The First Premier Bank Gold Mastercard is not one of our top-rated credit cards for bad credit. You can review our list of the best credit cards for bad credit for what we think are better options.
Full Review of First Premier Bank Gold Mastercard
Card activity reported to credit agencies
Free FICO Score access
Extremely high APR
Costly credit limit increase fee
- Card Activity Reported to Credit Agencies: First Premier Bank reports credit card activity to the major credit bureaus—Experian, Equifax, and TransUnion—each month. If you make all of your payments on time, this can help boost your credit score. According to FICO, your payment history accounts for 35% of your credit score. While most credit card companies report payment activity to credit bureaus, not all do. Before submitting an application for a credit card, double check that they report your activity so you get credit for making your payments on time.
- FICO Score Access: This card’s monthly billing statement features your FICO score. While many credit card companies offer this feature, it’s still a nice benefit to have because it allows you to monitor your progress.
- Sky-High Fees: While this card is unsecured and doesn’t require a security deposit, it still comes at a hefty price. You’ll have to pay a number of fees, including:
- Program fee: This one-time fee to open the account must be paid upon application approval.
- Annual fee: The annual fee is deducted from your credit limit, reducing your initial available credit.
- Monthly fee: You’ll be billed a monthly fee as long as your account is open.
- Penalty fee: If your payment is late or returned to you, you’ll pay up to $39.
- Additional user fee: Adding a relative or partner to your account incurs an annual fee of $29 per card, which is deducted from your available credit.
- Express delivery fee: If your card is lost or stolen, you’ll pay a $35 express delivery fee if you need a replacement card right away.
Your fees are dependent on the credit limit you qualify for:
|If your credit limit is:||Your program fee will be:||Your annual fee will be:||Your monthly fee will be:||Your initial available credit will be:|
|$300||$95 (one-time fee)||75 your first year, $45 after that||$0 for the first year, $75 after that ($6.25 per year)||$225|
|$400||$95 (one-time fee)||$100 your first year, $45 after that||$0 for the first year, $75 after that ($6.25 per year)||$300|
|$500||$95 (one-time fee)||$125 your first year, $49 after that||$0 for the first year, $124.80 after that ($10.40 per year)||$375|
|$600||$75 (one-time fee)||$79 your first year, $49 after that||$70.20 for the first year ($5.85 per month), $99 after that ($8.25 per month)||$515|
|$700||$55 (one-time fee)||$79 your first year, $49 after that||$96 for the first year ($8.00 per month), $124.80 after that ($10.40 per month)||$613|
|$1,000||$25 (one-time fee)||$79 your first year, $49 after that||$96 for the first year ($8.00 per month), $124.80 after that ($10.40 per month)||$913|
To put those fees in perspective, let’s say you were approved for this card with a $600 credit limit. In your first year as a cardholder, you’d pay:
- $75 program fee
- $79 annual fee
- $70.20 monthly fee, assessed $5.85 per month
All told, you’d pay $224.20 in non-refundable fees. Given this high cost, you may want to consider applying for a secured card instead. Even though secured cards require a security deposit, the deposit is refundable, so you get the money back. The Secured Mastercard from Capital One has no annual fee and a minimum security deposit of $49 for qualified applicants. If you make your first six monthly payments on time, you may qualify for a higher credit line.
- Extremely High APR: The First Premier Bank Gold Mastercard has a high APR on purchases. According to the Federal Reserve, the average APR for all credit cards that assessed interest was 16.88% as of November 2019, the last available data. At 36%, the APR on the First Premier Bank Gold Mastercard is more than double that average rate. If you carry a balance at such a high APR, you could end up paying hundreds more than you originally charged. To avoid costly interest charges, aim to pay off your statement balance in full every month.
- Costly Credit Limit Increase Fee: If you make all of your payments on time and practice good credit habits with this card, you could qualify for a credit line increase. More spending power is usually a good thing, except the First Premier Bank Gold Mastercard has a credit limit increase fee. Every time you’re approved for a credit limit increase, you’ll be charged 25% of the amount of the credit limit increase. For example, if your credit line is increased by $100, you’ll be charged a $25 fee. Initially, you’ll only have $75 in additional available credit thanks to this fee. The credit limit increase fee is unusually high, even for a card designed for people with bad credit. For another option, consider the Blaze Mastercard, This unsecured card for people rebuilding their credit has a $75 annual fee, but you can qualify for a credit line increase in as little as six months—without a credit limit increase fee.
This Card is Best For
Motivated to create positive credit history
According to a May 2019 survey by CNBC Select and Morning Consult, nearly one in four Americans reported being unable to get approved for a credit card. The most common reasons for being denied credit include insufficient credit history and missed payments.
If you’re one of the millions of people who have struggled to get a credit card, the First Premier Bank Gold Mastercard is an option for building or rebuilding your credit. First Premier Bank reports payment activity to the credit bureaus. Making on-time payments will help you qualify for other lines of credit later on.
- Free FICO score access
- Online account access
The First Premier Bank Gold Mastercard is issued by First Premier Bank, a privately owned regional bank.
As a smaller card issuer, First Premier Bank was not included in the rankings in the J.D. Power Credit Card Satisfaction Study.
You can access your account 24 hours a day, seven days a week online or contact customer support at 800-987-5521.
First Premier Bank Gold Mastercard cardholders can take advantage of the Mastercard ID Theft Protection, an identity theft monitoring and alert program. If suspicious activity is found, Mastercard will send you a notification and help you take action to fix the problem.
While the First Premier Bank Gold Mastercard is an unsecured credit card you can potentially qualify for with bad credit, its sky-high fees and APR make it extremely expensive. Unless you’ve exhausted all other options, it should be avoided.
Most consumers would find a secured credit card more cost-effective. Many secured cards, like the Discover it Secured card, have no annual fee. Over time, you can qualify for an unsecured card with consistent on-time payments and get your security deposit back. It’s a good idea to shop around to find a card that doesn’t charge so many fees so you can hold on to more of your hard-earned money while you build your credit.