First premier credit card

Why First Premier Credit Card may not be ideal for rebuilding your credit score

First premier credit card

Why First Premier Credit Card may not be ideal for rebuilding your credit score

Raphael Orji Raphael Orji June 26, 2020

Why First Premier Credit Card may not be ideal for rebuilding your credit score

First premier credit card – This is an unsecured credit card designed to help people with bad credit financial.

By implication, you simply do not need to deposit fund to enable you access this card, not with-standing you will need to pay a program fee, despite being unsecured.

Which is believed to be ideal for people who are struggling to keep a clean and fair financial status record.

It is widely perceived an ivory tower to rebuilding a credit score, but certain parameters and indices appear to be saying otherwise, thus; call for immediate concern to address, for a better and informed decision.

Questions like;

  • How can I apply for the First premier credit card
  • First premier credit card payment
  • When does First premier credit card report to credit bureau
  • Should I close my First premier credit card
  • First premier credit card overdraft and more have continued to make round.

Who owns first premier credit card?

This is a product of First Premier Bank, a regional bank in the United States. Saddled with the sole business responsibility of delivering financial, card and other related services.

Everyone seem to like it because:

  • Unlike other credit cards, first premier bank grants express approval to acquire its credit card, not considering how bad your credit score may be, provided you have a bank account.
  • It has a high Annual Percentage Rate (APR)

An Annual Percentage Rate expressed as APR, refers to the annual rate of interest charged to a borrower and paid to investors.

Read also: How to apply and get your Walmart credit card approved fast

APR is also expressed as a percentage that represents actual yearly cost of funds over the term of a loan or income earned on an investment.

  • There are a lot of fees associated with First premier bank credit card
  • It apparently does not afford benefits whatsoever to its users/customers
  • When you shop or travel, it does not provide any protection as expressed in its terms of use.

If your credit score is extremely bad, you may look in the direction of First premier bank credit card, but also bear in mind that it comes with other pocket breaking charges.

In any case, you think this credit card is ideal for you,

Then take the below measures to stay afloat;

  • Paying your statement balance in full each month will ensure you are out of paying interests, by doing this your credit utilization stays low, in turn improves your credit score.
  • Afford yourself a little favor by reading the terms of engagement, this will reveal a lot of fees, get acquainted with them, then schedule yourself carefully and avoid the pitfalls that come with them.
  • Endeavor to pay your bill timely, it will build your credit score invariably.
  • Take necessary precautions like; keeping your card safe since replacement attracts a huge fee, increasing or adding authorized users to your account is not in your best interest so avoid it. Paperless statement helps you eliminate further fee.

Take a look at fees associated with the First premier credit card

Purchase APR Balance transfer APR Cash advance APR
36% (Fixed) None 36% (Fixed)

 

Annual fee Foreign transaction fee
You will have to pay about $125 for the first year, then about $49 for each of the subsequent year. 3%

 

Balance transfer fee Cash advance fee
None to be paid 5% with $8 minimum

 

Penalty on APR Late fee charged Returned payment fee
None attracted Maximum of $38 Maximum of $38

 

Note: Some fees are determined by the size of your available credit which cut across;

  • Program fee
  • Annual fee and
  • Monthly fee alike.
Fee on adding authorized user Fee on replacement and delivery of card via express mail & Copy Fee on increasing credit line
This is charged at $29 to your annual fee Attracts $35 express delivery, $3 copy fee statement and other documents For any increase in your credit line, you are charged 25% of the amount increased. This can be considered 13 months after the credit card account is being opened

 

First premier credit card overdraft

An overdraft is a facility granted to be paid on a future date according to the terms of agreement.

First premier bank will charge $34 each time it pays an overdraft on ATM and every day debit card transactions.

There is also a continuous overdraft fee of $5 per business day.

For overdrawing your account, there’s no limit to the total fees.

Read also: How to get bank credit cards in Nigeria

First premier bank credit limit

Upon approval, your credit limit will range from $200 to $1000.

Once your account has been opened and active for 13 months, you can be considered for credit increase which comes with a high fee usually 25% of the increase limit.

How to register for a First premier bank credit card

You may register by visiting the First premier bank website

Kindly follow this link, you will arrive at the First premier credit card issuer’s website, provide every detailed personal and contact information as seen on the application page, a decision should be given almost immediately.

For help and contact for credit card enquiry, kindly contact;

800-501-6535

Conclusion

This card may not really be the best for anyone trying to build their credit score, it may appear enticing given the fact approval comes almost immediately so long you have a bank account, and backed by unsecured credit.

In the light of the above, your credit score may degenerate from bad to worst considering the excess fee associated with the First premier bank card.

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