Aventium Gold MasterCard Review

Outrageous Interest Rates, High Fees and Tiny Credit Lines

This First Premier Bank Gold MasterCard (formerly called the Aventium Gold MasterCard) makes its Secured Card offering look positively cheap by comparison. If you've already checked the fees on this card, you're not seeing things. The APR really is 59.9 percent. That's in addition to the card's $75 processing set-up fee and the $75 to $125 annual fee starting in the second year (billed to your account at $6.25 a month). In exchange for that, you'll get a whopping $300 credit limit.

First Premier Bank​ Gold MasterCard Review

If for some reason you actually want this card and would like a higher credit limit, you'll pay even more in fees. Each time your account is eligible and approved for a credit limit increase, you'll be charged a fee equal to 25 percent of the credit limit increase.

For example, if you're approved for a $100.00 increase, you will be charged $25.00, which gets added to your balance. That means your credit limit increase will actually be $75, not $100. And of course, that balance will be incurring that 59.9-percent APR the entire time.

The maximum credit limit increase is $100, and you won't be eligible to get one for at least 13 months after you open your account.

This card is issued by First Premier Bank, under the name of First Premier Bank Gold MasterCard.

Who the First Premier Bank​ Gold MasterCard Is For

  • People with bad credit who are desperate to get a credit card and have no other options. 

Credit Rating Required

  • Poor (below 620)

About the First Premier Bank​ Gold MasterCard

Pros

  • Annual fee is waived the first year  

Cons

  • Outrageously high interest rates
  • High annual fee
  • High processing fee
  • Tiny credit limits

Rewards

  • No rewards program

APRs

  • 59.9 percent on purchases and cash advances

Fees

  • Processing fee: $75
  • Annual fee: $75 (waived the first year), billed at $6.25 a month
  • Late payment fee: Up to $38
  • Returned item fee: Up to $35
  • Credit limit increase fee: 25 percent of credit line increase.

Recommendation

This card seems very predatory, with its sky-high fees and interest rate, and the lack of any rewards or offsetting benefits. It only makes sense for the most desperate and vulnerable people who are willing to pay any price to get an unsecured credit card, but even then it's not worth it. First Premier's Secured MasterCard ranked as one of the worst secured cards. This card makes that secured card look like a bargain by comparison.