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PREMIER Bankcard® Mastercard® Credit Card review

This card gives you a chance to build credit but at a very high cost.

 /  9 min
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Bankrate rating
Rating: 1.7 stars out of 5

Bottom line

The PREMIER Bankcard Mastercard’s approval requirements make it easily accessible to those with bad credit. However, its myriad of fees make it difficult to maximize.
Image of PREMIER Bankcard® Mastercard® Credit Card

PREMIER Bankcard® Mastercard® Credit Card

Rating: 1.7 stars out of 5
Bankrate score

See Provider Website

Regular APR

See Provider Website

Annual fee

PREMIER Bankcard® Mastercard® Overview

Designed for people trying to rebuild their credit, the PREMIER Bankcard Mastercard Credit Card has flexible approval requirements. It reports your account activity to the three major credit bureaus and typically can improve your score in 18 to 24 months if you use it responsibly. 

However, you might want to check the fine print before applying as PREMIER Bankcard comes with some hefty fees.

  • Cc Dollar


    • This card does not offer rewards, which is typical of cards for bad credit.

    Expert Appraisal: Typical
    See our expert analysis

  • Cc Search

    Rates and fees

    • Annual fee: See Provider Website
    • Monthly fee: $0 - $10.40
    • Account opening fee: $55 - $95
    • Foreign transaction fee: 3 percent
    • Ongoing APR: See Provider Website
    • Cash Advance APR: 36 percent
    • Cash advance fee: Either $8 or 5 percent of the cash advance, whichever is greater
    • Late payment fee: Up to $39

    Expert Appraisal: Weak
    See our expert analysis 

  • Credit Fair

    Credit-building features

    • Eligible for a credit limit increase after 12 months of responsible card use
    • Monthly reporting to credit bureaus
    • Initial credit limit up to $700

    Expert Appraisal: Weak
    See our expert analysis

PREMIER Bankcard Mastercard pros and cons


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    A credit limit can possibly start at $700, which may be more than what can be available with a secured card.

  • Checkmark

    The card reports monthly to credit bureaus to help keep track of your credit.

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    Cardholders are eligible for a credit increase after 12 months with responsible card use.


  • The card has many recurring fees, including costly monthly and annual fees.

  • The APR is extremely high, even for a credit card designed for poor credit.

  • With no rewards and very few perks, this card offers little long-term value.

Why you might want the PREMIER Bankcard Mastercard

Though not the most appealing, there are a couple of features that cardholders may find helpful on the PREMIER Bankcard Mastercard.

Perks: Fairly standard 

The PREMIER Bankcard credit card does not offer much but there are a few features that can help you manage your money better. Here’s a closer look at the main benefits you’ll receive as a cardholder:

  • Text and email alerts
  • Digital wallet
  • Free FICO score

These perks can offer convenience and ease of mind. And being able to view your FICO score every month for free can help you stay on top of your credit-building efforts. While these features are very common, they give the card a little more value.

Why you might want a different PREMIER Bankcard Mastercard

Unfortunately, the PREMIER Bankcard has more drawbacks than advantages. Whatever use you can get with the card is often outweighed by its cost.

Rates & fees: Fees are excessive

PREMIER Bankcard has a high APR and costly fees, making it one of the more expensive credit cards for people with poor credit.

The APR for purchases and cash advances is a whopping 36 percent, which is higher than the current average interest rate for credit cards. If you carry a balance, you could rack up hundreds of dollars or more in interest charges.

This card also has several fees that vary depending on your credit limit. One of them is an annual fee that costs between $50 and $125. There’s also a one-time program fee that ranges from $55 to $95. Additionally, you’ll have to pay a monthly fee that costs up to $10.40. However, PREMIER Bankcard will waive or reduce this fee for the first year, which can help offset the cost of the program fee initially. 

PREMIER Bankcard also charges 3 percent for foreign transactions, up to $39 for late or returned payments and $29 for an additional card for an authorized user. If you want a higher credit limit, which you can apply for after 13 months, you’ll have to pay another fee that’s equal to 25 percent of the increase.

Rewards value: Nothing to gain

Unsurprisingly, the PREMIER card does not offer any rewards or a signup bonus. While this may be common for cards with bad credit, considering the heavy fees, a welcome offer or rewards program would act as a good incentive that could help offset some of the card's heavy costs.

While other credit cards for bad credit may not include rewards or a signup bonus, there are fewer fees attached to them. For example, the Mission Lane Visa® Credit Card doesn't come with rewards or a signup bonus, but it potentially has no annual fee. And its annual fee caps at $59, while the PREMIER card caps much higher at $125. The Mission Lane also has a much lower APR, which works in its favor. 

Credit-building features: Typical but at a cost

The PREMIER card has standard credit-building features but some come at a cost, unlike most credit cards for bad credit.

For a small monthly fee, you can get credit protection that will pay for your credit card bill in the event of an emergency. The fee is calculated based on your end-of-month balance and costs $0.89 per $100. Protected events include disability and involuntary job loss.

If you want to monitor your credit more closely, you can sign up for PREMIERCredit Manager. The program costs $3.99 per month and gives you access to your Experian credit report twice a month as well as your Experian VantageScore every two weeks. It also monitors your credit report and alerts you when there are any changes.

How the PREMIER Bankcard Mastercard Credit Card compares to other credit-building credit cards

The PREMIER Bankcard Mastercard Credit Card can be an entry way into the world of credit but that doesn’t mean it's the best option. Here are a few alternatives that may be more helpful.

Image of PREMIER Bankcard® Mastercard® Credit Card

PREMIER Bankcard® Mastercard® Credit Card

Annual fee

See Provider Website

Intro offer


Rewards rate


Recommended Credit Score

Image of OpenSky® Secured Visa® Credit Card
Bankrate Score
Apply now Lock
on Capital Bank's secure site

Annual fee


Intro offer


Rewards rate

Up to 10%

Recommended Credit Score

No Credit History
Image of Credit One Bank® Platinum Visa® for Rebuilding Credit

Credit One Bank® Platinum Visa® for Rebuilding Credit

Annual fee

$75 for the first year. After that, $99 annually ($8.25 per month)

Intro offer


Rewards rate


Recommended Credit Score

Bad to Fair (300 – 670)

Who is the PREMIER Bankcard Mastercard right for?

This card is terrific for anyone who may be underbanked or working to build their credit score so that they can have better choices once their credit has improved.

How we rated this card

cards rated
data points analyzed
fees tracked
Cc Star
perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.

We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category. 

Here are some of the key factors that gave this card its score: 

Bankrate’s Take — Is the PREMIER Bankcard Mastercard Credit Card worth it?

The PREMIER Bankcard credit card is designed for borrowers with bad credit or no credit who are looking to repair or build it. If you have a decent credit score, you’ll be better off choosing a credit card that has more benefits and lower fees.

But even if you have poor credit, the PREMIER Bankcard card may not be the cheapest option. Rival cards for credit builders that have lower APRs and annual fees could prove more worthwhile. 

*The information about the PREMIER Bankcard Mastercard has been collected independently by The card details have not been reviewed or approved by the card issuer.

Frequently asked questions

Written by
India Davis
Editor, Credit Cards
India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.
Edited by Editor II, Credit Cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.