This piece unravels the unique features that make the Premier Bankcard Mastercard stand out. Whether you’re a seasoned credit card user or new to the world of plastic, this guide is your key to unlocking how this card can transform your financial journey.
Join us as we delve into its incredible benefits, eligibility criteria, and how it can assist you in building a robust credit history.
Features of Premier Bankcard Mastercard
Let’s talk about what makes the Premier Bankcard Mastercard special!
First, your credit activity is reported monthly to the Consumer Reporting Agencies. This means you earn recognition for managing your account responsibly – a fantastic way to enhance your credit score!
You can also easily keep tabs on your FICO® Credit Score from your monthly statements. It serves as a valuable tool to monitor your credit health.
Running low on cash? No worries! You can obtain cash advances when needed, and accessing your funds is a breeze from any Cirrus ATM.
But wait, there’s more: managing your card is incredibly convenient with the new PREMIER Credit Card app. You can make payments and handle your account, all from the palm of your hand, no matter where you are!
Finally, the Premier Bankcard Mastercard provides a credit limit ranging from $200 to $700, which may increase annually, tailored to your creditworthiness. This flexibility enables you to manage your spending within this range, ensuring it aligns with your financial needs.
What Is Premier Bankcard Mastercard?
The Premier Bankcard Mastercard is a credit card issued by First PREMIER Bank and PREMIER Bankcard, members of FDIC. It is designed to assist individuals in building or rebuilding their credit history.
This Premier Bankcard credit card is handy for those with lower credit scores (500) who may need help qualifying for other credit cards. It allows individuals to establish a positive credit record by making timely payments and managing their credit responsibly.
How Premier Bankcard Mastercard Works
To get started with the Premier Bankcard Mastercard, you’ll need to apply for it first. There’s an initial fee. This First Premier Bank credit card program fee ranges from $55 to $95 and is a one-time payment that helps manage the risks associated with your credit account.
You can pay the program fee in full or make partial payments using a checking account, debit card, or credit card. Paying the program fee in full within 85 days from the approval date is essential to keep your application active.
When you get approval and pay the program fee, your credit account is opened, and you’ll have access to your available funds as soon as your card arrives. Once you have your card, you can start using it immediately, giving you a chance to build your credit.
If you use your card responsibly for 12 months, you may be eligible for a credit limit increase. Remember to check the card fees and rates you incur for using it.
Pros and Cons of Premier Bankcard Mastercard
Premier Bankcard Mastercard has advantages and disadvantages:
Benefits of Premier Bankcard Mastercard
On the bright side, this card is about helping you build credit. Every month, it reports your credit activity to Consumer Reporting Agencies, which is fantastic if you’re trying to establish a positive credit record.
Plus, you can easily keep tabs on your credit health as your FICO® Credit Score is conveniently available on your monthly statements.
Need cash urgently? No worries. You can get cash advances when needed, providing an emergency safety net.
Managing your card is a breeze, too – a user-friendly mobile app lets you handle your account and make payments from anywhere.
Premier Bankcard Mastercard Cons
On the flip side, there are a few things to be mindful of. While this card is a stepping stone to better credit, it comes with fees, including that initial opening fee, which is steep for some.
The Premier Bank credit card limit is usually up to $700 and may not cover significant expenses.
Also, watch out for transaction fees – cash advance and foreign currency transaction fees can add up quickly. You’ll also incur annual fees.
And remember the high APR of 36%, which means hefty interest charges if you don’t pay your balance in full each month.
While the Premier Bankcard Mastercard doesn’t offer any rewards or additional perks, it’s more of a tool to help you build credit. So, carefully weigh the pros and cons to see if it fits your financial goals.
Rates and Fees of Premier Bankcard Mastercard
With the Premier Bankcard Mastercard, there’s this initial fee called the Program Fee, which can be between $55 and $95. It’s like your ticket to getting started.
When it comes to transactions, there’s a fee of either $8.00 or 5% of the Cash Advance amount, whichever is bigger. And if you’re dealing in foreign currency, there’s a 3% fee on each transaction in U.S. dollars.
Now, the monthly fees can be between $0 and $10.40, depending on how good your credit is. And the APR is 36%.
There’s also an annual fee, ranging from $50 to $125, based on your creditworthiness. For instance, if your credit limit is $300, you’ll pay a $75 fee in the first year and $49 in the following years.
Eligibility Criteria and Requirements
Thinking about the Premier Bankcard Mastercard? You need to know that it’s designed for people wanting to improve their credit score.
To qualify, you’ll need a checking account, be 18 or older, and live in the US. Get ready to provide your email, social security number, and other personal details.
But here’s a catch! There’s an opening fee between $55 and $95. You’ll also need a credit score of 500 or more. While your credit score matters, it’s not the only factor. Approval isn’t solely based on it.
After 12 months of good standing, you can request a credit limit increase. Just ensure your cash advances are within your available credit. It’s a great choice if you want to boost your credit history.
Keeping your balance low and paying your bills on time is vital. Stay on top of your payments, and your credit journey will improve!
How to Apply for Premier Bankcard Mastercard
Ready to get your hands on the Premier Bankcard Mastercard? Just hop onto their official website and hit the “Apply Now” button. Fill out the form, and await a notification through your email for the next steps. Once you’ve got your card, you can start building up your credit!