What the First Premier Credit Card is and who it's for
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 credit bureaus (Equifax, Experian, and TransUnion), which means your payment history builds your credit score over time.
This card is designed for people rebuilding credit or establishing a credit history from scratch. Because the bank holds your deposit as collateral, they take on less risk, which is why they approve people with poor credit or no credit file. The tradeoff is that the card carries fees and a higher interest rate than cards for people with good credit.
You are not locked into this card forever. After you make on-time payments for a period of time — typically 18 to 24 months — you can request graduation to an unsecured card, which means you get your deposit back and keep the account open with a higher limit.
Key Takeaways
- Your deposit becomes your credit limit, so First Premier requires you to have cash available upfront before you can use the card.
- The card charges an annual fee (currently $95), a monthly maintenance fee (currently $10.95), and a higher interest rate than standard credit cards, so carrying a balance costs significantly more.
- Payment history reports to all three credit bureaus, so on-time payments directly improve your credit score if you use the card responsibly.
- After 18 to 24 months of on-time payments, you can request graduation to an unsecured card and recover your deposit.
- The card has a relatively low minimum deposit requirement compared to other secured cards, making it accessible if you have limited cash.
How much the card actually costs
First Premier charges multiple fees that add up quickly. The annual fee is $95, charged once per year. There is also a monthly maintenance fee of $10.95, which means you pay $131.40 per year in maintenance fees alone. Together, annual and monthly fees total $226.40 in the first year.
On top of fees, the card carries an interest rate that varies by applicant but typically ranges from 19.99% to 27.99% APR. If you carry a balance of $500 at 24% APR, you pay roughly $10 per month in interest alone. The combination of high interest and monthly fees means this card is expensive to use for anything other than building credit.
The minimum deposit is $200, though you can deposit more if you want a higher limit. First Premier does not charge a deposit fee, but the deposit itself is money you cannot access while the account is open — it sits in a reserve account held by the bank.
How to use the card to actually build credit
The card only helps your credit if you use it and pay on time. The most effective strategy is to charge a small amount each month — $10 to $25 — and pay the full balance before the due date. This creates a payment history without costing you much in interest.
Avoid carrying a balance. Because the interest rate is so high, paying interest costs more than the credit-building benefit is worth. A $500 balance at 24% APR costs you $120 per year in interest, plus the $226.40 in fees, for a total of $346.40 — more than two-thirds of your deposit.
Set up automatic payments from your bank account to may support you never miss a due date. A single missed payment can damage your credit score and may trigger late fees. Most credit bureaus weight recent payment history heavily, so consistent on-time payments over 12 to 24 months will move your score upward if you have no other negative marks.
When you can graduate and get your deposit back
First Premier's graduation policy typically requires 18 to 24 months of on-time payments. The exact timeline depends on your credit profile and payment history. You do not have to wait for the bank to offer — you can request graduation after 18 months if you have made every payment on time.
When you graduate, the card converts to an unsecured card, meaning the bank no longer holds your deposit. Your credit limit may increase, and the annual fee may decrease or disappear depending on the card you graduate to. You get your original deposit back, usually within 30 to 60 days after graduation is approved.
Graduation is not may provide. If you miss payments or carry high balances, the bank may decline your request. The goal is to use the card as a stepping stone: build a solid payment history, then move to a card with better terms.
How the First Premier Card compares to other secured cards
Other secured cards exist, and some charge lower fees. The Discover Secured Credit Card, for example, has no annual fee and a lower interest rate range (typically 18.99% to 24.99% APR), though it requires a higher minimum deposit of $200 to $2,500. The Capital One Secured Mastercard charges a $39 annual fee and has a similar interest rate range, also with a $200 minimum deposit.
First Premier's advantage is accessibility: the $200 minimum deposit is low, and the bank approves people with very poor credit or recent negative marks. The disadvantage is cost — the monthly maintenance fee is unusual among secured cards and makes First Premier more expensive to hold than competitors.
If you have any other credit options — even a credit-builder loan from a credit union — those may cost less and build credit just as effectively. But if you have been denied elsewhere or need a card quickly, First Premier's lower barrier to entry makes it a realistic option.
What happens if you miss a payment or default
Missing a payment on the First Premier card has when ready consequences. A payment 30 days late appears on your credit report and damages your score. The bank may also charge a late fee, typically $25 to $35 depending on how late the payment is.
If you default — usually defined as 180 days of non-payment — the bank can close the account and keep your deposit to cover the debt. A default stays on your credit report for seven years and makes it much harder to get credit in the future. The bank may also pursue collection action or sell the debt to a third party.
If you run into trouble making payments, contact First Premier before you miss a due date. Some banks offer hardship programs or temporary payment reductions, though First Premier's policies vary. It is always better to ask than to let a payment slide.
Frequently Asked Questions
Can I use the First Premier card right away after I open it?
Yes. Once your deposit clears — usually within 3 to 5 business days — the card is activated and ready to use. You do not have to wait for a physical card to arrive; many issuers offer a temporary digital card number you can use when ready for online purchases.
What if I want to close the account before 18 months?
You can close the account at any time, and First Premier will return your deposit. However, closing the account stops the credit-building process and may hurt your credit score if it is one of your only open accounts. If you need to close it, do so after you have built enough credit history to move to another card.
Does the First Premier card report to all three credit bureaus?
Yes, First Premier reports to Equifax, Experian, and TransUnion. This means your payment history affects your credit score across all three bureaus, which is important because most lenders check multiple bureaus when you explore for credit.
Can I increase my credit limit without adding more money?
Not with a secured card. Your limit is tied to your deposit, so the only way to increase your limit is to deposit more money. Once you graduate to an unsecured card, the bank may increase your limit based on your payment history and credit score.
Is the First Premier card worth it if I have other ways to build credit?
If you can get a credit-builder loan from a credit union or become an authorized user on someone else's account, those options may cost less and build credit just as well. Compare the total fees and interest you would pay over 24 months before deciding. The First Premier card makes sense if you have been denied elsewhere or need a card when ready.