Review: First Premier Bank Secured MasterCard

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This secured credit card has a high annual fee, a high-interest rate, and is stingy on granting credit limit increases.

Who Is the First Premier Bank Secured MasterCard For

  • 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

Pros

  • No account processing fee.

Cons

  • High-interest rates.
  • High annual fee.
  • Small credit limit increases.

Security Deposit Required

  • $200 to $5,000.

Rewards

  • None.

APRs

  • 19.9 percent on purchases and cash advances.

Fees

  • 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.

Recommendation

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.