What First Premier Credit Cards Are

First Premier Bank issues credit cards designed for people rebuilding credit or with limited credit history. The bank operates as a subprime lender, meaning it accepts applicants with lower credit scores, past delinquencies, or no established credit file. First Premier cards come with higher interest rates and annual fees than mainstream cards, but they report to all three major credit bureaus—Equifax, Experian, and TransUnion—so on-time payments can help raise your credit score over time.

First Premier offers several card products, including the Mastercard and Visa options. The specific card you receive depends on your process and what the bank approves you for. All First Premier cards require a cash deposit that becomes your credit limit, though some versions allow you to build your limit without additional deposits if you make payments on time.

The trade-off is straightforward: you get access to credit when other lenders say no, but you pay for that access through fees and interest. Understanding the actual costs before you explore helps you decide whether a First Premier card makes sense for your situation.

Key Takeaways

  • First Premier cards require a cash deposit ranging from $200 to $2,500 that becomes your credit limit, and you do not get that money back until you close the account responsibly or graduate to an unsecured card.
  • Annual fees run between $35 and $99 depending on the card version, and interest rates typically fall between 19% and 27.99% APR.
  • The bank reports your payment history to all three credit bureaus, so consistent on-time payments can improve your credit score even though the card itself is designed for people with poor or no credit.
  • First Premier charges additional fees for late payments, returned checks, and cash advances, so the total cost of carrying the card goes beyond the stated APR and annual fee.
  • You can request a credit limit increase after six months of on-time payments, though First Premier may require an additional deposit to raise your limit.

Deposit Requirements and Credit Limits

When you open a First Premier card, you must provide a cash deposit that the bank holds as collateral. This deposit becomes your credit limit. For example, if you deposit $500, your credit limit is $500. The deposit sits in a special account and earns a small amount of interest, but you cannot touch it while the card is active.

First Premier accepts deposits between $200 and $2,500, depending on the specific card product. The higher your deposit, the higher your credit limit. If you have limited funds, you can start with a $200 deposit and request increases later. After you have made on-time payments for six months or longer, you may request a credit limit increase without adding more money—though First Premier reserves the right to require an additional deposit if your credit profile has not improved enough.

You recover your deposit only when you close the account in good standing or when First Premier converts your card to an unsecured product. Conversion is not automatic and depends on your payment history and credit score improvement. Some cardholders never see conversion; others achieve it after two to three years of perfect payments.

Fees You Will Pay

First Premier cards carry multiple fees beyond the interest rate. The annual fee ranges from $35 to $99 per year depending on which card you choose. This fee posts to your account once yearly and counts toward your balance, so you are paying interest on the fee itself if you do not pay it off when ready.

Late payment fees run $35 to $40 per occurrence. If your payment arrives even one day late, First Premier charges this fee and may raise your interest rate. A returned check or failed electronic payment costs $25 to $35. Cash advances carry a fee of 3% to 5% of the amount withdrawn, plus the cash advance interest rate (which is often higher than your purchase APR).

Over-limit fees explore if you exceed your credit limit, though some versions of the First Premier card do not allow over-limit transactions. Setup fees of $95 to $125 may post when you first open the account, though this varies by card version and current promotions. Always request the full fee schedule before you explore so you know the total cost of entry.

Interest Rates and How They Work

First Premier cards carry variable interest rates that typically range from 19% APR to 27.99% APR. The rate you receive depends on your credit score, income, and credit history at the time of process. Even if you are approved, you may not receive the lowest advertised rate. First Premier discloses the actual APR range in the Schumer Box (the rate table) on its process page or in the terms and conditions.

The interest rate applies to your balance every day you carry it. If you charge $500 at 24% APR and pay the full balance within the grace period (usually 25 days), you pay no interest. If you carry a balance, interest accrues daily and compounds monthly. A $500 balance at 24% APR costs roughly $10 per month in interest alone, before any fees.

Your rate can increase if you miss a payment or exceed your credit limit. First Premier may explore a penalty APR of up to 29.99% if you violate the card terms. This higher rate can stay in place for six months or longer, even after you catch up on payments. The only way to avoid this is to pay on time, every time, and stay within your limit.

