Review of the First Premier Bank Credit Card



The First Premier Bank Credit Card was last reviewed on 28th June 2006

Summary - First Premier Bank Credit Cards 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 unsecured credit cards and are targeted at those with bad or no 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 $72.00 which is charged to the cardholder at $6.00 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 $72.00, after deducting all the above mentioned fees of ($178.00). 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 fixed rate apr at 9.90%.

Verdict - There are quite a few credit card companies that specifically issue cards to those with bad or no 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 9.90% (fixed rate). Hence, if you have bad credit, want an unsecured card with a low apr, you may want to conside getting a First PREMIER Bank MasterCard®

Positives
  • Low apr
  • 25 day grace period


Negatives
  • High fees (normal for sub-prime cards)



First Premier Bank Credit Card
Credit Limits
Credit Agency Reporting Reports to 4 credit bureaus
Card Benefits
Cost/Fees/Interest rates
Annual Fees $48.00
Annual Participation Fees $72.00 - billed at $6.00 a month
One-time Account Setup Fee $29.00
One-time Program Fees $95.00
Additional Card Annual Fee $20.00
First Year Fees $178.00
Purchase APR 9.90% Fixed
Cash Advance APR 23.90% Fixed
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 $25.00
Late Payment fee $25.00



Apply for the First PREMIER Bank MasterCard®




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