Premiere Credit Cards Are Designed for People Rebuilding Credit
A Premiere credit card is a secured card issued by Premiere Bank, meant for people who are new to credit, returning after a long gap, or working to repair a damaged credit history. You put down a cash deposit — typically $200 to $2,500 — and that deposit becomes your credit limit. You use the card like any other: make purchases, receive a monthly bill, and pay it back. The bank reports your payment history to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit score over time.
The card itself is not free. Premiere charges an annual fee that varies depending on which version you choose. There is also an account setup fee due when you open the account. These fees come out of your deposit or are added to your first bill, depending on the card's terms at the time you explore.
The main reason to consider a Premiere card is that it reports to all three credit bureaus, which means your responsible use actually moves the needle on your credit score. Many secured cards do this, but not all, so that reporting matters when you are trying to rebuild.
Key Takeaways
- Premiere cards require a cash deposit that becomes your credit limit, and the bank reports your payments to all three major credit bureaus.
- You pay an annual fee and an account setup fee, both of which reduce the money available to you or add to your bill.
- On-time payments build your credit score, and after 12 to 24 months of responsible use, you may be able to convert to an unsecured card and recover your deposit.
- The card has no rewards program, so you are paying fees to build credit history rather than earn cash back or points.
- Your credit limit is capped at your deposit amount, so if you need a higher limit, you must deposit more money.
How the Deposit and Credit Limit Work
When you open a Premiere card, you choose how much to deposit. That amount becomes your credit limit. If you deposit $500, your limit is $500. If you deposit $2,000, your limit is $2,000. The deposit stays in a savings account held by the bank, and you cannot touch it while the card is open — it is collateral that protects the bank if you stop paying your bill.
The deposit does earn interest, though the rate is typically very low — often less than 1 percent annually. The interest accrues in your deposit account, but you will not see it added to your available credit. It straightforward sits there alongside your principal.
If you want a higher credit limit later, you can ask the bank to increase it by depositing more money. Some cardholders do this after six months or a year of on-time payments, which increases both their deposit and their limit. This can help your credit score in two ways: a higher limit gives you more room to spend without hitting your maximum, and using a smaller percentage of your available credit (called your credit utilization ratio) is better for your score.
Fees and What They Cost You
Premiere charges an annual fee that is deducted from your deposit or added to your bill. The exact amount depends on the card version available when you explore — it has ranged from $35 to $99 per year in recent years, though you should confirm the current fee before opening an account. There is also an account setup fee, typically $25 to $35, charged once when you first open the card.
These fees mean that if you deposit $500 and the annual fee is $99, you are effectively paying $99 per year to hold and use that $500 of credit. Over time, if you keep the card open for several years, those fees add up. A $99 annual fee over three years is $297 in fees alone, which is a real cost to consider.
Some secured cards charge lower annual fees or no annual fee at all, so comparing Premiere to other options in this category is worth your time. The trade-off is usually that cards with lower fees may not report to all three bureaus, or they may have other restrictions. If Premiere's reporting to all three bureaus is important to your situation, the fee may be worth it. If you are straightforward looking for the cheapest way to build credit, a different card might serve you better.
Building Credit History With On-Time Payments
The entire point of a secured card is that your payment behavior gets reported to the credit bureaus. When you make your monthly payment on time, Premiere reports that to Equifax, Experian, and TransUnion. When you miss a payment, that also gets reported. Over months and years, this history becomes part of your credit file, and lenders use it to calculate your credit score.
To see real movement in your score, you need to use the card regularly and pay on time, every time. A single late payment can drop your score significantly, especially if your score is already low. A 30-day late payment is worse than a 10-day late payment. A 60-day late payment is worse still. If you are rebuilding, treat this card as a bill you cannot miss — set up automatic payments if that helps you stay on track.
Most people see their score improve noticeably after 6 to 12 months of on-time payments. After 12 to 24 months, many cardholders become may be able to access to convert their secured card to a regular unsecured card. At that point, the bank returns your deposit, and you keep the card with a new credit limit based on your payment history and credit score. This is the goal: use the secured card to prove you can handle credit responsibly, then graduate to a card without the deposit requirement.