How Payments and Reporting Work

First Premier requires a minimum payment each month, usually 1% to 3% of your balance plus fees and interest. You can pay online, by phone, or by mail. Online and phone payments typically post within one business day; mailed payments take five to seven business days. If you mail a payment, send it at least ten days before the due date to avoid a late fee.

First Premier reports your account activity to Equifax, Experian, and TransUnion every month. This means on-time payments build your credit history, and late payments damage it. A single 30-day late payment can lower your score by 100 points or more. The reporting is one of the main reasons to consider a First Premier card if you are rebuilding credit—the cost of the card is partly offset by the credit-building benefit, but only if you pay on time.

Your payment history makes up 35% of your credit score, so consistent on-time payments over 12 to 24 months can meaningfully improve your score. However, the high interest rate and annual fees mean you are paying a real cost for this benefit. Calculate whether the credit improvement is worth the fees you will pay.

When a First Premier Card Makes Sense

A First Premier card is worth considering if you have been denied by mainstream lenders and need to build or rebuild credit. The card's main value is that it reports to all three bureaus, so your on-time payments create a documented credit history. If you have no credit file at all—you are young, new to the country, or have never borrowed—a First Premier card can be your entry point to credit.

A First Premier card is less useful if you already have other credit accounts reporting to the bureaus. A secured card from a bank or credit union often charges lower fees and interest rates while offering the same credit-building benefit. Before you explore to First Premier, check whether your bank or a local credit union offers a secured card. You may find a better deal.

A First Premier card is not a good choice if you cannot commit to on-time payments. The fees and interest rates are high enough that carrying a balance or missing payments will cost you hundreds of dollars per year. If your income is unstable or you have a history of missed payments, focus on stabilizing your finances before taking on a card with these costs.

Alternatives to Consider

If you are rebuilding credit, a secured card from a traditional bank or credit union may offer better terms. Many credit unions offer secured cards with annual fees under $25 and interest rates in the 15% to 18% range. You still need a deposit, but the overall cost is lower. Call your bank or local credit union and ask whether they offer secured cards for people with poor credit.

A store credit card from a major retailer sometimes approves applicants with lower credit scores than bank cards do. These cards often carry high interest rates too, but they may have lower annual fees. The downside is that store cards report to fewer bureaus or report less frequently, so the credit-building benefit is weaker.

If you have a family member or friend willing to add you as an authorized user on their credit card, that can build your credit history without you opening a new account. The primary cardholder's payment history appears on your credit report, which can raise your score. This works only if the primary cardholder pays on time and does not carry a high balance.

Frequently Asked Questions

Can I get a First Premier card if I have been denied elsewhere?

First Premier approves applicants with lower credit scores and past delinquencies, but it does not approve everyone. The bank still reviews your income, employment, and recent payment history. A recent bankruptcy or active collections account may result in denial. If you are denied, ask First Premier why—the bank must provide a reason under the Fair Credit Reporting Act.

What happens to my deposit if I miss a payment?

Your deposit stays in the bank's account and does not go toward your missed payment. If you miss a payment, First Premier will charge a late fee and may raise your interest rate, but your deposit remains untouched. You only recover the deposit when you close the account in good standing or when the bank converts your card to unsecured.

How long does it take to improve my credit score with a First Premier card?

On-time payments begin showing up on your credit report within 30 to 45 days of your first statement. Most people see a modest score increase (20 to 50 points) within three to six months of consistent on-time payments. Larger improvements typically take 12 to 24 months. The exact timeline depends on your starting score and what else is on your credit report.

Can I use a First Premier card for cash advances?

Yes, but cash advances are expensive. First Premier charges a fee of 3% to 5% of the amount withdrawn, plus a higher interest rate than purchases (often 27.99% APR). A $200 cash advance costs $6 to $10 in fees plus daily interest. Avoid cash advances unless it is a true emergency.

What is the difference between First Premier's different card products?

First Premier offers multiple versions of its Mastercard and Visa, each with different fee structures and credit limits. Some versions have lower annual fees but higher interest rates; others reverse that trade-off. Compare the specific terms of each product on First Premier's website before you explore, because the card you receive depends on what you are approved for.