What the First Premier Customer Service Card Is
The First Premier Customer Service card is a secured credit card issued by First Premier Bank. You put down a cash deposit, and that deposit becomes your credit limit — so if you deposit $500, you can charge up to $500. The card reports your payment history to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit score over time.
This card is designed for people rebuilding credit after missed payments, collections, or a bankruptcy. It is not a rewards card and does not offer cash back or travel points. The main product is the credit-building mechanism itself.
Key Takeaways
- You must deposit $500 to $2,500 of your own money upfront, which becomes your spending limit and is held by the bank as collateral.
- The card charges an annual fee of $75 to $95 and a monthly maintenance fee of $6.95, which are deducted from your deposit or charged to your card.
- Interest rates on purchases run 19.9% to 21.9% APR depending on your creditworthiness, which is high but typical for secured cards at this stage of credit rebuilding.
- After 18 to 24 months of on-time payments, you may be able to convert the card to an unsecured card and recover your deposit.
- The card reports to all three credit bureaus, so consistent payments directly improve your credit score.
How Much the Card Costs You
The First Premier Customer Service card has multiple fees that add up quickly. The annual fee ranges from $75 to $95 depending on the specific offer you receive. On top of that, there is a monthly maintenance fee of $6.95, which totals $83.40 per year. These fees are usually charged to your card or deducted from your deposit.
The interest rate on purchases is 19.9% to 21.9% APR. If you carry a balance of $500 for a full year without paying it down, you will owe roughly $100 to $110 in interest alone. Combined with the annual and monthly fees, the total cost of holding this card for one year with a $500 balance is approximately $260 to $290.
Because of these costs, the card works best if you use it lightly — charge a small purchase each month, pay it off in full before the due date, and avoid carrying a balance. This way you build credit history without paying interest, though you still pay the annual and monthly fees.
Your Deposit and Credit Limit
You choose your deposit amount when you open the account, and it can range from $500 to $2,500. Your credit limit equals your deposit — if you deposit $1,000, your limit is $1,000. The bank holds your deposit in a separate account as collateral, which means the money is not lost if you miss a payment; instead, the bank can use it to cover what you owe.
Your deposit earns no interest while the bank holds it. You cannot withdraw it or use it for anything else. The deposit stays frozen for as long as you hold the card, unless you convert to an unsecured card (see below) or close the account.
If you cannot afford to deposit $500 upfront, this card is not an option. Other secured cards have lower minimum deposits, though they may charge different fees or have different terms.
Building Credit With On-Time Payments
The card reports your payment activity to Equifax, Experian, and TransUnion every month. This means each on-time payment adds a positive mark to your credit history. After 6 to 12 months of consistent on-time payments, you should see your credit score begin to rise, assuming you have no other negative marks appearing during that time.
The amount you owe relative to your limit (your utilization ratio) also affects your score. If your limit is $500 and you charge $450, your utilization is 90%, which hurts your score. If you charge $100, your utilization is 20%, which helps your score. The lower you keep your balance, the faster your score will improve.
Late payments are reported when ready and damage your score for years. Even one missed payment can erase months of progress. If you use this card, set up automatic payments or a phone reminder so you do not miss a due date.
Converting to an Unsecured Card and Getting Your Deposit Back
After 18 to 24 months of on-time payments, First Premier may offer to convert your secured card to a standard unsecured card. When this happens, your deposit is returned to you, and your credit limit may increase. You no longer need to keep money frozen with the bank.
Conversion is not automatic and is not may provide. First Premier reviews your account based on your payment history, how much you have charged, and your current credit score. If you have made every payment on time and kept your balance low, conversion is more likely. If you have missed even one payment, conversion may be delayed or denied.
You can also close the account and recover your deposit at any time, though closing the account may slightly lower your credit score in the short term because it reduces your total available credit.
Comparing This Card to Other Secured Options
Other banks offer secured credit cards with different fee structures. The Capital One Secured Mastercard charges a $39 annual fee and no monthly maintenance fee, making it cheaper overall if you carry a balance. The Discover Secured Card charges no annual fee and no monthly fee, though it requires a $200 minimum deposit and has a higher interest rate.
The trade-off is that First Premier accepts applicants with lower credit scores and more recent negative marks than Capital One or Discover do. If you have been turned down for other secured cards, First Premier may still approve you. If you have better credit, you may find a cheaper option elsewhere.
Before explore, check whether you meet the approval requirements for Capital One or Discover. If you do, compare the total cost of each card over 24 months. If you do not, First Premier is worth considering despite the higher fees.
What Happens If You Miss a Payment
If you miss a payment, First Premier will charge you a late fee (typically $25 to $35) and report the missed payment to the credit bureaus. Your interest rate may increase, and your credit score will drop. A single missed payment can stay on your credit report for seven years.
If you fall behind by 60 or more days, the bank may freeze your account, preventing you from making new charges. They may also explore your deposit toward what you owe. If your deposit does not cover the full amount, you will still owe the difference.
If you know you cannot make a payment, contact First Premier before the due date. They may be able to work out a payment plan or temporarily lower your payment, though this is not may provide.
Frequently Asked Questions
Can I use this card right after bankruptcy?
Yes. First Premier approves applicants who have recently filed for bankruptcy, which is why many people in that situation turn to this card. However, you must have the deposit money available upfront, and you should wait until your bankruptcy is discharged (not just filed) before explore, as this improves your chances of approval.
What if I want to increase my credit limit?
You can request a credit limit increase by depositing more money with the bank. If you originally deposited $500 and want a $1,000 limit, you deposit an additional $500. There is no separate process — you straightforward add to your deposit. Some cardholders also receive automatic limit increases after 12 months of on-time payments, though this is not may provide.
Does this card have a grace period for purchases?
Yes. First Premier gives you a grace period of at least 21 days from the statement closing date to pay your balance without being charged interest. If you pay the full balance by the due date, no interest accrues. Interest only applies if you carry a balance past the due date.
Can I use this card internationally?
The card is a Mastercard, so it is accepted in most countries where Mastercard is accepted. However, First Premier charges a foreign transaction fee of 1% on purchases made outside the United States. If you travel frequently, this fee adds up quickly.
What if I close the account — do I get my deposit back when ready?
Your deposit is returned within 7 to 10 business days after you close the account. The funds are sent to the bank account you have on file with First Premier. Make sure your account information is current before you request closure.