First PREMIER Bank Secured Credit Card

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First PREMIER Bank Secured Credit Card

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Consumers interested in rebuilding credit often consider secured credit cards, such as the First PREMIER Bank Secured Credit Card. Secured credit cards allow an individual with bad credit to obtain the benefits of a credit card.

The costs of re-establishing credit can be costly, so compare credit cards in your wallet with our free online credit card chaser tool now!

A fully secured credit card, such as the First PREMIER Bank Secured Credit Card, lowers the financial risk of extending credit to the consumer. For example, if the cardholder wants a $500 credit limit, he deposits $500, plus application and processing fees, to the bank. First PREMIER Bank then issues the credit card to the cardholder, knowing that the risk associated with the card is never higher than the funds held by the bank.

First PREMIER Bank Secured Credit Card Costs

According to the First PREMIER Bank website, the annual percentage rate (APR) offered on the First PREMIER Bank Secured Credit Card is 49.9% on purchases and cash advances.

Persons interested in applying for the First PREMIER Bank Secured Credit Card will also pay an application fee. The initial application fee is $75.00. Upon approval for the card, the consumer pays an additional processing fee.

The convenience of making a debit card payment to the account by telephone also costs the First PREMIER Bank Secured cardholder a small fee. After the first year, a monthly account maintenance fee is also assessed to the cardholder.

First PREMIER Bank Secured Credit Card Comparisons

Since First PREMIER Bank offers partially-secured credit cards, consumers should avoid the fully-secured card in most cases. The 100% secured card locks up the card holder’s security deposit as long as the consumer carries the card.

First PREMIER Bank states that the cardholder may qualify for a lower annual percentage rate after an initial 12-month period (39.9%).

The security deposit is fully refundable if the consumer closes the account, less any outstanding charges.

First PREMIER Bank Secured Credit Card and “Fee Harvester” Concerns

Because First PREMIER Bank charges the consumer a very high annual percentage rate, and charges for basic services offered at no cost to other issuers’ credit cardholders, First PREMIER’s cards are considered “fee harvester” cards. Consumers should explore whether First PREMIER’s cards are the best choice before agreeing to the costly terms offered.

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