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First Premier Bank Secured Mastercard
First Premier Bank Secured Mastercard: A Comprehensive Overview
The First Premier Bank Secured Mastercard is an innovative financial product designed specifically for individuals looking to build or rebuild their credit history. Issued by First Premier Bank, this secured credit card can be an excellent option for consumers who may find it challenging to obtain an unsecured credit card due to past credit issues.
Card Type
This card is categorized as a secured credit card, meaning users must make a cash deposit that serves as their credit limit. This feature makes it particularly appealing to those looking to improve their credit score over time while enjoying the benefits of a traditional credit card.
Annual Fee
The First Premier Bank Secured Mastercard does come with an annual fee, which typically begins at $45. While this is relatively common among secured cards, it is essential for potential users to factor this into their budgeting considerations.
Rewards Program
Unlike many traditional credit cards, the First Premier Bank Secured Mastercard does not have a rewards program. While this may be a downside for some, users can focus on building their credit score, which can lead to better rewards cards in the future.
Sign-Up Bonus
Currently, there is no sign-up bonus associated with the card. Prospective applicants should keep this in mind if they are looking for immediate rewards upon approval.
APR (Annual Percentage Rate)
The regular APR for the First Premier Bank Secured Mastercard is set at 36.00%. Given this high rate, it is crucial for users to pay off their balances in full each month to avoid incurring high interest charges. Additionally, there are no introductory APR offers available with this card.
Foreign Transaction Fees
When using the First Premier Bank Secured Mastercard abroad, cardholders should note that there is a foreign transaction fee of 3%. This fee applies to purchases made outside of the United States and can accumulate quickly if traveling frequently.
Balance Transfer Options
This card does not offer any special balance transfer promotions, including 0% APR offers. As such, users looking to transfer balances from other credit cards should seek other card options that provide these benefits.
Additional Fees
In addition to the annual fee, users should be aware of other potential fees associated with the First Premier Bank Secured Mastercard. This includes a late payment fee of up to $38 and a cash advance fee that ranges from $5 or 5% of the transaction amount, whichever is greater.
Card Benefits and Perks
While secured credit cards typically come with fewer perks than traditional cards, the First Premier Bank Secured Mastercard offers cardholders the ability to manage their credit account online, providing convenience in monitoring spending and payments. However, it does not provide extensive travel benefits or insurance coverage.
Customer Protections and Insurance
The First Premier Bank Secured Mastercard offers basic customer protections typical of Visa and Mastercard networks, including fraud liability, which can protect users against unauthorized transactions. However, it lacks advanced protections such as purchase protection and rental car insurance, which are features more often found with unsecured credit cards.
Eligibility and Credit Score Requirements
This card is particularly targeted at individuals who may have lower credit scores or are just beginning to build their credit. While there is no specific credit score requirement listed, applicants with credit scores in the poor to fair range (300-650) are often approved.
Introductory Offers
The First Premier Bank Secured Mastercard does not feature any introductory offers such as 0% APR for new purchases or balance transfers. This is an essential factor to consider for those who might benefit from such promotions.
Special Features or Unique Selling Points
A key differentiating factor of the First Premier Bank Secured Mastercard is its secure nature. By requiring a cash deposit as collateral, it allows users to build or repair their credit history with responsible use. Moreover, the card provides a pathway to potentially transition to an unsecured card with more significant rewards in the future.