Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.
Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
So, your credit is far from perfect. It probably got there thanks to one or more unfortunate financial events that crushed your credit score. But now you’re determined to rebuild your credit. What should you do?
One suggestion is to get a credit card for consumers with imperfect credit. You can use the card to rebuild your credit history by paying your bills on time.
This article examines a solid option in that category, the PREMIER Bankcard® Grey Credit Card, and we also take a look at three of its closest competitors. One may provide the help you need to get back on the road to good credit.
The PREMIER Bankcard® Grey Credit Card caters to consumers with subprime credit (i.e., FICO scores below 670). The card helps you build or rebuild credit when you make on-time payments and keep your unpaid balance low.
Don’t expect rewards or fancy benefits from the card — it is a basic credit card that provides only essential features, including credit reporting to the three major credit bureaus, FICO score updates, and credit limit increases over time.
The card provides a relatively long 27-day grace period and determines your setup and maintenance fees according to your credit limit.
How to Qualify & Apply
You don’t need good credit to qualify for this card. Sources suggest you need a minimum 550 FICO Score to be approved. In addition, you must:
Be 18 years or older
Live in the United States, excluding New York and Wisconsin
Have a valid Social Security number
Have a minimum gross annual income of $10,000
Not already have an account with this card or pending application
Have not undergone bankruptcy or had the issuer charge off your previous PREMIER Credit Card Account within the last 36 months
Not be an active duty military member or dependent who is a covered borrower under the Military Lending Act
You can access the application on the issuer’s website by clicking the “Apply Now” button below:
Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.
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Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
You can prequalify for the PREMIER Bankcard® Grey Credit Card in two ways without impacting your credit score. You may receive a pre-approved mail offer to apply, or you may prequalify without an invitation. Both methods are fast and don’t require a hard credit inquiry.
Bear in mind that the issuer will deny your application if it cannot verify your identity. Here, we have identified a few of the common steps so you can understand the process before you decide to apply.
Accept a Mail Offer
You can respond online to your mail offer by providing the confirmation number you receive. Start by visiting the PREMIER Bankcard credit card website, clicking “Accept Mail Offer,” and enter your confirmation number.
Alternatively, you can prequalify without an invitation by visiting the website and providing the required information. Remember that prequalification does not guarantee final approval.
Answer a Few Simple Questions
When you navigate to the card’s website, a prequalification application is readily available. You must supply the following information to receive a preapproval decision:
Name
Email address
Whether you have an annual income of at least $10,000
Whether you have a checking account
Home address
Social Security number
Once you enter all of the required information, click on the prequalify button. You’ll soon receive a decision and, if favorable, a credit card offer.
See Your Credit Card Offer
After you successfully prequalify, you will receive an offer that contains information about your account. This could include your new card’s credit limit, the one-time program fee, your annual percentage rate (APR), and the annual fee. The card also includes a monthly fee, which will increase after the first year.
The issuer also provides the full terms and conditions for the card, so read those carefully before moving forward. When you press the “Apply Now” button, the issuer will ask you for additional information, including:
Annual income
Cellphone number
Date of birth
Employer phone number
Time at employer
You can then authorize communication via text messages. The site will offer you an optional credit protection program to cover (for a fee) your unpaid balance following adverse life events that include disability, unpaid family leave, and involuntary unemployment.
Once you are ready, click on the “Submit Application” button.
Get a Response
The credit card issuer will perform a hard pull of your credit, which may impact your credit score. If it approves your application, the website will explain how you should pay your program fee. The issuer will mail you the card after the payment clears.
Note that the issuer will cancel your application if it approves your unsecured credit card and you don’t pay the full program fee within 85 days.
Benefits & Drawbacks
The card offers only the most essential benefits, but they are tailored to consumers with poor credit. It provides tools to help you improve and monitor your credit score. On the other hand, the card has no shortage of drawbacks.
Benefits
Accessibility for those with lower credit scores: One of the primary benefits of the card is its accessibility to consumers who do not have a good credit level.
FICO credit score monitoring: You can view your current FICO credit score on your monthly statements.
Cash advances: You can get a cash advance when you need one at any Cirrus ATM, subject to the limitations.
Mobile app: You can make payments and manage your account from anywhere with the card’s mobile app.
Credit limit reviews: You may be eligible for a well-deserved increase after 12 months of consistently responsible account management.
Security: The card provides the safety and protection of Mastercard International, including $0 fraud liability.
