First Premier Bank Secured Credit Card Review
First PREMIER® Bank Secured Credit Card
Fees - The First PREMIER® Secured Credit Card has an annual fee of $50. Like all secured credit cards, you will have to deposit a minimum of $200 with First PREMIER®, which will be used as a collateral. Your credit limit will be the amount you deposited (which is $200). However, bear in mind that during the first month, you will be charged your annual fee of $50 and hence the initial credit will be $150. The APR is 19.9%.
Verdict - The First PREMIER® Secured Credit Card will appeal to folks who do not have great credit or have no credit history and wishes to get a secured credit card. This would be a card to consider. However, the Orchard Bank MasterCard® has got lower fees for their secured credit card and we think you should consider that card instead. It has a $35 annual fee that is waived the first year and the APR is only 7.9% versus 19.9% for this card. (see screen shot below)