First Premier Bank Gold MasterCard Review

A High APR, High Fee Card

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

First Premier Bank Gold MasterCard Details

Annual Fee $45-$125, depending on credit limit
Ongoing APR 36%
Late Payment Fee Up to $39.00
Foreign Transaction Fee 3% of each transaction amount in U.S. dollars
Recommended Credit Score 300-670
This card has no sign-up bonus, rewards, intro APR or balance transfer

Pros & Cons of First Premier Bank Gold MasterCard

What We Like

  • Poor credit qualifies

What We Don't Like

  • 36% APR

  • Very high annual fee

  • $25-$95 fee just to open an account

  • Additional monthly fee

First Premier Bank Gold MasterCard Sign-up Bonus

This card has no sign-up bonus.

Earning Points & Rewards

This card offers no points.

The main reason to get this card is to build credit. You are better off getting a secured card, if at all possible.

First Premier Bank Gold MasterCard's Additional Fees

Returned Payment Fee Up to $39
Cash Advance APR 36%
Cash Advance Fee Either $8.00 or 5% of the amount of each cash advance
Monthly Fee $6.25-$10.40 per month
Program Fee $25-$95
This card has no penalty APR or overlimit fee

A High-Cost Credit Card for Vulnerable Consumers

At one point, the First Premier Bank Gold MasterCard had an astronomical 59.9% APR. In 2009, the card made headlines for its 79% APR! While the APR has come down since then, 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 as they made up for it by charging significantly higher fees..

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

The credit card's annual fees are based on the amount of your credit limit and the higher your credit limit, the higher your annual fee. If your credit limit is $300, you'll also have to pay a $75 annual fee. This fee decreases to $45 each year for the second year onward. But, don't think your card gets any less expensive. In the second year, you'll be charged a minimum $6.25 monthly fee, which comes to $75 annually. If your credit limit is $500, the annual fee is $125. That drops to $49 in the second year, but a $10.40 monthly fee is added, which comes out to $124.80 per year.

Low Starting Credit Limit With Lower Available Credit

To make matters worse, you can only get a maximum of $1,000 credit limit, which is eaten up with fees before you ever make your first purchase. Once the annual fee is added, you'll be left with very little available credit. A $300 credit limit will leave you with $225 of initial available credit. A $400 initial credit limit will leave you with $300 initial available credit. A $500 credit limit will leave you with just $375 initial available credit. 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 opening the account.

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

Is This Card Right For You?

No. The First Premier Bank Gold MasterCard is one of the worst cards you can have, even if you have bad credit. The fees are incredibly high, and cardholders consistently give this card horrible reviews. Instead of applying for this card, consider a secured credit card, like the Capital One Secured MasterCard, which has no annual fee, a 26.99% 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.

Next Steps

Visit the First Premier Bank website if you want to apply.