MyPremier Credit Card basics
The MyPremier Credit Card is a credit-building product issued by First Premier Bank, designed for people with limited or poor credit history. Unlike a secured card that requires a cash deposit, MyPremier is an unsecured card — you don't put money down upfront. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment activity can help build your credit score over time.
The card comes with an annual fee and a relatively high interest rate, which is typical for cards aimed at credit-building. The credit limit typically starts low, often between $300 and $1,000, depending on your creditworthiness at the time of review. First Premier may also offer a credit limit increase after you've made on-time payments for several months.
Key Takeaways
- MyPremier is an unsecured card for people building or rebuilding credit, meaning you don't need a cash deposit to open it.
- The card charges an annual fee and carries a higher interest rate than cards for people with established credit, so carrying a balance costs more than it would elsewhere.
- Your payment history reports to all three credit bureaus, so on-time payments can gradually improve your credit score.
- The card's credit limit typically starts between $300 and $1,000, and First Premier may increase it after consistent on-time payments.
Costs and fees you'll encounter
MyPremier charges an annual membership fee that is deducted from your credit line when the card is issued. This means if your starting limit is $500 and the annual fee is $75, you effectively have $425 available to spend. The fee renews each year, and it's charged whether you use the card or not.
The card's purchase interest rate (APR) is significantly higher than mainstream credit cards — typically in the range of 27% to 36%, though the exact rate depends on your credit profile and current market conditions. If you carry a balance, interest accrues daily. There's also a cash advance APR, which is usually even higher, plus a cash advance fee. Late payments trigger a late fee, and if your payment is more than 60 days overdue, the interest rate may increase further.
How MyPremier fits into a credit-building strategy
The main value of MyPremier is not the card itself — it's the credit history it creates. When you use the card responsibly and make on-time payments, that behavior is reported to the credit bureaus. Over 6 to 12 months of consistent use, this can raise your credit score, which then opens doors to better cards, lower interest rates on loans, and better terms on mortgages or auto financing.
The strategy is to use MyPremier for small, regular purchases you'd make anyway — groceries, gas, a monthly subscription — and pay the full balance each month. This way, you build payment history without paying interest. Carrying a balance on MyPremier is expensive and defeats the purpose; you're paying 27%+ in interest to build credit that will eventually let you borrow at 5% or less elsewhere.
If you're rebuilding after past credit problems, MyPremier may be one of the few cards you can open. However, if you have access to a secured card (where you deposit cash as collateral), compare the two first. Secured cards often have lower fees and rates, and they serve the same credit-building purpose.
Comparing MyPremier to other credit-building options
Several alternatives exist for people building credit. A secured credit card requires a cash deposit — typically $200 to $2,500 — which becomes your credit limit. Secured cards usually have lower annual fees (sometimes none) and lower interest rates than MyPremier. The tradeoff is that your money is tied up as collateral, though you earn it back once you graduate to an unsecured card or close the account.
Credit builder loans are another route. You borrow a small amount (usually $300 to $1,000) from a credit union or online lender, but the money goes into a savings account you can't touch until the loan is repaid. You make monthly payments, and those payments are reported to the credit bureaus. The interest rate is lower than MyPremier, and there's no annual fee. The downside is that you don't have access to the borrowed money to spend.
Becoming an authorized user on someone else's credit card is free and can boost your score if that person's account is in good standing. However, you have no control over the account, and if the primary cardholder misses payments, your score suffers too.
What happens after you've built credit
Once your credit score reaches the mid-600s or higher (typically after 6 to 18 months of on-time payments), you become may be able to access for better credit cards with lower rates and no annual fee. At that point, you can close MyPremier or keep it open to maintain a longer credit history. Closing it won't hurt your score when ready, but keeping it open and unused preserves your available credit and shows lenders a longer track record.
The goal is to graduate from MyPremier to a mainstream card — one with a 0% intro APR period, cash back rewards, or no annual fee. Once you reach that stage, MyPremier has served its purpose and becomes unnecessary.
Red flags and common pitfalls
MyPremier's high fees and rates make it straightforward to end up worse off than when you started. If you carry a balance, the interest charges can quickly exceed what you borrowed. If you miss a payment, the late fee and potential rate increase make the debt spiral faster. Some people open MyPremier, use it heavily, and then struggle to pay it down because the interest is so high.
Another pitfall is opening multiple credit-building cards at once. Each new card process triggers a hard inquiry on your credit report, which temporarily lowers your score. Opening three cards in a month can hurt more than it helps. A better approach is to open one card, use it responsibly for 6 months, and then explore other options if needed.
Be cautious of promotional offers that seem too good to be true. MyPremier occasionally advertises limited-time fee waivers or rate reductions, but these often come with strings attached or explore only to new cardholders who meet specific conditions.
How to use MyPremier without overpaying
If you decide MyPremier is the right fit, use it strategically. Charge only what you can pay off in full each month — a utility bill, a gas purchase, or a small subscription. Set up automatic payments so you never miss a due date. Missing even one payment can erase months of credit-building progress and trigger fees and rate increases.
Keep your balance well below your credit limit. Credit utilization (the percentage of your available credit you're using) affects your credit score. Using less than 10% of your limit is ideal; using more than 30% can lower your score. If your limit is $500, try to keep your balance under $50.
Check your credit report regularly through AnnualCreditReport.com, which is free and federally mandated. Make sure MyPremier is being reported correctly and that there are no errors. If you spot a mistake, dispute it with the credit bureau.
Frequently Asked Questions
Is MyPremier a scam?
No, MyPremier is a legitimate credit card issued by First Premier Bank, a real financial institution. However, the fees and interest rates are high, which is why it's designed only for people with poor or no credit history. It's not a scam, but it's expensive — which is why using it as a short-term credit-building tool (not a long-term card) is important.
Can I get my annual fee back if I close the card?
No. The annual fee is non-refundable. If you close the card within a few months of opening it, you've paid the fee for a service you barely used. This is another reason to commit to at least 6 to 12 months of use before opening MyPremier.
What credit score do I need to open MyPremier?
First Premier doesn't publish a minimum credit score requirement, but MyPremier is designed for people with scores below 600 or no credit history at all. If your score is already above 650, you likely have better card options available. You can check your score free through Credit Karma, NerdWallet, or your bank's website.
Will MyPremier hurt my credit score when I open it?
Opening any credit card triggers a hard inquiry, which temporarily lowers your score by a few points. However, over time, the account history and on-time payments will raise your score much more than the inquiry lowered it. The net effect after 6 months is almost always positive if you pay on time.
How long does it take to build credit with MyPremier?
Most people see meaningful score improvement within 6 to 12 months of consistent on-time payments. However, the exact timeline depends on your starting score, how many other accounts you have, and your overall credit history. Someone starting from zero will see faster improvement than someone recovering from recent missed payments.