Credit Cards » Credit Card Reviews » First PREMIER Bank Secured Credit Card: 2023 Review
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First PREMIER Bank Secured Credit Card: 2024 Review

Should you consider First PREMIER Bank Secured card? Use our unbiased review to learn all thel details, benefits,drawbacks , alternatives and more.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

First PREMIER Bank Secured
First PREMIER Bank Secured review

Rewards Plan

None

Sign up Bonus

None

Credit Rating

No – Poor Credit

0% Intro

None

Annual Fee

from $75 to $125 in the first year and $45 to $49 after that

APR

36% variable
First PREMIER Bank Secured
First PREMIER Bank Secured review

Rewards Plan

None

Sign up Bonus

None

0% Intro

None

PROS

CONS

APR

36% variable

Annual Fee

from $75 to $125 in the first year and $45 to $49 after that

Balance Transfer Fee

$5 or 3%

Credit Requirements

No – Poor Credit

First PREMIER Bank Secured Credit Card is a secured credit card for those looking to build or repair their credit history. However, it charges very high fess compared to other credit cards, so there are much better options in the market for those who are looking to build credit. 

Cardholders then use the card just like any credit card and the deposit cannot be used for the monthly payment. The deposit is refundable. The card is issued by Mastercard and is widely accepted.

First PREMIER Bank Secured Credit card is issued by First Premier Bank, which is a newer regional bank founded in 1986. They mostly operate in North Dakota but their card can be used by anyone in the US. They are one of the larger issuers of Mastercard credit cards. 

  • Easy Application Process
  • Reports to Bureaus
  • Approve Poor Credit
  • Low Starting Deposit
  • Mastercard Perks
  • Annual Fee
  • Better Options for Building Credit
  • Monthly Fee
  • No Rewards

In This Review..

Benefits

Let’s take a look at the benefits of the First PREMIER Bank Secured card and see if it’s the right one for your wallet or not.

First PREMIER Bank Secured Credit card has a very easy application process in which they will let you know if you’re approved within seconds. 

Even with terrible or no credit history, you most likely will be approved. The card is issued after an initial deposit into a savings account, the minimum amount is $200.

First PREMIER Bank Secured Credit card is used for those with limited or poor credit, so it is a benefit that it reports to all three of the major credit bureaus. 

Make all payments on time if you want to build your credit. This will help cardholders build a credit history.

First PREMIER Bank Secured Credit card is built for those with no or very poor credit histories, which typically gives consumers less options

First PREMIER Bank Secured Credit card allows for a deposit of just $200. If you are looking to rebuild credit and do not have a lot of money, you can start with just $200. 

With the First PREMIER Bank Secured Credit card you can also build your credit limit by depositing more money, up to $5,000 for a credit line up to $5,000. 

First PREMIER Bank Secured Credit Card is a Mastercard and comes with some of the perks and protections of a Mastercard including zero fraud liability.

Drawbacks

Here are the most important cons you should consider before apply:

First PREMIER Bank Secured Credit card has an annual fee of from $75 to $125 in the first year and $45 to $49 after that annual fee for cardholders.

That is high for a secured credit card. It may be lower than many cards on the market, but most cards on the market with an annual fee have rewards and cashback bonuses.

There are other secured credit cards that do not have annual fees. 

There dozens of other products and services that help borrowers build credit. Many of these options are cheaper. 

There are secured cards that do not have annual fees, or at least lower fees. There are some on the market that also have a lower interest rate.

First PREMIER Bank Secured Credit card requires a monthly fee of $6.25 per month ($75 a year) to $10.40 a month ($124.80 per year) , in addition to the annual fee, depends on your credit limit.

Many cards on the market offer rewards for spending, such as cashback rewards, points, or travel rewards. 

The First PREMIER Bank Secured Credit card does not offer any rewards. Its main purpose is to help consumers rebuild credit.

How To Apply For First PREMIER Bank Secured Card?

Visit the First PREMIER Bank Secured Credit Card home page, and then click on “Apply Now.”

Next, type in your zip code and click “Next”. The next page comes up; create and account, using an email and a password.

After this, so many questions will be asked, answer “Yes” or “No”.

Other options will be made available for you to add to your Reward Checking; choose one and click “Continue.”

Lastly, accept all the conditions and click Submit.

Is the First PREMIER Bank Secured Right for You?

The First PREMIER Bank Secured Credit card’s main purpose is to help consumers rebuild or build their credit.  However, there are better options to build credit which require less fess than this card.

The First PREMIER Bank Secured Credit card reports your on-time payments to all 3 major bureaus, but they also report any missed payments or derogatory actions on your credit card to the credit bureaus, so make sure to pay your card on time. The card has a high interest rate for a secured card, and it has many fees.

Compare The Alternatives

There are more cards for bad credit – here are some good alternatives to the First PREMIER card:

capital_one_secured_mastercard

citi secured mastercard review

Discover It Secured review

Capital One Secured
Citi Secured
Discover It Secured
Annual Fee
$0
$0
$0
Rewards
None None
None None
1-2% 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases
Welcome bonus
None None
None None
Cashback Match™ Discover will match all the cash back you’ve earned at the end of your first year.
Foreign Transaction Fee
$0
3%
3%
Purchase APR
30.74% (Variable)
21.24% – 29.24% (Variable)
28.24% Variable

Review Secured Credit Cards

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Annual Fee:
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APR:
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Rewards Plan:
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Welcome Bonus:
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upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

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Annual Fee:
$175 the first year; $49 thereafter
APR:
35.90%
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

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In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.