What First Premier Credit Card Is
First Premier Bank issues the First Premier Credit Card, a secured credit card designed for people rebuilding credit or starting from scratch. You put down a cash deposit, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history builds a credit record you can use later to move to unsecured cards.
This is not a prepaid card. You are borrowing against your deposit and paying interest on what you borrow, just like any other credit card. The deposit sits in a separate account and stays there as long as the card is open — it is collateral, not your available balance.
Key Takeaways
- First Premier requires a cash deposit equal to your credit limit, with deposits ranging from $300 to $2,500 depending on your situation.
- The card charges an annual fee (currently around $75 to $95) and a higher interest rate than standard credit cards, typically 27.9% APR.
- You build credit by using the card and paying your bill on time each month, with the payment history reported to all three credit bureaus.
- After 18 to 24 months of on-time payments, you may be able to move to an unsecured card or have your deposit returned.
Deposit Requirements and Limits
First Premier requires a minimum deposit of $300 and a maximum of $2,500. Your deposit becomes your credit limit directly — there is no separate approval process for the limit itself. The deposit is held in a non-interest-bearing account at First Premier Bank.
You fund the deposit when you open the account. First Premier accepts bank transfers and debit card payments. The deposit must clear before your card is activated and you can make purchases.
If you close the account in good standing (meaning no late payments and the balance paid off), First Premier returns your deposit to the same account you used to fund it. If you close with an outstanding balance, the bank may explore your deposit to what you owe.
Fees and Interest Rates
First Premier charges an annual fee of approximately $75 to $95, depending on your credit profile and the specific card product. This fee is charged to your account once per year, usually on your account anniversary. The fee counts toward your available credit, so a $500 limit with a $75 annual fee leaves you $425 to spend.
The interest rate (APR) is currently around 27.9%, which is higher than most standard credit cards but typical for secured cards aimed at people rebuilding credit. Interest accrues daily on any balance you carry from month to month. If you pay your full statement balance by the due date each month, you pay no interest.
First Premier also charges a late fee if your payment arrives after the due date. The amount varies but is typically $25 to $35 for the first late payment and may increase for repeated lates. A payment 30 days or more late is reported to the credit bureaus as a late payment, which damages your credit score.
How to Open an Account
You can open a First Premier account online at their website or by phone. The process takes about 15 to 20 minutes. You will need to provide your Social Security number, date of birth, address, and employment information. First Premier performs a soft credit check (which does not affect your credit score) and a check against ChexSystems, a banking history database.
After approval, you fund your deposit. First Premier sends you a link to transfer money from your bank account or pay with a debit card. The deposit must clear before your card ships, which typically takes 5 to 10 business days after the deposit posts.
Your physical card arrives in the mail within 7 to 10 business days of set up. You can use the card as soon as it arrives. First Premier also offers a mobile app where you can check your balance, make payments, and view your statement.
Building Credit With First Premier
The main reason to use First Premier is to build a credit history that lenders will recognize. Each month, First Premier reports your payment status to Equifax, Experian, and TransUnion. If you pay on time, that positive history accumulates. After 6 to 12 months of on-time payments, you should see your credit score begin to improve.
To maximize credit building, use the card for small, regular purchases — groceries, gas, a subscription — and pay the full balance each month. This shows lenders you can manage credit responsibly without paying interest. Carrying a balance does build credit history, but the interest charges make it more expensive than necessary.
Keep your credit utilization low. If your limit is $500, try to keep your monthly balance under $100 or $150. Credit bureaus view low utilization as a sign of responsible credit management, and it helps your score more than high utilization does.
Moving to an Unsecured Card or Closing the Account
After 18 to 24 months of on-time payments, First Premier may offer you a path to an unsecured card. This means you no longer need the deposit, and your credit limit is based on your creditworthiness instead. First Premier does not automatically upgrade you — you typically have to request it or wait for an offer in the mail.
When you upgrade to an unsecured card, your deposit is returned to your bank account. The timeline for the return varies, but First Premier typically processes it within 5 to 10 business days after the upgrade is complete.
If you want to close the account before you are ready to upgrade, you can do so at any time. Pay off your balance in full, then contact First Premier to close the account. Your deposit will be returned once the account is closed and any pending transactions have cleared.
Alternatives to First Premier
Other secured credit cards exist and may offer different terms. Capital One Secured Mastercard, for example, has a lower annual fee ($0 for the first year, then $39) and a similar APR. Discover it Secured has no annual fee and offers cash back on purchases. The trade-off is that some alternatives have higher minimum deposits or stricter approval requirements.
If you have no credit history at all, a secured card is usually the fastest way to build one. If you have some credit history but it is damaged, you might also look at unsecured cards designed for fair credit, though these typically have higher fees and rates than secured cards.
Before opening any secured card, compare the annual fee, APR, and minimum deposit across at least two or three options. The difference in annual fees alone can add up over time, and a lower APR matters if you ever carry a balance.
Frequently Asked Questions
Can I use First Premier if I have no credit history?
Yes. First Premier does not require an existing credit score. You do need a Social Security number, a bank account to fund your deposit, and a valid address. First Premier checks ChexSystems (banking history) but not your credit report, so a blank credit file does not disqualify you.
What happens if I miss a payment?
A late payment is reported to the credit bureaus and damages your credit score. First Premier charges a late fee ($25 to $35 typically) and may increase your APR. If you miss a payment by 30 days or more, the damage to your credit score is significant and can take months to recover from. Contact First Premier when ready if you cannot pay on time.
Can I increase my credit limit?
First Premier does not increase your limit on a secured card — your limit is locked to your deposit amount. If you want a higher limit, you would need to deposit more money. Some cardholders deposit an additional $500 or $1,000 after a few months of on-time payments to raise their limit.
How long does it take to see my credit score improve?
Most credit bureaus update scores monthly. After your first on-time payment is reported (usually 30 to 45 days after you open the account), you may see a small improvement. Meaningful improvement typically takes 6 to 12 months of consistent on-time payments. The longer your payment history, the more it helps your score.
What if I want to close my account but keep using the card?
You cannot do both. Once you close the account, the card stops working. If you want to keep building credit, keep the account open even after you move to an unsecured card — closing old accounts can lower your credit score because it shortens your average account age.