First Premier Bank Secured Credit Card Review

There are few, if any, reasons to get this card

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People tend to turn to secured credit cards when they have no other option for building credit, but even as a last resort, the First Premier Bank Secured credit card isn't a great option. It has a high annual fee, a high-interest rate, and limited opportunity for credit limit increases.

The card also isn't available to New York and Wisconsin residents, as well as active military servicemembers and their covered dependents.

First Premier Bank Secured Credit Card Details

Annual Fee $50
Ongoing APR 19.9%
Late Payment Fee Up to $38
Foreign Transaction Fee 3%
Security Deposit Required $200-$5,000
Recommended Credit Score No credit history required
This card does not have a sign-up bonus, rewards, introductory purchase APR, or a balance transfer offer.

Pros & Cons of the First Premier Bank Secured Credit Card

What We Like

  • Accepts applicants with bad or no credit

  • Reports to credit reporting agencies

What We Don't Like

  • High annual fee

  • Credit limit increase fee

  • Credit limit increase unavailable until account has been open for 13 months

First Premier Bank Secured Card Sign-up Bonus

The First Premier Bank Secured credit card does not offer a sign-up bonus to new cardholders.

Earning Points & Rewards

This card does not offer any points or rewards.


The main reason someone would get the First Premier Secured credit card is to build credit. If you can't qualify for any other credit card, this could be an option for establishing a good credit history.

First Premier Bank Secured Card's Other Features

  • Credit Limit Increase: After 13 months as a cardholder, you can request a credit limit increase. If approved, you only need to make an additional deposit of 50% of the limit increase. For example, if First Premier approves you for an extra $100 credit limit increase, you only give an additional deposit of $50.
  • Low Minimum Deposit: The minimum deposit to open the card is $25. Once you have deposited $200, you can use your card.
  • Add to Your Deposit: You have 85 days from opening the account to deposit the minimum $200 to use the card. You can increase your available credit by adding to your security deposit, up to $5,000.
  • Refundable Deposit: If you decide to close your account, First Premier will refund your security deposit, minus your outstanding balance. If you don't fulfill the $200 minimum deposit within 85 days of opening the card, the bank will close your card and refund any deposits you've made.

First Premier Bank Secured Credit Card's Additional Fees

Returned Payment Fee Up to $38
Cash Advance APR 19.9%
Cash Advance Fee $8 or 5% of the cash advance, whichever is greater
Authorized User Fee $29 annually per additional card
Credit Limit Increase Fee 25% of increase
This card does not charge a penalty APR or an overlimit fee.

Is This Card Right For You?


Even though this card is designed to help you build your credit, it doesn't make it easy. First Premier deducts your annual fee from your credit limit, so if you make the minimum deposit, you'll only have $150 of available credit. Building good credit requires maintaining a low credit utilization rate (ideally less than 30%), which means you should spend no more than $45 before paying off the balance if you want to help your credit score.


There are secured cards out there with better terms. If you have bad credit, allow some time to pass after negative events like missed payments or bankruptcy. Then consider applying for a secured card with no annual fee or the potential to "graduate" from a secured card to an unsecured credit card.

Next Steps

If you decide that the First Premier Secured credit card is right for you, you can apply on the issuer's website. We recommend reading our guides on how to choose the right secured credit card and how to improve your credit score.