What the First Premier Bank Credit Card Is

The First Premier Bank Credit Card is a secured credit card issued by First Premier Bank, a South Dakota bank. You put down a cash deposit, and that deposit becomes your credit limit — typically between $200 and $2,500. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help build or rebuild your credit score over time.

This card is designed for people with no credit history, poor credit, or a recent negative event on their record. Because the bank holds your deposit as collateral, they take on less risk, which is why they can approve applicants who would not may have access to for unsecured cards. The tradeoff is that you pay an annual fee, and the interest rate is higher than cards for people with good credit.

Key Takeaways

  • Your cash deposit becomes your credit limit, so you control how much credit you receive by choosing your deposit amount.
  • The card charges an annual fee (currently $75 to $95 depending on your credit limit tier) plus a higher interest rate than standard cards.
  • On-time payments are reported to all three credit bureaus, which can improve your credit score if you use the card responsibly.
  • After 18 to 24 months of on-time payments, you may be able to convert to an unsecured card and recover your deposit.
  • The card comes with a required savings account that charges a monthly maintenance fee, which is separate from the credit card annual fee.

How to Open an Account

You can open a First Premier Bank Credit Card account online, by phone, or by mail. The online process is fastest — you will need your Social Security number, a valid government-issued ID, and proof of a current address (such as a recent utility bill or lease). You will also need a bank account or checking account to link for the monthly savings account fee.

During the process, you choose your deposit amount. The minimum is usually $200, and the maximum depends on your income and credit history. First Premier will conduct a hard inquiry on your credit report, which temporarily lowers your score by a few points. If you are approved, you fund your deposit when ready, and the card typically arrives within 7 to 10 business days.

First Premier also requires you to open a savings account with them as a condition of card ownership. This account has a monthly maintenance fee (usually $5 to $10) that is separate from your credit card annual fee. The savings account is not optional — it is part of the card product.

Fees and Interest Rates

The First Premier Bank Credit Card charges an annual fee of $75 to $95, depending on which tier of credit limit you receive. This fee is charged to your card balance, so it increases what you owe. The card also has a variable interest rate (APR) that ranges from around 19% to 27%, depending on your creditworthiness at the time of approval.

Beyond the annual card fee, you pay a monthly maintenance fee on the required savings account (typically $5 to $10 per month). There is no foreign transaction fee, but late payments trigger a late fee of $25 to $35. If you miss a payment by 60 days or more, First Premier may report the delinquency to the credit bureaus, which will damage your score.

Cash advances are available but come with a separate fee (usually 3% to 5% of the amount withdrawn) plus the same high APR. Avoid cash advances unless absolutely necessary, because the fees and interest compound quickly.

Building Credit With This Card

The primary reason to use this card is to build a positive payment history. Every on-time payment is reported to Equifax, Experian, and TransUnion. Over 6 to 12 months of consistent, on-time payments, you should see your credit score begin to rise, even if it started very low.

To maximize the benefit, charge small purchases you would make anyway — groceries, gas, a phone bill — and pay the full balance every month. This keeps your utilization ratio low (ideally below 30% of your limit) and shows lenders you can manage credit responsibly. Do not carry a balance to pay interest; the goal is to demonstrate reliability, not to enrich the bank.

After 18 to 24 months of on-time payments, contact First Premier to ask about converting to an unsecured card. If approved, you recover your deposit and lose the annual fee, though the interest rate may remain high until your credit score improves further. Some cardholders have reported conversion after as little as 12 months, but 18 to 24 is more typical.

When This Card Makes Sense

The First Premier Bank Credit Card is worth considering if you have been denied by other secured card issuers or if you need to rebuild credit quickly. The card reports to all three bureaus, which is not may provide on every secured card, and the conversion path to an unsecured card is clearly defined.

However, the combination of the annual fee, the monthly savings account fee, and the high interest rate means this card is expensive. Before you explore, compare it to other secured cards — Capital One Secured, Discover Secured, and U.S. Bank Secured all report to the bureaus and may have lower fees. If you can may have access to for any of those, they are usually a better choice.

This card also makes sense only if you are committed to paying on time every month. If you have a history of missed payments or cannot afford to pay your balance in full, the high interest rate will work against you. The goal is to use the card as a tool to prove you can manage credit, not to carry debt.

Alternatives to Consider

If you are rebuilding credit, you have other options. The Capital One Secured Card has no annual fee (though it does charge a one-time processing fee of $25 to $95), reports to all three bureaus, and has a similar conversion path. The Discover Secured Card also has no annual fee and offers 2% cash back on purchases in rotating categories, which the First Premier card does not.

If your credit is not quite as damaged, you might may have access to for an unsecured card with a higher interest rate but no deposit requirement — such as the Capital One Platinum or the Discover it Secured alternative. A credit counselor or your bank can help you understand which tier of card you are likely to may have access to for.

If you do not have the cash for a deposit, a credit-builder loan from a credit union or community bank may be a better path. You borrow a small amount (usually $500 to $1,000), make monthly payments, and the lender reports your payment history to the bureaus. You build credit without paying annual fees, though you do pay interest on the loan itself.

Frequently Asked Questions

Do I get my deposit back?

Yes, but only after you convert to an unsecured card or close the account. If you close the account while it is in good standing, First Premier returns your deposit within 30 to 60 days. If you convert to an unsecured card (usually after 18 to 24 months of on-time payments), your deposit is released at that time.

What happens if I miss a payment?

A single late payment (30 days or more) is reported to the credit bureaus and damages your score. First Premier charges a late fee of $25 to $35. If you miss a payment by 60 days or more, the delinquency is reported and your account may be closed. Your deposit is not automatically forfeited, but the damage to your credit score can take years to repair.

Can I increase my credit limit without adding more money?

Not with this card. Your credit limit is tied directly to your deposit amount. If you want a higher limit, you must deposit more money. Some cardholders deposit additional funds after 12 months of on-time payments to increase their limit and show more available credit to the bureaus.

Is the savings account fee worth it?

No. The savings account is required but serves no real purpose — you cannot use it to build credit, and the monthly fee ($5 to $10) erodes any interest you might earn. It is a cost of holding the card, not a benefit. Budget for it as part of your total card expense.

How long does it take to rebuild my credit score?

Credit scores move slowly. After 6 months of on-time payments, you may see a 20 to 50 point increase, depending on how damaged your score was to begin with. After 12 months, expect 50 to 100 points of improvement. Negative events (late payments, collections) stay on your report for 7 years, but their impact weakens over time as you build positive history.