Premier Possibilities Mastercard Review

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Who is Premier Possibilities Mastercard Designed For?

The Premier Possibilities Mastercard is designed for people with bad or no credit who are 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. The Premier Possibilities Mastercard is issued by the First Premier Bank, which specializes in providing credit cards to consumers with bad credit.

What are the Rates for Premier Possibilities Mastercard?

- The Premier Possibilities Mastercard 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.

What Are the Fees for Premier Possibilities Mastercard Credit Card?

- Premier Possibilities Mastercard 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. The 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.

What Is Premier Possibilities Mastercard's Rewards Program Like?

The Premier Possibilities Mastercard 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.

What about Premier Possibilities Mastercard's Signup Bonus?

Instead of providing a bonus, Premier Possibilities Mastercard charges a $95 processing fee to new customers.

Does Premier Possibilities Mastercard Have Any Other Benefits?

Not really. First Premier Bank promise to report the financial activity of customers to the three major credit bureaus, which can, over time, improve their credit score.

How Is Premier Possibilities Mastercard Better Than Other Credit Cards?

Premier Possibilities Mastercard 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.