Is the First Premier Credit Card Right for You? A Complete Review

The First Premier Credit Card is often considered by people who have less-than-perfect credit and are looking to rebuild their financial reputation. While it provides an opportunity to access credit, it’s important to weigh its pros and cons before applying. This card comes with high fees and interest rates, but it may help improve your credit score with responsible use. If you are trying to decide if this card is the best choice for your needs, this review will guide you through its features and drawbacks.

Overview of the First Premier Credit Card

The First Premier Credit Card is a credit card product of First Premier Bank and is especially geared towards bad credit. It comes in two options: The two cards here are Mastercard and Visa and as the features and benefits will show they are two cards that are almost equal in functionality. The credit limit here can be anywhere between $300 and $1000 moreover it depends on the credit check done.

Features of the First Premier Credit Card

1. Access to Credit

One of the main advantages of the First Premier Credit Card is that it allows individuals with low credit scores to access credit. This can be beneficial for people who have been denied by other credit card companies due to their credit history.

2. Easy Application Process

The application process for this card is relatively simple and can be completed online in just a few minutes. This makes it a convenient option for those who are looking to quickly obtain a credit card.

3. Opportunity to Improve Credit Score

By using the First Premier Credit Card responsibly, you may be able to improve your credit score over time. Making timely payments and keeping your balance low can positively impact your credit score, making it easier for you to access credit in the future.

4. Low Credit Limit

The credit limit for the First Premier Credit Card is relatively low, which can be both a blessing and a curse. While it may help you avoid overspending and getting into debt, it also means that you have limited purchasing power.

Drawbacks of the First Premier Credit Card

1. High Fees

One of the biggest drawbacks of this card is its high fees. The annual fee for the first year can be up to $95, and then it decreases to $75 in subsequent years. Additionally, there is a monthly servicing fee of $6.25, which can add up over time.

High Interest Rates

The First Premier Credit Card carries exceptionally high interest rates, starting at 36%. This means that carrying a balance on the card can result in substantial interest charges, significantly increasing the overall cost of borrowing.

3. Limited Acceptance

Due to its reputation as a credit card for individuals with low credit scores, the First Premier Credit Card may not be accepted at all merchants. This can make it difficult to use in certain situations, such as when traveling or making large purchases.

4. No Rewards Program

Unlike other credit cards, the First Premier Credit Card does not offer any rewards program for its cardholders. This means that you will not earn points or cash back for your purchases.

Competitors of the First Premier Credit Card

While the First Premier Credit Card may seem like a viable option for those with low credit scores, it’s important to consider its competitors as well. Some popular alternatives include:

Discover it Secured Credit Card

The Discover it Secured Credit Card stands out as a compelling alternative to the First Premier Credit Card, particularly for those focused on rebuilding their credit. Unlike the First Premier card, Discover it Secured offers a rewarding cash-back program, with 2% back on gas and restaurant purchases (up to $1,000 in combined spending per quarter) and 1% on all other purchases. Best of all, it comes with no annual fee, making it a more affordable and rewarding choice for cardholders.

OpenSky Secured Visa Credit Card

Another alternative is the OpenSky Secured Visa Credit Card. This card does not require a credit check when you apply, which can be appealing for those with very poor credit or no credit history. While it does require a refundable security deposit, it has a low annual fee of $35 and does not charge any monthly servicing fees. Like the First Premier Credit Card, it also reports to all three major credit bureaus, making it a useful tool for credit building.

Secured Sable ONE Card

The Secured Sable ONE Card is another option worth considering. It offers flexible security deposit requirements and boasts no annual fee. A unique highlight of this card is the ability to potentially transition to an unsecured card after a period of responsible usage. It also features a rewards program, offering 2% cash back on certain categories like dining, travel, and online purchases, and 1% cash back on all other purchases. This blend of features makes it a competitive choice for rebuilding credit.

Should You Choose the First Premier Credit Card?

After considering its features and drawbacks, you may be wondering if the First Premier Credit Card is the right choice for you. Ultimately, it depends on your individual financial situation and goals. If you have a low credit score and are looking to rebuild your credit, this card can provide a helpful opportunity to access credit. However, if you are concerned about high fees and interest rates, it may be worth exploring other options that offer more competitive terms.

How to Use Your First Premier Credit Card Responsibly

To make the most of your First Premier Credit Card, it’s important to use it responsibly. Here are a few tips to keep in mind:

• Pay your bill on time each month to avoid late fees and negative impacts on your credit score.
• Keep your balance low to help improve your credit utilization ratio. This refers to the amount of available credit you are using and can impact your credit score.
• Avoid overspending and only charge what you can afford to pay off each month. This will help you avoid interest charges and potential debt.
• Stay within your credit limit to avoid over-limit fees and potential damage to your credit score.

Conclusion

The First Premier Credit Card may have its limitations and drawbacks, but it can serve as a valuable tool for individuals looking to rebuild their credit. By using it responsibly and being mindful of its features and fees, you can make the most of this card and potentially improve your financial standing in the long run. However, it’s important to also explore other options and compare them before making a decision on which credit card is right for you. With responsible use, any credit card can be a beneficial tool in achieving your financial goals.