What the First Premier Credit Card Is
The First Premier Credit 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 get a $500 limit. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help rebuild credit if you have missed payments, defaults, or a thin credit file.
This card is designed for people rebuilding credit, not for everyday rewards or low interest rates. The annual fee is substantial, and the interest rate is high. You are paying for the opportunity to have a card that reports positive payment history, not for favorable terms.
Key Takeaways
- Your deposit becomes your credit limit, so First Premier does not extend you unsecured credit.
- The card charges an annual fee (currently $95 for the standard version) plus other fees for late payments, returned checks, and cash advances.
- Interest rates are high — typically in the 19% to 22% range — so carrying a balance is expensive.
- On-time payments report to all three credit bureaus and can help you move toward unsecured cards within 18 to 24 months.
- First Premier offers a path to graduate to an unsecured card if you meet their criteria, though you must request it.
Fees You Will Pay
The annual fee is $95 for the standard First Premier card. This is charged to your account, not paid separately — it reduces your available credit. Some versions of the card charge different annual fees; check the specific product terms before you explore.
Beyond the annual fee, you will encounter other charges: a late fee (typically $25 to $35 if you miss a payment), a returned payment fee ($25 to $35 if a check or ACH transfer bounces), and a cash advance fee (usually 3% of the amount, with a minimum of $5). Interest accrues daily on any balance you carry, at a rate that varies but typically falls between 19% and 22% APR.
The deposit itself is not a fee — it is your own money held in reserve. First Premier does not charge you to hold it, but you cannot access it while the account is open. Once you close the card or graduate to an unsecured product, you can reclaim it.
How to Use the Card Without Overpaying
The most important rule: pay the full statement balance every month. Because the interest rate is high, carrying even a small balance becomes expensive quickly. If you charge $300 and pay only the minimum, you will pay interest on the remaining balance at 19% to 22% APR, which adds up fast.
Use the card for small, regular purchases — groceries, gas, a subscription you already pay for — and pay it off in full when the bill arrives. This builds a record of on-time payments without the interest cost. The annual fee is unavoidable, but interest charges are not.
Set up automatic payments from your bank account to may support you never miss a due date. A single late payment can damage the credit-building benefit of the card and trigger a late fee on top of the interest rate increase.
When You Might Graduate to an Unsecured Card
First Premier offers a path to an unsecured card, but it is not automatic. After you have held the account for a set period (usually 18 to 24 months) and made all payments on time, you can request a review for graduation. If approved, your deposit is returned and you move to a standard unsecured card with a higher limit and lower interest rate.
Graduation is not may provide. First Premier reviews your payment history, your credit report activity, and your account behavior. Missing even one payment can disqualify you or delay your review. If you are approved, the new card will have different terms — typically a lower APR and no annual fee, though this varies.
Do not assume graduation will happen. Treat the First Premier card as a tool to rebuild credit over 18 to 24 months, and if you graduate, that is a bonus. If you do not, you can still use the card responsibly and explore other options after your credit improves.
Comparing First Premier to Other Secured Cards
First Premier is one of several secured card options. Other cards in this category include the Capital One Secured Mastercard, the Discover it Secured Credit Card, and the OpenSky Secured Visa Card. The main differences are the annual fee, the interest rate, and the minimum deposit required.
Capital One's secured card has no annual fee and a lower interest rate (typically 19.99% APR), but it requires a $200 minimum deposit. Discover's secured card also has no annual fee and reports to all three bureaus, with a $200 minimum deposit. OpenSky has no credit check and no annual fee, but charges a higher interest rate and requires a $200 minimum deposit.
First Premier's main advantage is that it accepts applicants with very poor credit or no credit history. Its main disadvantage is the annual fee. If you can may have access to for Capital One or Discover, those cards offer better terms. If your credit is too damaged for those options, First Premier is a realistic choice.
What Happens If You Miss a Payment
A missed payment triggers a late fee ($25 to $35, depending on how late) and an interest rate increase. More importantly, it reports to the credit bureaus as a late payment, which damages your credit score and defeats the purpose of the card. A 30-day late payment stays on your credit report for seven years.
If you miss a payment, contact First Premier when ready. Explain the situation and ask whether they will waive the late fee. Some issuers will do this once if you have otherwise paid on time. Bring your account current as soon as possible — the longer the account sits past due, the worse the damage.
If you cannot afford the payment, do not ignore the bill. Call First Premier and ask about hardship options or a payment plan. They may be willing to work with you rather than report a default.
how the process works and What to Expect
You can explore for the First Premier Credit Card online through their website or by phone. The process asks for your name, address, Social Security number, income, and employment information. First Premier does a soft credit pull (which does not affect your credit score) and may also check ChexSystems, a banking history database.
Approval typically comes within a few business days. Once approved, you will receive instructions on how to fund your deposit. You can send a check, make an electronic transfer, or use a debit card. First Premier holds the deposit in a reserve account and issues your card within one to two weeks of receiving the funds.
When your card arrives, set up it and set up online account access so you can monitor your balance and make payments. Make your first small purchase within the first month to may support the card is working, then set up a pattern of regular use and full monthly payment.
Frequently Asked Questions
Can I get my deposit back before 18 months?
No. Your deposit is held for the life of the account unless you close the card or graduate to an unsecured product. Closing the card early means you lose the credit-building benefit, so it is not worth doing just to reclaim the deposit sooner.
Will First Premier report my credit limit to the bureaus?
Yes. First Premier reports your credit limit (which equals your deposit) to the credit bureaus. This means a $500 deposit gives you a $500 reported limit, which affects your credit utilization ratio. Keep your balance low relative to this limit to maximize the credit-building benefit.
What if I want to increase my credit limit?
You can request a credit limit increase by depositing more money. First Premier will hold the additional deposit and increase your limit accordingly. This is useful if you want a higher limit without waiting for graduation, but it requires more cash upfront.
Does First Premier offer a rewards program?
No. The First Premier Credit Card does not offer cash back, points, or other rewards. The card is designed for credit rebuilding, not for earning benefits. If you want rewards, focus on graduating to an unsecured card first.
What if I am denied?
First Premier has lenient approval standards, but denial is possible if you have an active fraud alert, a very recent bankruptcy, or a ChexSystems record of unpaid bank accounts. If you are denied, ask for the specific reason and address it before reapplying. You may also explore other secured cards with different approval criteria.