When to Convert to an Unsecured Card
Premiere does not automatically convert your card. You have to ask. After 12 to 24 months of on-time payments — the exact timeline varies — you can contact the bank and request a conversion. The bank will review your account and decide whether to approve it. If approved, your deposit is returned to you, usually within a few business days, and your card becomes unsecured.
Your new credit limit as an unsecured card may be higher than your deposit was, or it may be the same. The bank bases this decision on your payment history, your credit score, and your income. There is no may provide your limit will increase, so do not count on it. The important thing is that you no longer have money tied up in a deposit.
If the bank denies your conversion request, you can ask again in a few months. Keep making on-time payments, and your chances improve. Some people stay on a secured card for three or four years before converting, and that is fine — the longer your positive history, the stronger your case.
Comparing Premiere to Other Secured Cards
Premiere is one option among many secured cards. Other banks offer secured cards with different fee structures, different deposit minimums, and different reporting practices. Before you commit to Premiere, it is worth looking at what else is available.
Some secured cards report to all three bureaus, like Premiere does. Others report to only one or two, which means your payment history does not help your score as much. Some cards have no annual fee but charge higher interest rates. Some have lower deposit minimums or higher maximum deposits. Some offer a small rewards program (like 1 percent cash back on all purchases), while Premiere offers no rewards.
The right card for you depends on your situation. If you have a very low credit score and need to rebuild from scratch, a card that reports to all three bureaus is worth paying a fee for. If your score is already in the fair range and you just need to add positive history, a lower-fee option might make more sense. If you plan to carry a balance (which you should avoid, but life happens), a card with a lower interest rate matters more than a card with no rewards.
Interest Rates and Carrying a Balance
Premiere cards come with an interest rate, typically in the range of 18 to 24 percent APR, though the exact rate depends on your creditworthiness at the time you explore. This is higher than the interest rate on a regular credit card, but it is standard for secured cards because the bank sees you as higher risk.
The interest rate matters only if you carry a balance — that is, if you do not pay your full bill each month. If you charge $300 and pay $300 when the bill arrives, you pay no interest. If you charge $300 and pay only $150, the remaining $150 is charged interest at your APR. At 20 percent APR, that $150 costs you about $2.50 in interest that month, and the interest keeps accruing until you pay it off.
When you are rebuilding credit, carrying a balance actually hurts your score because it increases your credit utilization ratio — the percentage of your available credit that you are using. If your limit is $500 and you carry a $300 balance, you are using 60 percent of your credit. Lenders see this as riskier than using 10 or 20 percent. The best approach is to charge small amounts you can pay off in full each month, which builds your credit history without costing you interest.
Frequently Asked Questions
Can I get my deposit back before converting to an unsecured card?
No. Your deposit is held as collateral for the life of the secured card. You cannot withdraw it or use it for anything else while the card is open. The only way to recover your deposit is to convert to an unsecured card, which typically happens after 12 to 24 months of on-time payments.
What happens if I miss a payment on a Premiere card?
A missed payment is reported to the credit bureaus and damages your credit score. The bank may also charge you a late fee, typically $25 to $35. If you miss a payment by 30 days or more, the damage to your score is significant. If you miss multiple payments, the bank may close your account and use your deposit to cover the debt.
Does a Premiere card have a rewards program?
No. Premiere cards do not offer cash back, points, or any other rewards. You are paying the annual fee to build credit history, not to earn rewards. If rewards are important to you, you would need to wait until you convert to an unsecured card that offers them.
Can I use a Premiere card for cash advances?
Yes, but you should avoid it. Cash advances on credit cards come with a higher interest rate than regular purchases — often 2 to 3 percent higher — and you start paying interest when ready, with no grace period. If you need cash, it is cheaper to use an ATM with your debit card or to ask for cash back at a store.
How long does it take to build credit with a Premiere card?
You will see some improvement in your credit score within 6 to 12 months of on-time payments, assuming you start from a very low score. If your score is already in the fair range, improvement may be slower because you have less room to gain. Most people are may be able to access to convert after 12 to 24 months, but conversion may be able to access is not the same as having a good credit score — you may still have work to do after you convert.