If you need assistance, you can access customer support online 24 hours a day, seven days a week, or contact it by phone at 800-987-5521.
Drawbacks
High annual percentage rate (APR): The card charges a high APR. You can avoid these interest charges by paying your total balance each month.
Multiple fees: The card comes with various fees, including a one-time program fee, and both annual and monthly fees. These fees can vary depending on your credit limit but are generally excessive compared to some similar credit cards.
Credit limit increase fees: The card charges a fee that will offset a significant percentage of the increase amount.
No rewards program or signup bonus: Unlike several subprime credit cards, this card does not offer any rewards program or signup bonuses. This limits the benefits you gain from using the card.
No support for balance transfer transactions: The card does not support these types of transfers.
There’s no yin without a little yang. In this case, the card offers a little too much yang, as the list of drawbacks illustrates. While this card can serve as a tool for building or rebuilding credit with on-time payments, you should weigh its drawbacks against the potential benefits, especially considering the card’s prohibitive costs.
Best Alternatives to the PREMIER Bankcard® Grey Credit Card
Given the card’s rather shaky value proposition, you may wonder if you have better options. Well, you do, and the following three cards deserve your consideration.
On this list, you can find a card that pays cash back rewards, one with no credit check, and one that may increase your credit limit with responsible use. All these cards cater to consumers with subprime credit.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
The Surge® Platinum Mastercard® stands out in this group because it offers a high initial credit limit that may increase in six months’ time. Its APR is comparable to that of the PREMIER Bankcard® Grey Credit Card, and its annual fee may be higher or lower.
This card offers similar (i.e., meager) benefits, but it will let you see if you prequalify without affecting your credit, and you can build credit over time with responsible use.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
Raise your credit score by 30+ points.
Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
27.49% Variable APR Rates as of December 12, 2024.
$0
New/Rebuilding
The Discover it® Secured Credit Card requires a security deposit for approval. But it has no annual fee and charges less interest than the PREMIER Bankcard® Grey Credit Card. To be fair, the upfront fees you pay for the PREMIER Bankcard® Grey Credit Card are comparable to this card’s required security deposit, and you can graduate to an unsecured card with a higher credit limit over time.
You also earn cash back with this card, and there are no credit score requirements to apply, making this an easy win over the PREMIER Bankcard® Grey Credit Card.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Our in-house experts rate credit card offers based on:
Reward rates and redemptions
Regular and promotional APRs
Signup bonuses
Annual and other fees
Travel and other credits
General approval rates
Issuer reputation
We also consider other cardholder needs and data points specific to the category. We then compare it to similar card offers and evaluate the terms before assigning a numerical value, in which 5.0 represents the best. Ratings are updated as issuer changes occur, and issuers have no influence on our ratings.
Greater access to credit than before - $700 credit limit
Get a Mastercard accepted online, in store and in app
Account history is reported to the three major credit bureaus in the U.S.
$0 liability* for unauthorized use
Access your account online or from your mobile device 24/7
*Fraud protection provided by Mastercard Zero Liability Protection. If approved, you'll receive the Mastercard Guide to Benefits that details the complete terms with your card.
The key feature of the Milestone® Mastercard® is that it reports your payments to all three credit bureaus. This can help you build credit over time when you consistently pay your bill on time.
The card is expensive, with a high APR, set up and maintenance fees, and foreign transaction fees. But its initial credit limit is higher than other subprime cards, and you can avoid interest altogether by paying your balance off each month.
Cardholder Reviews on Reddit
Reddit is well known for its knowledgeable, opinionated commentators. The website is a repository of honest conversations, and the folks who write in don’t mince their words.
Redditors who owned this card mostly gave it the thumbs-down. Rarely have we encountered a credit card so disliked by the Reddit community.
dcperin1 writes: “Usually their card doesn’t just come with an annual fee. They also have a ‘monthly fee’that could be charged as soon you get the credit card or start in year two and is billed monthly, THEN they charge an account opening fee that’s called a ‘program fee.’ [The total fees are] like half of your credit limit. So you get a credit card, and before you even use it, you have a bill to pay. And trust me, they’re just praying you forget about those fees when you sock drawerthe card so they can charge you even more fees.”
Peglegsteve265 is more succinct: “Stay away. You’re better off saving up a bit of money and getting a secured credit card that will ‘graduate’ to a traditional credit card.”
So, readers beware. And know we would have included a positive comment if we had found one.
FAQs: What Is the Highest Credit Limit Offered?
