When First Premier reports your card use to the credit bureaus, you’ll want to show only a positive history of timely payments in full. Not only will you avoid accruing 36% interest on any revolving balances but you’ll build your credit to qualify for other, better card options. If you still want to apply for this card, or you own it already, make sure you never carry a balance. The Indigo Platinum Mastercard* or Capital One Platinum Credit Card are both unsecured options for people with bad or limited credit that will provide a much clearer and less costly path to good credit. How to Use the PREMIER Bankcard Mastercard Credit Cardīefore applying for the PREMIER Bankcard Mastercard, consider other options for poor credit or no credit history. Plus, your deposit is refundable when you close your account or upgrade to an unsecured card option - unlike the fees you’ll pay with First Premier. Consider a secured card like the Capital One Platinum Secured Credit Card or Citi ® Secured Mastercard ®, which both require deposits of $200 or less. If you have that much cash on hand and you’re looking to repair a poor credit score, you’ll be much better off putting $200 down as a deposit on a secured credit card with no fees and a lower APR. Not only is the fee schedule difficult to understand, but fees alone could cost you more than $200 just in the first year of ownership. This card’s biggest drawback, however, is its numerous fees. If you’re using this card to build credit, you should avoid carrying a balance regardless, but an interest rate that high means any late or missed payment can not only hinder your credit progress, but quickly lead to high-interest debt. To begin, you’ll be hard-pressed to find a card with an APR higher than the 36% ongoing APR charged by First Premier. In other words, if your credit limit increases from $500 to $600, you’ll pay $25 for that $100 increase, unless you take the time to call the bank and reject the increase within 30 days of receiving the billing statement on which the fee appears. This fee is 25% of the amount of the increase. First Premier may begin reviewing your account for a credit limit increase after 13 months, and charge the fee automatically if you’re eligible and approved for an increase. There’s also a fee each time you’re approved for a credit limit increase. That’s not all when it comes to fees, though. So if you’re assigned a $500 limit based on your creditworthiness, your initial available credit is actually just $375. When you open your account, both the one-time program fee and first-year annual fee are automatically deducted from your credit limit. $8.00 per month first year, then $10.40 per month $5.85 per month first year, then $8.25 per month Here’s how those fees break down: Credit Limit When you submit your card application, First Premier assigns your credit limit based on creditworthiness, and the limit you’re approved for will determine your card’s fee schedule.