PREMIER Bankcard® Mastercard® Credit Card

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Snapshot

1.7

Bankrate rating
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PREMIER Bank Image

PREMIER Bankcard® Mastercard® Credit Card

Rewards rate

N/A

Annual fee

See Issuer Website

Intro offer

N/A

Regular APR

See Issuer Website

Recommended Credit Score

Bad Credit to Fair 

Although 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.

Review

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.

Who should get this card

We can’t recommend that anyone should get this card.

Fees and APR

There’s a one-time processing fee of $95 to open this account.

  •      There’s an annual fee and a corresponding monthly fee based on your credit limit
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
  •      There’s a 3 percent foreign transaction fee.
  •      Late payments won’t affect your APR but there is a late payment fee of up to $38.
  •      The cash advance fee is either $6 or 5 percent of the amount of the advance, whichever is greater.

Extras, perks and using rewards

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.

How this card compares

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.