastercard’s Performance Excellence Award which is a major achievement.
What Makes Them Different?
What makes First Premier Different is that they offer a ton of additional benefits with their cards.
Along with reporting to all 3 of your credit bureaus, you will get free access to your FICO score as well as an instant credit limit increase after the first 13 months.
First Premier Bank Secured Credit Card Basics
Below are some of the basic features of the First Premier® Bank Secured Credit Card:
- Card type: Secured
- Interest rate: 19.9% APR
- Annual fee: $75
- Rewards: None
- *Security deposit: $200 minimum, $5,000 maximum
- Foreign transaction fee: 3% of each transaction amount in U.S. dollars.
- Credit reporting: Reports payment information to all three credit bureaus.
- Late payment fee: Up to $39.00
- Credit limit increase fee: 25% of the amount of the credit limit increase
- Return Item fee: Up to $39.00
- Balance Transfer fee: N/A
- Cash advance fee: Either $8 or 5% of the amount of each cash advance, whichever is greater.
*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don’t pay your bill.
Now, while there might be a few fees associated with getting a secured card, building your credit score will always be worth paying those small fees.
First PREMIER® Secured Credit Card Features
The First Premier® Bank secured credit card is packed with a few features that make it one of the best secured credit cards for rebuilding credit.
The main features of this card include:
- Easy Online Application Process
- Quarterly Access To Your FICO score
- Monthly reports to all three major credit bureaus
- Manage your account 24/7 with online or telephone access
- Automatic Credit Limit Increase (if you qualify)
First Premier® Bank Secured Mastercard® helps you to establish a solid payment history with no annual fee required.
First PREMIER® Credit Limit Increase
While you can always add additional funds to your card to increase the credit limit (up to $5,000), after 13 months you will be considered for an unsecured credit limit increase.
The decision on if you will get an increase is based on how you use the account during the first 12 months.
This means it is possible to get an increase without depositing more money after the first year.
However, remember there is a 25% charge that will be added to your account based on whatever amount of increase you receive.
If you get approved for a $250 credit limit increase, a charge for $62.50 will deduct from your available balance.
Quarterly FICO From First PREMIER®
Another amazing benefit from First Premier is that you get quarterly access to your FICO Score for free.
Your FICO score is the one used by over 90% of lenders when it comes to making credit approval decisions.
To view your FICO score, every quarter you just need to log into your online account and look at your statement.
Understanding Your Security Deposit
One of the most important parts of obtaining a secured card is knowing what you want your initial security deposit to be since it will affect your credit profile and determine your credit limit.
With First Premier® your initial deposit can be as low as $200.00, but you can deposit up to $5,000 to increase your credit limit.
This is great because the higher your credit limit the easier it is to keep your credit utilization low.
Years ago, when I first started building my credit, I deposited $3,000 to my Capital One secured card account.
It increased my limit to $3,000, improved my credit utilization, and it helped my credit grow very fast.
First Premier® Bank Secured Card Pros & Cons
Alternatives To The First Premier® Card
A secured credit card through First Premier® is one of the best options when it comes to establishing or rebuilding credit.
However, there are a few other options available for building or repairing your credit, and if you can, I would get them in addition to the First Premier® Card.
Secured Card With No Annual Fee
If you are looking for another secured card option that doesn’t have an annual fee then you are in luck.
Capital One has one of the best secured credit card options online because it doesn’t have an annual fee.
You also get access to an instant credit limit increase after only making 5 on-time payments.
It’s super easy to qualify for and it allows you to establish an account with Capital One.
You can check out our review here or click the button below to learn more.
Credit Builder Loan Through Self Inc.
While these loans have a small monthly fee attached to them, they also pull your credit report for approval.
Just like with a First Premier® card, Credit Builder Loans report to all 3 credit reporting agencies.
The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.
Basically you get approved for a set loan amount and once you pay it all back, your money paid into the loan is sent back to you.
Catalog / Merchandise Account Through Fingerhut
Another great alternative are Catalog/ Merchandise Accounts.
While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.
These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.
One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.
Steps To Take After You’re Approved
The real work starts once you have been approved for your First Premier® Secured Mastercard® Credit Card.
Monitor Your Credit
Seriously, this is one of the most overlooked area of building credit.
This is truly your first line of defense when trying to build or rebuild your credit.
If your application goes to “Pending” status it doesn’t mean Declined. Usually, more information may be needed.
You should try to find a service that allows you to monitor all 3 of your reports.
Make On Time Payments
Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.
Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.
No matter what, avoid late payments.
Keep Credit Utilization Low
Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.
For example, if your First Premier® secured credit card has a $3500 limit and you spend $60.
Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.
Use The Candy Bar Method
You have probably seen talk about this method throughout our site because we find it to be the best strategy for establishing a good payment history.
Your goal with the Candy Bar Method is to take your card once per month and purchase a candy bar.
This should cost no more than $1.00 or $1.50 and after 3 days you should be able to make your payment on the card.
This will show that the card is being actively used and that you are paying your bill.
How To Cancel Your First Premier® Credit Card?
First Premier Bank lets you cancel your credit card at any time by calling its customer service line.
Cancel By Phone: Call First Premier One®at 1-800-987-5521 to speak to a rep and tell them you want to cancel your First Premier® secured credit card.
Is There A Fee For Closing My Account?
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
You will also receive your security deposit back that you used to open your account.
It’s best to keep the card active as long as you can, there really isn’t a reason to cancel the card any time soon.
Taking Action On Your Credit
Hopefully, you found this First Premier® Bank Secured Credit Card review helpful because there are several secured card options available; however, only a few of them are as good.
There’s no better time than now to get your new account setup so that you can begin the process to either repair or rebuild your credit.
Start building your credit today with a First Premier secured credit card.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.