Review: First Premier Bank Secured MasterCard
This secured credit card has a high annual fee, a high-interest rate, and is stingy on granting credit limit increases.
- People who have been turned down for a credit card or are rebuilding their credit.
Credit Rating Required
- Bad (below 620)
About the First Premier Bank Secured MasterCard
- No account processing fee.
- High-interest rates.
- High annual fee.
- Small credit limit increases.
Security Deposit Required
- $200 to $5,000.
- 19.9 percent on purchases and cash advances.
- Annual fee: $50.
- Late payment fee: $29-$35.
- Returned payment fee: $29.
- Credit limit increase fee: 50 percent of credit line increase.
First Premier Bank Secured MasterCard Card Review
The First Premier Bank Secured MasterCard carries both a high annual fee and a high-interest rate. The bank's credit limit increase policy isn't terribly generous, either.
On the positive side, if the bank increases your credit limit, it requires that you only post 50% of that amount as a deposit. So, if your credit limit increase is $100, you only have to put up an additional $50 as a security deposit. However, it won't consider increasing your credit limit until you've been a customer for more than a year, and even then the increase won't be more than $100.
If you're going to have to wait an entire year just to get a $100 credit limit increase, you're better off applying at another bank that at least will review your account for an unsecured card, like U.S. Bank or Wells Fargo.
There's not a whole lot to recommend this card unless you just can't get accepted by any other bank and First Premier is the only one that will.