Most people already know their credit scores because it is something to watch carefully. You may know that your score is low and that your credit history has a variety of issues. If you’re like many, you’re working hard to fix your credit so that you can get a house or car loan at some point. You’ve probably got a couple of goals right now, such as paying off your current debt (which can include credit cards) and getting a credit card that you can use for emergencies. The My Premier credit card, also called First Premier Bank Mastercard, is a credit card designed to help people rebuild their credit.
You don’t need a minimum credit score to apply for and likely get approved for this card. However, it is quite expensive to get the card because the My Premier credit card charges a variety of fees. For one, you are charged an application processing fee, which can be anywhere from $25 to $95. You also get charged an annual fee, which can range from $75 to $125 for the first year and is likely to be close to $50 for every year afterward. You’re also going to get charged a monthly fee, though it is waived for the first year, which could be over $10 a month.
With all those fees, it may seem like a waste of time to get such a card. With the best case scenario, you’re paying about $300 in fees before the second year of owning the card. Likewise, your credit limit is likely to be about that amount, which means you’re pretty much paying to have the card.
Why the My Premier Credit Card Might be Suitable
Again, you’re probably wondering why you should consider this credit card for bad credit or if you should. It’s a challenge to know for sure if you’ve chosen the right card, but this one could be beneficial to you if you have tried applying for other bad-credit credit cards and failed. It might also work well for you if you just plan to have the credit card for a year before canceling it; you aren’t charged monthly fees during the first year, so you’re only paying the one-time processing fee and the annual fee for that first year.
Another benefit of using this bad credit credit card is that it has a Mastercard logo, which means it can be used anywhere Mastercard is accepted, which is almost everywhere. Therefore, if you plan to use it for emergencies or gasoline or food each month, you can make sure your preferred shopping spots accept Mastercard and not have to worry about having cash on hand.
Likewise, the credit card company reports to all three major Consumer Reporting Agencies. If you’re trying to build up your credit score, this can be an excellent way to do so. When you make the monthly payments or pay the bill off each month, it is reported to the credit bureaus and shows that you’re paying on time.
You can also request credit limit increases with this credit card. Therefore, you’re likely to start out at a low credit limit between $300 and $500, but you can build up that limit with time. However, the annual and monthly fees are always going to be there. If you plan to just use the credit card for emergencies, it can be helpful to have monthly fees because you will always have something to pay off each month, which is reported to the credit bureaus.
One other card may consider is the FingerHut Credit card. While it is restricted to use in their proprietary online shop, it can provide another option to raise your credit score if it’s been damaged in the past. Here are some other articles you might find helpful:
Secured vs Unsecured credit cards – what’s the actual difference?
Store credit cards for bad credit
The Dos and Don’ts of carrying a balance on a credit card
What happens if you’re unable to pay your credit card minimum balance?