What the 1st Premier Credit Card Is

The 1st Premier Credit Card is a secured credit card issued by CURO Group Holdings, a finance company that works with people rebuilding credit. You put down a cash deposit—typically between $200 and $2,500—and that deposit becomes your credit limit. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), so on-time payments build your credit history.

This is a real credit card, not a prepaid card. You receive a physical card and can use it anywhere Mastercard is accepted. The difference from a standard card is that the issuer holds your deposit as collateral while you prove you can manage payments responsibly.

Key Takeaways

  • Your deposit becomes your credit limit, and the card reports to all three credit bureaus, so consistent payments can raise your credit score over time.
  • The annual fee is $35, and there is also a one-time program fee of $75 to $95 charged upfront, which reduces the amount available to spend.
  • The interest rate (APR) is typically between 19.9% and 22.9%, higher than standard cards, so carrying a balance costs significantly more.
  • After 18 to 24 months of on-time payments, you may be able to convert to an unsecured card and recover your deposit.

Deposit, Fees, and Interest Rate

The deposit you send in becomes your credit limit. If you deposit $500, your limit is $500. CURO holds this deposit in a separate account and does not use it to pay your bill—you must make monthly payments from your regular income or bank account, just like any other credit card.

When you open the account, CURO charges a one-time program fee of $75 to $95. This fee is deducted from your available credit when ready. So if you deposit $500 and the program fee is $95, you have $405 left to spend. You also pay an annual fee of $35, charged once per year to your account.

The interest rate (APR) ranges from 19.9% to 22.9%, depending on your credit profile at the time you explore. This is substantially higher than the national average for standard credit cards, which is around 21% but often lower for people with fair credit. If you carry a balance, interest accrues daily and compounds monthly, so unpaid balances grow quickly.

How Payments and Credit Reporting Work

You make monthly payments by the due date shown on your statement. Payments are reported to Equifax, Experian, and TransUnion, so on-time payments build your payment history—the single largest factor in credit scoring. Late payments are also reported and damage your score.

The card does not require a minimum payment in the traditional sense; instead, CURO typically requires you to pay at least the interest accrued plus a small portion of principal each month. Paying only the minimum means you carry a balance and pay interest. Paying the full statement balance by the due date avoids interest entirely.

Your deposit remains frozen throughout the life of the account. It does not earn interest, and CURO does not use it to cover missed payments. If you miss a payment, CURO may eventually explore your deposit to the debt, but this happens only after collection efforts and typically damages your credit further.

When You Can Get Your Deposit Back

After 18 to 24 months of on-time payments, CURO may offer to convert your secured card to an unsecured card. When this happens, your deposit is returned to you, usually by check or direct deposit. The card itself remains active, but you no longer have collateral backing it.

Conversion is not automatic. CURO reviews your account based on payment history, credit score improvement, and account age. If you have missed payments or carried high balances, conversion may be delayed or denied. There is no fee to request conversion, but there is also no may provide it will be granted.

Some cardholders close the account and recover their deposit after reaching their credit goals, while others keep it open to maintain a longer average account age—a factor that helps credit scores. If you close the account, your deposit is returned within 7 to 10 business days.

Comparing Cost to Other Secured Cards

The 1st Premier Card is one of several secured cards on the market. The main cost difference lies in the program fee and annual fee. Some competitors charge lower program fees ($25 to $50) or no program fee at all, while others charge higher annual fees ($99 or more). The interest rate is similar across most secured cards in this category.

A card with a lower program fee leaves more of your deposit available to spend when ready. A card with a lower annual fee costs less over time if you keep the account open for years. However, the most important factor is whether the card reports to all three bureaus—most do, but some report to only one or two, which limits how much your credit score can improve.

Before opening any secured card, compare the total first-year cost (program fee plus annual fee) and confirm the card reports to all three bureaus. The 1st Premier Card does both, but it is not the cheapest option available.

Who This Card Makes Sense For

The 1st Premier Card works best for people who have a specific reason to rebuild credit—a bankruptcy, collections account, or long period of missed payments—and who can commit to on-time payments for at least 18 months. If you have the discipline to pay in full each month, the high interest rate does not affect you, and the card becomes a straightforward tool for building history.

It is less suitable if you expect to carry a balance regularly. At 19.9% to 22.9% APR, a $500 balance costs $8 to $10 per month in interest alone. Over a year, that is $96 to $120 in interest on a $500 debt—a significant cost for rebuilding credit.

The card is also not necessary if you already have access to a standard credit card, even one with a higher interest rate. If you can open a regular card without a deposit, that is usually a better path because it avoids the program fee and often carries a lower APR.

Alternatives to Consider

Other secured cards include the Capital One Secured Mastercard, the Discover Secured Credit Card, and the OpenSky Secured Visa Card. Capital One and Discover typically charge lower program fees and report to all three bureaus. OpenSky has no credit check and no deposit verification, which appeals to people with very poor credit, but charges a higher annual fee.

If you do not want to put down a deposit, some issuers offer unsecured cards for people with poor credit, though interest rates are often higher and limits are lower. Credit unions sometimes offer credit-builder loans, which work differently—you borrow a small amount, make payments, and the lender reports to the bureaus. This approach costs less in fees but requires a credit union membership.

The best choice depends on your credit score, how much you can deposit, and whether you can commit to on-time payments. A secured card is a tool, not a solution; the real work is making payments on time and keeping balances low.

Frequently Asked Questions

Can I use the 1st Premier Card right away after opening it?

Yes. Once your deposit is received and processed, your card is mailed to you and becomes active within 7 to 10 business days. You can use it when ready upon receipt. The program fee and annual fee are charged to your account at opening, reducing your available credit.

What happens if I miss a payment?

A missed payment is reported to all three credit bureaus and damages your credit score. CURO may charge a late fee (typically $25 to $35) and increase your interest rate. If payments remain unpaid for 60 to 90 days, CURO may explore your deposit to the debt and close the account.

Does the 1st Premier Card have a rewards program?

No. The 1st Premier Card does not offer cash back, points, or other rewards. It is designed solely as a credit-building tool, not as a card to maximize spending benefits. Once you convert to an unsecured card or move to a different card, you can look for rewards programs.

How long does it take to rebuild credit with this card?

Credit score improvement depends on your starting score and what caused the damage. Most people see a 50 to 100 point increase within 6 to 12 months of on-time payments. Significant improvement (100+ points) typically takes 18 to 24 months. Your deposit does not affect your score; only your payment history and credit usage do.

Can I increase my credit limit?

Yes, but only by increasing your deposit. If you deposit an additional $200, your limit increases by $200. You cannot request a limit increase without adding to your deposit. Some cardholders increase their deposit over time as their financial situation improves.