Premier Card is a credit card designed for people rebuilding credit after missed payments or collections
Premier Card is a secured credit card issued by Premier Bankcard, a division of CURO Group Holdings. You put down a cash deposit, and that deposit becomes your credit limit — typically between $200 and $2,500. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help rebuild a credit score over time.
The card is not a prepaid card. You still make monthly payments on purchases, and you can carry a balance if you choose — though doing so means paying interest. The deposit stays in a separate account and is not touched unless you stop paying your bill.
This type of card is most useful if you have a thin credit file (few accounts), a recent negative mark like a late payment or collection, or a score below 600. It is not the cheapest secured card on the market, and it is not designed for people with good credit — those people have better options elsewhere.
Key Takeaways
- Premier Card requires a cash deposit that becomes your credit limit, ranging from $200 to $2,500 depending on the deposit you choose.
- The card charges an annual fee (the amount varies by the specific card product) and interest on balances you carry, so carrying a balance costs money.
- Your payment history reports to all three credit bureaus, which can help rebuild your score if you pay on time each month.
- You can request to move from a secured card to an unsecured card after a period of on-time payments, though Premier does not publish exact timelines.
- The deposit is held separately and returned when you close the account or graduate to an unsecured card, assuming your account is in good standing.
How the deposit and credit limit work
When you open a Premier Card account, you choose how much to deposit. That amount becomes your credit limit. If you deposit $500, your limit is $500. The deposit is held in a separate savings account at the bank and earns a small amount of interest — currently around 0.01% APY, though this rate can change.
The deposit is not a fee. It is your money, and it stays yours. You can request it back when you close the account or when Premier converts your account to an unsecured card. However, if you miss payments or default on the card, the bank can use the deposit to cover what you owe.
Your credit limit does not grow automatically as you make payments. To increase your limit, you typically need to request a review after several months of on-time payments, and you may need to add more money to your deposit. Premier does not publish a specific timeline for when you can request a limit increase.
Fees and interest rates
Premier Card charges an annual fee. The exact amount depends on which Premier Card product you choose, as the company offers several versions with different fee structures. You should confirm the annual fee before opening an account, as it is charged whether or not you use the card.
If you carry a balance from month to month, you pay interest on that balance. The interest rate (APR) varies based on your creditworthiness at the time you open the account. People rebuilding credit typically see rates in the range of 18% to 27%, though the exact rate depends on what Premier's underwriting process determines.
You can avoid interest charges by paying your full balance each month. This is the most cost-effective way to use the card while rebuilding credit — you pay only the annual fee, not interest on top of it.
How Premier Card reports to credit bureaus
Premier Card reports your account activity to Equifax, Experian, and TransUnion each month. This means your payment history — whether you pay on time, whether you carry a balance, and how much of your limit you use — becomes part of your credit file.
Payment history is the largest factor in credit score calculations (about 35% of most scoring models). Making on-time payments every month is the single most effective way to rebuild your score using this card. Carrying a high balance relative to your limit can hurt your score, even if you pay on time, because it raises your credit utilization ratio.
Late payments are reported to the bureaus and stay on your credit report for seven years. If you have recent late payments or collections, opening this card and paying on time will not erase those marks, but it will add positive history that gradually outweighs the negative marks as time passes.
When to graduate from a secured card to an unsecured card
After a period of on-time payments — typically 6 to 18 months, though Premier does not publish a fixed timeline — you may be able to request that Premier convert your account to an unsecured card. At that point, your deposit is returned to you, and you keep the card with a new credit limit that Premier determines.
Conversion is not automatic. You have to request it, and Premier reviews your account history to decide whether to approve. The company looks at whether you have made all payments on time, how much of your limit you typically use, and whether your credit score has improved.
Not everyone gets approved for conversion. If you are denied, you can continue using the secured card and request conversion again later. Some people use secured cards for years without converting, which is fine — the card still reports to the bureaus and still helps your credit, but you keep your deposit tied up.
Comparing Premier Card to other secured cards
Several other banks offer secured credit cards, and they vary in annual fees, interest rates, and conversion policies. Capital One Secured Mastercard and Discover Secured Card are two common alternatives. Some secured cards charge no annual fee, while others charge less than Premier Card. Some offer higher interest rates, and some offer lower ones.
The best secured card for you depends on your specific situation: how much you can deposit, whether you plan to carry a balance, and how quickly you want to rebuild credit. If you have already been denied by other issuers or if you have very recent negative marks, Premier Card may be more willing to approve you than competitors — but this is not may provide.
Before opening any secured card, compare the annual fee, the APR, the minimum deposit, and the conversion policy. A card with a lower annual fee but a higher APR might cost you more if you carry a balance, while a card with no annual fee but a higher minimum deposit might require more cash upfront.
What happens if you miss a payment
If you miss a payment on Premier Card, the bank will report the late payment to the credit bureaus. A 30-day late payment stays on your credit report for seven years and can significantly damage a credit score that you are trying to rebuild.
If you continue to miss payments, Premier may eventually use your deposit to cover what you owe. Once your deposit is depleted, the account goes into default, and the bank may pursue collection action or sell the debt to a collection agency.
If you are struggling to make a payment, contact Premier before the due date. Some issuers offer hardship programs or can work with you on a payment plan, though Premier does not widely advertise such options. It is always better to ask than to miss a payment and damage your credit further.
Frequently Asked Questions
Can I use Premier Card right away after opening the account?
Yes. Once your deposit clears and your account is activated, you can use the card when ready. This typically happens within a few business days of opening the account. You do not have to wait any period before making purchases.
What if I want to close my Premier Card account?
You can close the account at any time by contacting Premier Bankcard. Your deposit will be returned to you, usually within 5 to 10 business days, as long as your account is in good standing and you have paid any outstanding balance. Closing the account does not remove your payment history from your credit report.
Does Premier Card offer a path to an unsecured card?
Yes, but there is no may provide timeline. After several months of on-time payments, you can request conversion to an unsecured card. Premier reviews your account and decides whether to approve. If approved, your deposit is returned and you keep the card with a new limit.
Can I increase my credit limit without adding more money?
Not typically. Your credit limit is tied to your deposit. To increase your limit, you usually need to add more money to your deposit account. Some issuers may increase limits after a long period of perfect payment history, but Premier does not clearly state whether this is an option.
How long does it take to rebuild credit with Premier Card?
Credit rebuilding is gradual. You may see score improvements within 3 to 6 months of on-time payments, but significant improvement usually takes 12 to 24 months or longer, depending on how negative your credit history is and what other accounts you have. The more recent and severe your negative marks, the longer rebuilding takes.