First Premier Bank Master Card, which used to be called the First Premier Bank Gold Credit Card, is designed for people with really bad or no credit who are very interested in building their credit history and are willing to pay for the privilege. The high rates and outrageous fees will be a turn off for many consumers, but this is one of the few unsecured cards practically anybody can qualify for, regardless of their credit score. However, the initial credit limit is low: just $300.
- The First Premier Bank Master Card charges a flat 36% APR to all customers for purchases and cash advances, regardless of their credit rating. This gives you an idea of the bank's target audience. There is no option for balance transfers, not that there are many credit cards with higher rates.
- First Premier Bank Master Card has a $75 annual fee and a one-time $95 processing fee for new customers. There is also an additional monthly servicing fee of $6.25, which amounts to $75 a year that comes into effect during the second year. Cash advances have a 5% fee (minimum of $6) and there is a 3% foreign transaction fee. Late payments incur a $37 fee and returned payments come with a $35 fee. Additional credit cards require the payment of a $29 fee.
First Premier Bank also charges a credit limit increase fee when it approves a customer for a larger line of credit. This increase can occur as soon as the account has been opened for 13 months. This fee is charged automatically without the express authorization of the member. However, you can request a refund of the fee, if you apply within 30 days of the fee being charged. Of course, this will result in the credit limit increase being cancelled.
The First Premier Bank Master Card doesn't have a rewards program. The only purpose of this card is to provide the convenience of a having a credit card and to help people build their credit history.
Instead of providing a bonus, First Premier Bank Master Card charges a $95 processing fee to new customers.
First Premier Bank Master Card has extremely flexible eligibility requirements, which makes it a useful tool for people trying to rebuild their credit. However, this comes at a price: $150 to $170 a year to be exact; plus the credit limit increase fee, which amounts to 25% of the credit limit increase.
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