
PREMIER Bankcard® Mastercard® Credit Card
Rewards rate
N/AAnnual fee
See Issuer WebsiteIntro offer
N/ARegular APR
See Issuer WebsiteRecommended Credit Score
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1.7
Rewards rate
N/AAnnual fee
See Issuer WebsiteIntro offer
N/ARegular APR
See Issuer WebsiteRecommended Credit Score
Bad Credit to FairAlthough someone with poor credit might think the PREMIER Bankcard® Mastercard® Credit Card is a good fit, there are other cards that cater to those with low FICOs without the high cost of ownership. With all the fees and charges that come with this card, we advise staying away from this card in favor of your other options.
Do yourself a financial favor and skip this card. If you compare this card to any of the other cards designed for those with not-great credit, they are all likely to have advantages over this one.
The PREMIER Bankcard® Mastercard® Credit Card is so full of fees, you won’t really have much purchasing power left. There’s a one-time processing fee of $95, and with credit limits ranging from $300 to $500, plus first year annual fees ranging from $75 to $125, you’re essentially giving about a quarter of your credit away just for owning the card. This seriously limits your ability to use the card, but also won’t do much for your debt-to-income ratio, which plays a large role in calculating your credit score. The closer you are to maxing out your credit card’s limit, the worse your debt-to-income will be.
Owning this card is expensive in the first year and can make it difficult to improve your credit score if you carry a balance. Double thumbs-down.
And for those who do carry a balance, the card’s APR is a sky-high 36 percent, tacking on even more to your debt load. If you can’t find another unsecured credit card to fit your circumstances, a secured card would be a far better choice than the PREMIER Bank Mastercard. The upfront cost of owning a secured card is pretty close to what you throw away in fees on this card, but at least with a secured card, you’ll get that money back if you close the account.
We can’t recommend that anyone should get this card.
There’s a one-time processing fee of $95 to open this account.
If your credit limit is… | Annual fee will be… | no monthly fee the first year (introductory); but after that… | Initial available credit
will be… |
$300.00 | $75.00 the first year.
After that $45.00 annually |
$75.00 annually ($6.25 per month) | $225.00 |
$400.00 | $100.00 the first year.
After that $45.00 annually |
$75.00 annually ($6.25 per month) | $300.00 |
$500.00 | $125.00 the first year.
After that $49.00 annually |
$124.80 annually ($10.40 per month) | $375.00 |
This card reports to the three major credit bureaus, so with regular on-time payments you could improve your credit score enough to qualify for a different card.
The Credit One Bank Platinum Card offers some rewards and lower APRs than the PREMIER Bank Mastercard. A major drawback of the Credit One Bank Platinum Card is that you won’t know the exact terms of your offer until you’ve applied.
The Indigo Platinum Mastercard is aimed at those with fair credit, which means it’s easier to be approved for than many other cards. It also reports to all three of the major credit bureaus so with regular on-time payments, you can improve your score and eligibility for credit cards with lower APRs. This card has three different fee structures, and the one you’ll be offered is dependent on your creditworthiness, as determined by the issuer. The APR is 23.9 percent which, although high, is still a lot better than the 36 percent charged by PREMIER’s card.
The Total Visa® Card is another card that tacks on the processing fees and servicing fees. Notably, there’s no foreign transaction fees with this card, so this may make it a better choice than some of the others.
A better choice all-around would be the no-fee Discover it® Secured Credit Card . This is the only unsecured credit card on the market that offers cash-back rewards — and generous ones at that. This card earns not only 2 percent back on dining and gas but also 1 percent on everything else, and Discover will match all those rewards at the end of the first year.
* 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.