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What’s the deal with the First PREMIER Bank credit card?
We often tell you about some of the great offers around that can help you travel the world for cheaper. This includes credit cards that offer lots of bonus points and miles, as well as travel benefits, simply for completing a minimum spend. But what about the credit card offers you should avoid? There’s plenty of them around unfortunately – like First PREMIER’s MasterCard credit card.
Targeted to those with not-so-great credit, here’s some of the worst things about this card:
- You have to pay a $95 processing fee upfront if you’re approved. So even if you only get a $300 credit limit (which is the norm with this bank), you’ve already spent $95 to get it!
- Depending on your credit limit, the annual fee is $75, $100 or $125 the first year and then reduced to either $45 or $49 after that.
- There’s no monthly fee for the card in the first year, but from year 2 it’s either $6.25 or $10.40 per month (which works out at $75 or $124.80 annually).
- The APR is a whopping 36% for purchases or cash advances. PLEASE don’t carry a balance on this card if you’re unlucky enough to have it!
How do I get the First PREMIER Bank credit card deal?
It’s a really bad deal, so why would you? Some would argue that any card should start improving on their poor credit, but it can actually harm your credit to get a card this bad. We’ve written about some of the better credit cards to apply for if you have less than perfect credit, both here and here.
You can check out the First PREMIER MasterCard here to see for yourself just how shocking it is.
What else do I need to know about the First PREMIER Bank credit card deal?
Magnify Money went as far as to say that First PREMIER Bank preys on the vulnerable and exploits those in financial difficulty and it’s hard to disagree. Is it the worst card? We think so.
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