The PREMIER Bankcard 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.
Pros & Cons
Card activity reported to credit agencies
Free FICO Score access
Extremely high APR
Costly credit limit increase fee
- Card activity reported to credit agencies: PREMIER Bankcard reports credit card activity to the major credit bureaus each month: Experian, Equifax, and TransUnion. This can help boost your credit score if you make all your payments on time. According to FICO, your payment history accounts for 35% of your credit score. Most credit card companies report payment activity to credit bureaus, but not all do.
- FICO score access: This card features the ability to check your FICO score. Many credit card companies offer this feature, but it’s still a nice benefit because it allows you to monitor your progress.
- Sky-High Fees: This card is unsecured and doesn’t require a security deposit, but it 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: You'll pay up to $39 if your payment is late or returned to you.
- 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: You’ll pay a $35 express delivery fee if you need a replacement card right away because your card has been lost or stolen.
Your fees are dependent on the credit limit you qualify for the following.
|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:|
|$200||$95 (one-time fee)||$50 your first year, $45 after that||$0 for the first year, $75 after that ($6.25 per month)||$150|
|$300||$95 (one-time fee)||$75 your first year, $45 after that||$0 for the first year, $75 after that ($6.25 per month)||$225|
|$400||$95 (one-time fee)||$100 your first year, $45 after that||$0 for the first year, $75 after that ($6.25 per month)||$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 month)||$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)||$515.15|
|$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|
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. You might want to consider applying for a secured card instead given this high cost. Secured cards require a security deposit, but the deposit is refundable so you'll eventually get the money back. The Platinum Secured Mastercard from Capital One has no annual fee and a minimum security deposit of $49 for qualified applicants. You may qualify for a higher credit line if you make your first six monthly payments on time.
- Extremely high APR: The PREMIER Bankcard Mastercard has a high APR on purchases. According to The Balance's calculations, the average APR for all credit cards that assessed interest was 22.7% as of January 2023. At 36%, the APR on the PREMIER Bankcard Mastercard is more than one and a half times that average rate. You could end up paying hundreds more than you originally charged if you carry a balance at such a high APR. Aim to pay off your statement balance in full every month to avoid costly interest charges.
- Costly credit limit increase fee: You could qualify for a credit line increase if you make all your payments on time and practice good credit habits with this card. More spending power is usually a good thing, but the PREMIER Bankcard Mastercard imposes a credit limit increase fee. You’ll be charged 25% of the amount of the credit limit increase for each one you're approved for. You'd be charged a $25 fee if your credit line is increased by $100. 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.
This Card is Best For
Motivated to create positive credit history
The PREMIER Bankcard Mastercard offers free FICO score access and online account access.
The PREMIER Bankcard Mastercard is issued by Premier Bankcard, a privately-owned regional bank. As a smaller card issuer, Premier Bankcard 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.
PREMIER Bankcard Mastercard cardholders can take advantage of the Mastercard ID Theft Protection, an identity theft monitoring and alert program. Mastercard will send you a notification and help you take action to fix the problem if suspicious activity is found.
The PREMIER Bankcard Mastercard is an unsecured credit card that you can potentially qualify for with bad credit, but its sky-high fees and APR make it extremely expensive. It should be avoided unless you’ve exhausted all other options.
Most consumers would find a secured credit card more cost effective. 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.
What credit score is needed for a Premier Bank credit card?
Premier Bank advertises that it accepts "poor/fair credit," but it doesn't cite a specific score that's acceptable or necessary. It simply indicates that you can contact the company and talk to one of its bankers if you want to inquire about your credit score or your creditworthiness.
Does a PREMIER Bankcard increase your credit limit?
You can apply to PREMIER to increase your credit limit and it will do so if you qualify...and for a price. The fee is pretty hefty at 25% of the amount of the credit limit increase. And this isn't necessarily a one-time fee. It will be charged each time you're approved for an increase.
Will a First Premier Bank credit card help my credit?
The most substantial help for your credit comes from you. Make your credit card payments and all other loan payments on time. Avoid charging all the way up to your credit limit if possible, and your credit score should gradually increase. PREMIER reports credit card activity to the credit bureaus each month and your payment history accounts for 35% of your score, so this will help. But most credit card companies do this. PREMIER isn't unique.
Can I withdraw money from my PREMIER credit card?
PREMIER does allow cash advances, but this comes at a price, too. The APR for this type of transaction is 36%, which is the same as the APR applied to purchases made with the card...but. There's an additional fee of 5% on cash advances, and this isn't 5% per month. It's charged per transaction.
To rate credit cards, we objectively assess, score and weigh nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. You can read the full version of our methodology for a more in-depth look at how we assess credit cards and award them the best in various categories.