Premier Credit Card is a real card issued by a real bank, but it is designed for people rebuilding credit and comes with costs most other cards do not have
Premier Credit Card is issued by Premier Bank, a federally chartered bank, and it is a genuine credit product. The card does appear in credit bureau reports and can help you build or rebuild a credit history. However, the card charges an annual fee, a monthly maintenance fee, and requires a cash deposit that acts as your credit limit — none of which are standard on mainstream credit cards. Before you move forward, you need to understand exactly what you are paying for and whether the card makes sense for your situation.
The card is not a scam, but it is not a card for someone with good credit either. It is a tool for a specific purpose: proving to lenders that you can handle credit responsibly when your credit history is thin or damaged. That purpose comes with a price.
Key Takeaways
- Premier Credit Card is issued by a real federally chartered bank and reports to the three major credit bureaus, so it can help rebuild your credit history.
- The card charges an annual fee (typically $95), a monthly maintenance fee (typically $10 to $15), and requires a cash deposit that becomes your credit limit.
- Your deposit is held in a savings account and earns interest, but you cannot spend it — it secures the card only.
- The card is designed for people with poor or no credit history, not for people with established credit who have other options.
- You should compare the total annual cost against other secured card options before deciding, because fees vary widely across issuers.
How Premier Credit Card Works and What It Costs
When you open a Premier Credit Card account, you deposit cash into a savings account held by the bank. That deposit becomes your credit limit. If you deposit $500, your credit limit is $500. You use the card like any other credit card — make purchases, receive a statement, pay a bill each month. The deposit stays in the savings account and earns interest, but you cannot withdraw it while the account is open.
The fees are where the cost becomes real. Premier charges an annual fee (typically $95), a monthly maintenance fee (typically $10 to $15 per month, depending on the account tier), and sometimes a one-time account opening fee. If you carry the card for one year with a $500 deposit, you will pay roughly $215 to $275 in fees alone, on top of any interest charges if you carry a balance. That is a significant cost for a $500 credit line.
The card does report to all three credit bureaus — Equifax, Experian, and TransUnion — so on-time payments do build your credit history. If your goal is to move from no credit or bad credit to good credit, the card can work toward that goal. But the fees mean you should only use it if you have no better option.
When Premier Credit Card Makes Sense and When It Does Not
Premier Credit Card makes sense if you have been denied for every other credit card you have tried, or if you have no credit history at all and need to start building one. It also makes sense if you have recently recovered from serious credit damage (bankruptcy, foreclosure, collections) and mainstream cards are still closed to you. In those situations, the fees are the price of access to credit reporting and a tool to prove you can pay on time.
Premier Credit Card does not make sense if you have fair credit or better, because you will find secured cards with lower fees or even unsecured cards with no deposit required. It also does not make sense if you cannot afford the monthly maintenance fees on top of your regular spending, because the fees will add up faster than your credit score improves.
Before you commit, search for other secured credit cards and compare their fees side by side. Some secured cards charge no annual fee. Others charge an annual fee but no monthly maintenance fee. The difference over a year can be $100 or more, and that money matters when you are rebuilding.
Red Flags and Legitimate Concerns
Premier Credit Card itself is not a scam, but there are legitimate concerns worth knowing. The monthly maintenance fee is unusual — most secured cards charge an annual fee only, not a monthly charge. That structure means your costs are front-loaded and harder to predict. If you miss a payment or fall behind, the card may freeze your account or charge additional fees, which can happen quickly on a small credit line.
The card also has a relatively low credit limit even after you deposit money. A $500 deposit gives you a $500 limit. That limit does not grow automatically over time the way some other secured cards do. You have to request a credit limit increase, and the bank may or may not approve it. If you are trying to build credit history, a low limit can actually work against you because it limits how much credit history you can demonstrate.
Another concern: the card is marketed heavily online and through social media, which can make it seem more appealing than it is. The marketing often emphasizes the credit-building aspect without clearly stating the fees upfront. Read the terms and conditions yourself before you sign up, and do not rely on marketing materials to tell you the full cost.
How to Check If Premier Credit Card Is Right for You
Start by checking your own credit score and credit report. If you have a score above 620 and no recent negative marks, you likely have other options with lower fees. You can check your credit report for free once per year at AnnualCreditReport.com, which is the official government site. If your report is clean or nearly clean, explore for a mainstream secured card first.
If your credit score is below 580 or you have recent collections, charge-offs, or a bankruptcy, Premier may be one of your only options. In that case, compare it against other cards marketed to people with poor credit: Discover it Secured, Capital One Secured Mastercard, and OpenSky Secured Visa Card all exist and have different fee structures. Write down the annual fee, monthly fee (if any), minimum deposit, and interest rate for each card. The total cost over one year will tell you which card is cheapest for your situation.
Also ask yourself whether you actually need a credit card right now, or whether you could wait six months to a year while you improve your credit through other means. If you have unpaid debts or collections accounts, paying those down first will improve your score faster than opening a new card will, and it will cost you nothing.
What Happens After You Open the Account
Once your Premier Credit Card account is open, use it like you would any credit card: make small purchases, pay the full balance on time each month, and keep your balance low relative to your credit limit. The goal is to show lenders that you can handle credit responsibly. On-time payments are the single most important factor in your credit score, so missing even one payment will hurt you.
After six to twelve months of on-time payments, your credit score should improve noticeably. At that point, you may be able to move to a mainstream credit card with lower fees or no fees at all. When you do, you can close the Premier account and withdraw your deposit. The deposit itself is not lost — it goes back to you. You only lose the fees you paid along the way.
Some people keep the Premier card open even after they may have access to for better cards, because closing an account can temporarily lower your credit score. If you decide to keep it, make sure the monthly maintenance fees are worth the benefit of keeping an older account open. Often they are not.
Frequently Asked Questions
Is Premier Credit Card a scam?
No, Premier Credit Card is issued by a real federally chartered bank and reports to credit bureaus. However, the fees are high compared to other secured cards, so it is not a good deal for most people. It is a legitimate product designed for a specific group: people with very poor or no credit history who have been denied everywhere else.
Can I get my deposit back?
Yes. Your deposit is held in a savings account and earns interest. You can withdraw it when you close the account. However, if you close the account while you still owe a balance on the card, the bank may use your deposit to pay off that balance first.
Will Premier Credit Card help my credit score?
Yes, if you use it responsibly. The card reports to all three credit bureaus, so on-time payments will build your credit history. However, the high fees mean you should only use it if you have no better option, because the cost may outweigh the benefit.
How long does it take to graduate to a regular credit card?
Most people see credit score improvement within six to twelve months of on-time payments. After that, you may be able to move to a mainstream card. However, the timeline depends on your starting credit score and credit history. Someone with a very damaged history may need longer.
What if I cannot afford the monthly maintenance fee?
Do not open the account. The monthly fee will add up quickly and may push you into a negative balance if you are not careful. Look for a secured card with no monthly fee, or wait until you have saved enough money that the fees are manageable.