The First Premier Bank Credit Card is for individuals with bad credit. It is a partially secured credit card and issued as a MasterCard.
How The First Premier Bank Credit Card Works
The first step, is to apply online. You will need to provide your name, address, Social Security Number, along with other personal information. There is easy approval and you will get a response within 60 seconds of completing your application.
If you are approved, you will need to make a security deposit of $95. Then you will be issued a MasterCard with an initial credit limit of $300. The security deposit is fully refundable provided you don’t stop paying on your credit card account. This security deposit also partially secures the credit line on your credit card. The idea is your security deposit reduces the risk the bank is taking extending you credit.
If you use the First Premier Bank Credit Card responsibly you can start to create a trail of positive payment history on your credit reports. This is one of the credit cards to help rebuild credit because your account information will be reported monthly to all three major credit bureaus.
If you can keep your monthly balance at around 30% of your credit limit, you’ll be building credit and your credit score should improve. By keeping your monthly balance around 30% it will appear that you use your credit and you use it responsibly.
You will show that you are in a secure financial position because you have available and unused credit. The is called your utilization ratio when your credit score is calculated. It is the amount of debt you have compared to the amount of unused credit. This is a very important piece of information and roughly equivalent to 30% of your overall credit score.
The First Premier Bank Credit Card is accepted everywhere you see a MasterCard logo displayed. It is accepted over the phone, online, and all over the world. You will have 24/7 online account access and free customer service. The industry of credit cards for bad credit has changed dramatically in recent years, as many banks took their cards off the market and instead consumers are turning to prepaid debit cards.
Fees For The First Premier Bank Credit Card
There is an annual fee of $75 the first year and $45 annually each year after that. You also must pay a 36% APR. There is a one time processing fee of $95. After your first year, you will be responsible to pay a monthly maintenance fee of $6.25 or $75 annually. (These terms are accurate as of the publishing of this website. Visit http://www.firstpremier.com/ for full terms and conditions.)
The First Premier Bank Credit Card will be reported to the three major credit bureaus every month. This will give you an opportunity to use a credit building credit card. However, you may find that a secured credit card for bad credit will charge a much lower interest rate of around 10%. And will still report to all three of the major credit bureaus.
If you chose to proceed with this card, you can have the purchasing power of MasterCard in your pocket. It would also be wise to investigate some professional credit repair attorneys. You don’t have to just live with bad credit for seven long years or continue to pay outrageous interest rates on a credit card.
Get expert credit repair help with a free, no obligation, credit consultation by calling toll-free 1-877-418-7596. For more tips with Dan Willis sign up for our free newsletter.
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