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The First PREMIER Bank Credit Card was last reviewed on 22th January 2008
Summary - First PREMIER Bank MasterCard® have four designs with four different names, but with essentially identical features, rates and fees. They are the First PREMIER Bank regular and gold card, and the Centennial regular and gold card. These four cards are targeted at those with limited or poor credit. Find out more about these cards.
Fees - Like most other sub-prime credit cards, there are quite a few up front fees. Firstly, you will have to pay a one-time account setup fee of $29.00, a one-time program fee of $95.00. The annual fee is $48.00. There is also an annual participating fee of $84.00 which is charged to the cardholder at $7.00 month. The annual fee for an additional card is $20.00. The initial credit limit given is at least $250. Therefore, if you get an initial credit limit of $250, your true credit limit is $71.00, after deducting all the above mentioned fees of ($179.00). If you credit limit is increased, you will be charged a credit limit increase fee of $25.00.
For a sub-prime credit card, all First PREMIER Bank credit cards have a very low rate APR at 9.9% on purchases*.
Verdict - There are quite a few credit card companies that specifically issue cards to those with limited or poor credit. Typically, these credit cards have high fees in the form of annual fees, set-up fees etc. The First PREMIER Bank is no exception. However, the key strength of this card is that it has a very low
APR of 9.9% on purchases*. Hence, if you have bad credit, want a card with a low apr, you may want to consider getting a First PREMIER Bank MasterCard®.
Positives
Low apr25 day grace period
Negatives
High fees (normal for sub-prime cards)
| First PREMIER Bank Credit Card |
| Credit Limits |
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| Credit Agency Reporting |
Reports to 4 credit bureaus |
| Card Benefits |
|
| Cost/Fees/Interest
rates |
| Annual Fees |
$48.00 |
| Annual Participation Fees |
$84.00 - billed at $7.00 a month |
| One-time Account Setup Fee |
$29.00 |
| One-time Program Fees |
$95.00 |
| Additional Card Annual Fee |
$20.00 |
| First Year Fees |
$179.00 |
| Purchase APR |
9.9% |
| Other Annual Percentage Rates |
APR for Cash Advances 19.9% and Penalty APR
19.9% for Purchases. See Penalty Explanation below* |
| Penalty Pricing Information |
Penalty Pricing Information: If your Account goes
past the due date two times in any six month period or goes past the due
date for two consecutive billing cycles the APR for purchases will increase
to 19.9%. The APR for purchases will be reduced back to 9.9% if the Account
is kept current for 3 consecutive months or is paid in full. |
| Min Finance Charge |
$0.50 |
| Grace Period |
25 days |
| Balance Calculation Method |
Average Daily Balance (including new
purchases) |
| Cash Advance fee |
Greater of 3% or $5.00 |
| Credit Increase fee |
$25.00 |
| Over-the-credit-limit fee |
$29.00 |
| Late Payment fee |
$29.00 |
Terms and Conditions
Apply for the First PREMIER Bank MasterCard®.
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