What First Premier Credit Cards Actually Are
First Premier Bank issues secured credit cards aimed at people rebuilding credit after missed payments, collections, or bankruptcy. You put down a cash deposit (usually $200 to $2,500), and that deposit becomes your credit limit. The card reports to all three credit bureaus, so on-time payments do build your credit history. But First Premier cards come with fees that eat into any benefit you might get, and the interest rates are high enough that carrying a balance costs real money.
The core trade-off is straightforward: you get a card that reports to bureaus and doesn't require a credit check, but you pay for that access through annual fees, foreign transaction fees, and interest rates that typically start around 27% APR. Whether that trade-off makes sense depends on what you actually need the card to do.
Key Takeaways
- First Premier cards charge annual fees ($95 to $199 depending on the card) plus monthly maintenance fees ($6.95 to $9.95), which means you lose money even if you never use the card.
- Your deposit is held as collateral and does not count as a payment — you still owe the full balance you charge, plus interest and fees.
- Interest rates run 27% to 29.99% APR, so carrying a balance costs significantly more than cards for people with established credit.
- First Premier reports to all three bureaus, so consistent on-time payments do build your credit file, but only if you can avoid the fees eating away your progress.
- Alternatives like Chime, Capital One Secured, or even a basic savings account with overdraft protection may cost you less while doing the same job.
How the Deposit and Credit Limit Work
When you open a First Premier secured card, you send a cash deposit to the bank. That deposit sits in a separate account and secures the card — it is not a down payment on your balance, and it does not reduce what you owe. If you charge $500 on a card backed by a $500 deposit, you still owe $500 plus interest and fees. The deposit just stays frozen in the background.
Your credit limit equals your deposit amount, up to the maximum the card offers. So a $500 deposit gives you a $500 limit. First Premier does allow you to request a higher limit after six to twelve months of on-time payments, but that usually requires sending an additional deposit. The deposit earns little to no interest while it sits there — you are essentially lending First Premier your money for free.
The Fee Structure That Catches Most People
First Premier's fees are where the real cost lives. Annual fees range from $95 to $199 depending on which First Premier card you choose. On top of that, most First Premier cards charge a monthly maintenance fee of $6.95 to $9.95 — that is $83.40 to $119.40 per year just for the card to exist. Some cards also charge a one-time account opening fee of $75 to $99.
Add those together and you are paying $250 to $400 per year in fees alone, before you charge a single dollar or pay a cent in interest. If you use the card to build credit but keep the balance low, those fees still come out of your pocket. If you carry a balance at 27% APR, the interest stacks on top of the fees, and the cost becomes substantial.
A few First Premier cards offer slightly lower fees if you set up automatic payments from a bank account, but the savings are usually $10 to $20 per year — not enough to change the math significantly.
Interest Rates and What Happens If You Carry a Balance
First Premier cards charge between 27% and 29.99% APR depending on the specific card and your creditworthiness at the time of approval. That rate is fixed, meaning it does not change based on the prime rate or Federal Reserve decisions. For comparison, credit cards for people with good credit typically charge 15% to 22% APR, and cards for people with fair credit often run 18% to 25%.
The practical impact: if you charge $1,000 and pay it off in one month, you owe roughly $22.50 in interest. If you carry that $1,000 for a full year, you owe $270 in interest alone. Add the annual and monthly fees, and your total cost for using that $1,000 for a year is $350 to $400. That is a real expense, and it matters if you are trying to rebuild credit on a tight budget.
The only way First Premier makes financial sense is if you charge small amounts, pay them off quickly, and use the card purely to build credit history. The moment you carry a balance, the interest and fees start working against you.
How First Premier Reports to Credit Bureaus
First Premier does report to Equifax, Experian, and TransUnion — all three major credit bureaus. That means on-time payments show up on your credit report and do help rebuild your score. Late payments also report, so missing a payment hurts you the same way it would with any other card.
The reporting happens monthly, so you see the impact of your payment behavior relatively quickly. If you make on-time payments for six to twelve months, your credit score should start moving upward, assuming you are not carrying high balances on other cards or missing payments elsewhere.
However, the credit-building benefit only works if you actually make on-time payments. The fees and interest do not help your score — they just cost you money. So the real question is whether you can afford to use the card in a way that builds credit without the fees and interest eating up the benefit.
When First Premier Makes Sense and When It Does Not
First Premier works best for someone who needs to build credit history and has no other option. If you have been denied for every other card, have no credit history at all, or are rebuilding after bankruptcy, a secured card does help — and First Premier will take you when others will not. The monthly reporting to all three bureaus is real, and consistent on-time payments do move your score.
First Premier does not make sense if you have other options. A Capital One Secured card charges no annual fee and has lower interest rates. A Chime SpotMe card offers overdraft protection without a deposit and no annual fee. A basic savings account with overdraft protection from your bank costs nothing and does not report to credit bureaus, but it also does not hurt you if you use it responsibly. Even a store card (Target, Amazon, Walmart) might be easier to get and cheaper to use, though it reports to fewer bureaus.
The decision comes down to this: if First Premier is the only card you can get, the credit-building benefit might be worth the fees. If you have other options, compare the total cost — annual fees plus likely interest — against what you actually need the card to do.
Alternatives That May Cost You Less
Capital One Secured Card charges no annual fee, has a lower interest rate (around 24.9% APR), and reports to all three bureaus. Your deposit works the same way, but you save $95 to $199 per year in annual fees alone.
Chime SpotMe is not a traditional credit card, but it offers overdraft protection up to $200 without a deposit or annual fee. It does not report to credit bureaus, so it does not build credit, but it costs nothing and covers emergencies without the fee burden.
Secured cards from your own bank sometimes exist and often have lower fees than First Premier. Call your bank and ask whether they offer a secured card product. You may find something cheaper with the institution you already use.
Store cards from retailers like Target, Amazon, or Walmart are easier to get than bank cards and often have lower interest rates. They do not help your credit as much as a Visa or Mastercard (because they report to fewer bureaus), but they cost less and still build some history.
Frequently Asked Questions
Can I get my deposit back?
Yes, but only after you close the account or after First Premier converts the card to an unsecured card (which happens after 18 to 24 months of on-time payments, depending on the card). When you close the account, First Premier returns your deposit, minus any outstanding balance or unpaid fees. If you still owe money on the card, they keep the deposit to cover it.
What happens if I miss a payment?
A missed payment reports to all three credit bureaus and damages your credit score. First Premier may also charge a late fee (typically $25 to $40) and increase your interest rate. If you miss multiple payments, First Premier may freeze the card or close the account. The deposit stays frozen until the account is closed or paid in full.
Will First Premier convert my card to unsecured after I build credit?
Some First Premier cards do convert to unsecured cards after 18 to 24 months of on-time payments, which means your deposit gets returned and you keep the card without collateral. However, this is not may provide, and conversion depends on your payment history and First Premier's internal policies. Check the specific card's terms before explore.
Is First Premier a scam?
First Premier is a legitimate bank, not a scam. However, the fees are high and the interest rates are steep, which makes the card expensive to use. Some people feel the cost is not worth the benefit, especially if cheaper alternatives exist. Read the terms carefully before explore so you understand exactly what you are paying.
Can I use First Premier to rebuild credit faster?
No. Credit bureaus do not reward you for paying higher fees or interest rates. On-time payments build credit at the same speed whether you use First Premier or a cheaper card. The only advantage First Premier has is that it will take you when other cards will not. If you can get approved for a cheaper card, use that instead.