First Premier Bank Gold MasterCard Review

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The First Premier Bank Gold MasterCard is a card for people with really bad credit - who absolutely can't get a credit card anywhere else, not even a secured credit card. The card can get so expensive, even before you make any purchases, you have to very diligent about taking care of the fees quickly to reduce the amount of interest you pay.

A High Cost Credit Card for Vulnerable Consumers

A few years ago, the First Premier Bank Gold Mastercard had an astronomical 59.9% APR.

At one point, in 2012, the card made headlines for its 79% APR! While the APR has come down a lot, it's still one of the industry's highest credit card APRs at 36%. That's higher than the penalty rate for some cards! First Premier wasn't doing cardholders any favors by lowering the APR; they just made up for it by by charging significantly higher fees. The first year cost of the card is $170 and the second year it's $120 - and that doesn't include interest or the ridiculous credit limit increase fee (more on that below).

There's a one-time processing fee of $95, which is assessed and must be paid in full before you ever open the credit card.

The credit card's annual fees are based on the amount of your credit limit - the bigger your credit limit, the higher your annual fee. First year annual fees are In the first year, you'll also have to pay a $75 annual fee, which drops to $45 each year after the first year.

But, don't think your card gets any less expensive. In the second year, you'll be charged a $6.25 monthly fee, which comes to $75 annually.

Low Starting Credit Limit, With Lower Available Credit

To make matters worse, you only get a maximum of $500 credit limit, which is eaten up with fees before you ever make your first purchase.

Once the annual fee is added, you'll only be left with $225 of initial available credit if you're approved for a $300 credit limit; $300 initial available credit on a $400 credit limit; and $375 initial available credit on a $500 credit limit. Considering it's best for your credit score to keep your credit card balance below 30%, it's better that you don't make any charges on the card until you've paid the fees.

You may not be stuck with the low credit limit forever, but each time your account is eligible and approved for a credit limit increase, First Premier will charge you a credit limit increase fee equal to 25% of the increase. For example, if you're approved for a $100.00 increase, you will be charged $25.00, which gets added to your balance (along with the other fees you pay in the first year). Cardholders are eligible for a credit limit increase 13 months after account opening.

Beware: This card also goes under the names Centennial Gold and Aventium Gold.

FIrst Premier Bank Gold MasterCard Pricing


Annual fee

 $75 in the first year for $300 limit, $45 after that

$100 in the first year for $400 limit, $45 after that

$125 in the first year for $500 limit, $49 after that

Processing fee$95
Monthly fee

$6.25 for $300 credit limit, waived in the first year

$6.25 for $400 credit limit, waived in the first year

$10.40 for $500 credit limit, waived in the first year

Late payment feeUp to $37
Returned item feeUp to $35
Credit limit increase fee25% of the credit limit increase
Cash advance fee$6.00 or 5%
Foreign transaction fee3%

The First Premier Bank Gold MasterCard is one of the worst cards you can have, even if you have bad credit. The fees are insanely high and cardholders consistently give this card horrible reviews. Before taking on this card, consider a secured credit card, like the Capital One Secured MasterCard, which has no annual fee, a 24.9% APR, and a minimum security deposit between $49 and $200 for a $200 credit limit.

If you do end up getting the First Premier Bank Gold MasterCard, know what you're getting into. Keep your expectations low and use this card only as a way to jumpstart your credit so you can qualify for something better.

Edited by LaToya Irby. Last reviewed June 4, 2015. Credit card terms and signup bonuses are subject to change from the time of this review.