This unsecured card offers an initial credit limit of up to $700. You will be eligible for a higher credit limit after 12 months of timely payments following account opening.
According to a myFICO contributor, the card’s maximum credit limit increase is $125, and each increase incurs a 25% fee. That may take up a good chunk of your increase, so factor that in if you plan to request one.
How Hard Is it to Get the Approved?
Generally, you need a score above 500 to qualify for this unsecured card. However, the credit card issuer may approve an applicant with a lower score but a higher income.
The minimum acceptable annual gross is $10,000. Given its high costs, only consumers with bad credit should consider the PREMIER Bankcard® Grey Credit Card.
How Can the Card Help Me Rebuild Credit?
The card can help you rebuild credit in several ways — despite its high fees and interest rate. To start, you can get the card even if you have bad credit scores. You also don’t have to put down a security deposit, which can be a potential barrier if money is tight.
Once you obtain the card, you can rebuild credit through responsible use and timely payments. The card reports your activity to the major consumer credit bureaus. By making regular purchases and paying most or all of your balance on time each month, you demonstrate creditworthy behavior, which positively impacts your credit score.
You also can build credit by keeping your credit utilization ratio (i.e., percentage of credit used to credit available) below 30%.
Carrying a balance can quickly lead to high interest charges, negating many of the benefits of using the card for credit improvement. The best strategy is to employ the card for small purchases and pay off the balance in full each billing cycle.
Does the Card Give Credit Increases?
The PREMIER Bankcard® Grey Credit Card will evaluate you for a higher credit limit after 12 months. If you qualify, the card will charge you a fee equal to 25% of the increase.
For example, a $100 increase will incur a $25 fee. The card assesses a new fee with each credit limit increase, and you shouldn’t expect more than one increase per year.
Alternatively, you may want to cancel the card before the first anniversary and apply for a less expensive card with a higher credit limit and no program fee. In this way, you avoid the card’s annual charge for the second year, the monthly maintenance charges, and the credit increase fee. This strategy is more feasible if you use the first year to raise your credit score.
Should I Get a Secured Credit Card Instead?
Given the drawbacks of the card, it may be more beneficial to consider a secured card instead. The following chart compares the PREMIER Bankcard® Grey Credit Card to a typical secured credit card.
This comparison focuses on several important aspects, such as the fee structure, credit requirements, deposit requirements, and reward offerings.
PREMIER Bankcard® Grey Credit Card
Typical Secured Card
Type of Card
Unsecured
Secured
Credit Requirements
Designed for those with less-than-perfect credit
Typically, no credit check or designed for those with poor or no credit history
Deposit Requirement
No deposit required
Requires a refundable security deposit, often equal to the credit limit
Annual Fee
Yes, varies by account
Varies; some have no annual fee, while others may charge
Monthly Fees
Yes, in the first year (varies), potentially waived or reduced after that
Rarely
Interest Rate
Generally high
Tends to be high but can be lower than unsecured cards for those with poor credit
Credit Limit
Fixed and may increase over time based on payment history
Typically equal to the deposit amount, but may be increased over time without an additional deposit
Rewards
Unlikely
Some offer cash back or other rewards
Reporting to Credit Bureaus
Yes
Yes
Eligibility for Upgrade
Possible, based on creditworthiness and account history
Yes, some cards offer a path to an unsecured card
The secured card may be best for subprime consumers who would rather make a refundable security deposit than pay a high interest rate and fees. A refundable security deposit means you get your money back if you have a zero balance when you close the account.
This Card May Be For You If…
While this card has significant drawbacks, it can help those with poor credit lift their credit scores. If any of the following apply to you, this card could be an ideal candidate for your wallet:
You have a limited or poor credit history: This card caters to individuals who may not have an extensive credit history or are trying to improve a poor credit score. It may be easier to get than some competing cards.
You are building or rebuilding your credit: The card can help you improve your credit level if you use it responsibly.
You want an unsecured credit card: Unlike secured credit cards that require a deposit, this card is unsecured. This may be appealing if you cannot afford to put down a deposit for a credit card.
You’re willing to accept higher fees: You may prefer this card’s trade-off between its easy acceptance and inflated costs. Be aware that the card comes with much higher fees and interest rates compared to several competing cards.
We suggest you check out the competing cards reviewed above before applying for the PREMIER Bankcard® Grey Credit Card. You may find one of these competitors better suited to your requirements.
About the Author
Eric Bank
Finance Expert
Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.
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