The First PREMIER Bank Gold Mastercard is aimed at people looking to establish or improve their credit score. Nevertheless, people who are building credit have better options.
Accessible for applicants with poor credit
Free FICO credit score
High set-up, annual, and monthly fees
High interest rate
High credit limit increase fee
- Accessible for applicants with poor credit: First PREMIER Bank will approve almost anyone for this card, even if you have bad credit. Even so, you have many other options for rebuilding credit.
- Free FICO credit score: Each month, you’ll get a statement with your quarterly FICO score printed on it. This will help you keep track of your credit as it rises with good use. Our recommendation? Once your score is high enough to qualify for better cards, ditch this one.
- High set-up, annual, and monthly fees: It’s not uncommon for credit cards to charge annual fees. What is uncommon is for a credit card to charge monthly fees as well. You’ll also have to pay a one-time “program fee” in addition to the usual fees other credit cards charge. (More details on those at the bottom.)
- High interest rate: This card charges about double the average credit card APR. It’s on the high end, even for credit cards marketed towards people with bad credit.
- High credit limit increase fee: One of the ways to boost your credit score is by getting a higher credit limit. If you’ve demonstrated responsible payment behavior, most issuers will do this for free. In contrast, with First PREMIER Bank, you’ll pay a fee of 25% of the credit limit increase. For example, if your credit limit increases by $200, you’ll pay a $50 fee.
The APR on this card is so high that active duty military members and residents of New York and Wisconsin can't get it—the rate violates consumer protection laws in those states, as well as the Military Lending Act.
- Premier credit protection: If you lose your job involuntarily, are hospitalized, go on unpaid family leave, or become disabled, this program may cover your minimum payments for a period of time. You have to opt in to this service, and it’ll cost you 89 cents for every $100 of your outstanding balance covered per month. For example, if you have an outstanding balance of $200, it’ll cost you $1.78 for that month.
First PREMIER Bank doesn’t get stellar reviews from its cardholders. While the company does have an A+ rating with the Better Business Bureau, it only received a 1-star rating from its customers. Furthermore, there are over 1,000 complaints against this specific credit card alone, which received an average 1.5-star review from customers. While the bank has a mobile app, it doesn't appear to serve credit card customers.
One plus? The company does give you a quarterly FICO score update each month on your statement.
You can expect standard security features with the First PREMIER Bank Gold Mastercard. It does offer two notable features:
- Mastercard ID Theft Protection: You can register for free credit monitoring services through this program. If you ever are the victim of identity theft or if you even lose your wallet, resolution specialists can help you set things right.
- Single bureau credit monitoring: Mastercard will monitor your TransUnion credit file for unusual activity or changes that may indicate fraud.
Fees to Watch Out For
The First PREMIER Bank Gold Mastercard hits cardholders with a lot of fees from sign up to statement copy. These fees are especially outsized considering the low value that this card delivers.
- Program fee: $25-$95, depending on creditworthiness, and charged once to open the card
- Ongoing annual fee: $75-$125 during the first year, and $45-$49 thereafter
- Monthly fee: Up to $8 per month for the first year; up to $10.40 per month thereafter
- Authorized user fee: $29 per year
- Credit limit increase fee: 25% of the amount of the increase
- Copy fee: $3 per statement copy
- Express delivery fee: $35 per rush order on replacement cards
- Wire transfer fee: $5 per transaction