What the First Premier Secured Card Offers

The First Premier Secured Credit Card is a secured card issued by First Premier Bank that requires a cash deposit as collateral. Your deposit becomes your credit limit — put down $500 and you get a $500 limit. The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit history.

The card is designed for people rebuilding credit after missed payments, collections, or a thin credit file. First Premier does not require a credit check to open the account, though they do verify your identity and check ChexSystems (a banking history database). You can use the card like any other Visa — online, in stores, at ATMs — and your deposit stays in a separate account earning no interest.

The card has an annual fee and a higher interest rate than unsecured cards. Those costs are the trade-off for access to credit when other issuers would decline you. Whether those costs make sense depends on your alternatives and how quickly you plan to move to an unsecured card.

Key Takeaways

  • Your cash deposit sets your credit limit, and First Premier does not refund it until you close the account or graduate to an unsecured card.
  • The card charges an annual fee (currently $95 for the standard version) plus interest rates that vary but typically run 19% to 21% APR.
  • On-time payments report to all three credit bureaus, which is the main reason to carry the card if you are rebuilding.
  • First Premier may offer a path to an unsecured card after 18 to 24 months of on-time payments, though approval is not may provide.
  • The card has a high cost-to-benefit ratio compared to other secured cards, so comparing terms with competitors like Capital One Secured or Discover Secured is worth your time.

Deposit, Limit, and Annual Fees

You choose your deposit amount when you open the account, and First Premier allows deposits from $300 to $2,500. Your deposit becomes your credit limit directly — a $1,000 deposit gives you a $1,000 limit. The deposit sits in a non-interest-bearing savings account at First Premier Bank, separate from your checking or credit account.

The annual fee is $95 for the standard First Premier Secured Card. Some versions of the card (such as the First Premier Secured Plus) carry higher annual fees in exchange for additional features like higher limits or faster credit-building paths, but the standard version is what most people encounter. This fee is charged to your credit card account, not deducted from your deposit.

You cannot withdraw your deposit while the account is open. First Premier will return it only when you close the account or when they convert you to an unsecured card. If you need access to that cash, you have to give up the card.

Interest Rates and How They explore

The First Premier Secured Card carries a variable interest rate that typically ranges from 19% to 21% APR, depending on your creditworthiness at the time of process. This rate is higher than most unsecured cards and even higher than some competing secured cards. The rate can change after account opening if First Premier's prime rate changes.

Interest accrues daily on any balance you carry. If you charge $500 and pay it in full by the due date, you pay no interest. If you carry a balance, interest compounds daily on the unpaid amount. At a 20% APR, carrying a $500 balance for a full month costs roughly $8 in interest charges alone.

First Premier also charges a penalty APR if you miss a payment. Late fees start at $35 for the first late payment and can go higher for repeated lates. A single 30-day late payment can trigger a penalty rate that stays in place for six months or longer, making the card significantly more expensive to use.

Building Credit and Graduation to Unsecured Cards

The primary reason to use the First Premier Secured Card is to build credit history. Every on-time payment reports to Equifax, Experian, and TransUnion. After 18 to 24 months of perfect or near-perfect payment history, First Premier may offer to convert your account to an unsecured card and return your deposit.

Conversion is not automatic and not may provide. First Premier reviews your account based on your payment history, how much of your limit you use, and other factors. Some cardholders graduate to an unsecured card; others are told to reapply in a few months. There is no published timeline or criteria, so you cannot know in advance whether you will may have access to.

If you do graduate, your deposit is returned to you, usually within 7 to 10 business days. The new unsecured card may have a different interest rate and different terms. You should review the offer carefully before accepting, because an unsecured card from First Premier may still carry a higher rate than cards from other issuers.

Comparing First Premier to Other Secured Cards

First Premier's $95 annual fee is higher than most competitors. Capital One Secured charges $0 to $39 annually depending on the version. Discover Secured charges no annual fee. Even accounting for the deposit requirement, the total cost of carrying First Premier is steeper than alternatives.

First Premier's interest rate is also on the high end. Capital One Secured and Discover Secured typically offer rates in the 18% to 20% range for borrowers in similar credit situations. Over time, a 1% to 2% difference in APR adds up if you carry a balance.

The main advantage First Premier offers is that it does not require a credit check and does not check your credit report. If you have been declined by other issuers or have no credit history at all, First Premier may be your only option. For everyone else, comparing terms with Capital One, Discover, or other secured issuers usually reveals a lower-cost path to rebuilding.

How to Use the Card Without Overspending

The deposit-backed limit can feel like information programs, but it is not. Every dollar you charge is a dollar you owe, plus interest if you do not pay in full. The most effective way to build credit with a secured card is to charge small amounts and pay them off in full each month.

A common strategy is to charge one small recurring bill — a subscription, a utility, or a gas station visit — and set up automatic payments to clear the balance before the due date. This creates a consistent payment history without the risk of overspending or forgetting a payment. Aim to use no more than 10% to 30% of your limit; high utilization can hurt your credit score even if you pay on time.

Avoid cash advances. First Premier charges a cash advance fee (typically 3% to 5% of the amount withdrawn) plus a higher interest rate on the advance itself. A $200 cash advance costs $6 to $10 in fees alone, plus daily interest at a rate that can exceed 25% APR.

Fees Beyond the Annual Charge

First Premier charges several fees beyond the $95 annual fee. Late payments incur a fee of $35 or more. Returned payments (if a check or ACH transfer bounces) cost $25. A foreign transaction fee of 3% applies to purchases made outside the United States.

If you exceed your credit limit, First Premier charges an over-limit fee, though the card may decline the transaction instead. Expedited card replacement costs $15 if you lose your card and need a replacement quickly. These fees are not unique to First Premier, but they add up if you are not careful.

Read the full terms and conditions before opening the account. First Premier publishes a Pricing Information sheet that lists all fees. Knowing the full cost upfront helps you decide whether the card makes sense for your situation.

Frequently Asked Questions

Can I get my deposit back before I close the account?

No. Your deposit stays locked in a savings account as long as the credit card account is open. You can only recover it by closing the account or by graduating to an unsecured card, at which point First Premier returns it automatically. If you need the cash, you have to give up the card.

What happens if I miss a payment?

A missed payment triggers a late fee ($35 or more) and may set up a penalty APR that can exceed 25%. The late payment also reports to the credit bureaus and damages your credit score. One missed payment can erase months of on-time payment history in terms of credit impact.

How long does it take to graduate to an unsecured card?

First Premier typically reviews accounts after 18 to 24 months of on-time payments. There is no may provide you will be offered graduation, and the timeline is not fixed. Some cardholders graduate sooner; others wait longer or are never offered conversion. You should not count on graduation as a given outcome.

Is the First Premier Secured Card worth the annual fee?

It depends on your alternatives. If you have been declined by every other issuer, First Premier may be your only path to credit. If you can open a Capital One Secured or Discover Secured card instead, those options usually cost less over time. Compare the full terms — deposit, annual fee, interest rate, and graduation odds — before deciding.

Can I increase my credit limit without adding more money?

First Premier may increase your limit after several months of on-time payments, but any increase requires an additional deposit. If you want a $1,500 limit and currently have $1,000, you must deposit another $500. There is no way to increase your limit without increasing your deposit.