Bob Haegele is a personal finance writer who specializes in topics like credit cards, banking, and investing. After repaying his student loans and taking control of his finances, he’s made it his mission to help people get out of debt, save, and invest for a better future. His practical approach helps people simplify their finances and stop overspending. He’s been quoted or featured in media outlets such as Business Insider, Forbes Advisor, MarketWatch, TIME, and many others.
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.
At first glance, the PREMIER Bankcard® Mastercard® Credit Card may seem like a good choice for some consumers because it is accessible to those with fair or bad credit and doesn’t require a security deposit. But those consumers should still be wary when applying
Despite the card’s benefits, it can carry significant fees. In addition, you may find the credit limit unsatisfactory, and customer reviews aren’t much better, either.
Cardholders cite various issues, including problems with payment processing and trouble building credit, even though it is advertised as a credit-builder card. In this credit card review, we’ll cover everything you need to know about this card.
The main benefits of the card are that it doesn’t require a security deposit, and you can qualify with fair or bad credit. Here is a complete look at this card’s benefits.
Qualify with Bad Credit
People with bad credit often have limited options when applying for credit cards. Typically, you are relegated to secured credit cards that require a deposit. Those deposits often start around $200 to $300, which can be difficult for those with bad credit to manage.
The PREMIER Bankcard® Mastercard® Credit Card is an exception, allowing you to qualify with fair or bad credit without putting down a security deposit. This can be a big draw for those with little to no cash to spare.
Reports to Credit Bureaus
This card reports monthly to the three major credit bureaus — Experian, TransUnion, and Equifax. According to the card issuer, you can build credit by keeping your balance low and paying all your bills on time every month. This can eventually help you qualify for a card with more generous benefits.
Credit Limit Increases
You can request a credit limit increase after 12 months. To be eligible, you must keep your account in good standing. This means making your payments on time and staying within the credit limit. Note that the issuer may charge a fee for increasing your credit limit.
In addition to monthly credit score reporting, this card also lets you check your FICO® on your monthly statements. However, FICO scores are updated quarterly, not monthly.
How to Qualify & Apply
According to the card issuer, you can qualify for this card with fair or bad credit. This means as long as you have at least the base FICO score of 300, you may be eligible. However, the issuer notes that credit score alone does not guarantee or imply approval for any credit product. If you don’t know where you stand, checking your credit reports and scores before applying is best.
You can apply directly on PREMIER’s website through the Apply Now button below, where you can also learn more about the card:
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.
The application will ask you for basic personal information and whether you make at least $10,000.
After completing and submitting the application, you can generally expect a response within 60 seconds. If approved, the card will give you a manageable credit limit and payments.
If you can’t complete your application online, it could take seven to 10 business days to receive a decision via mail. In that case, you can’t check your application status online; you must call customer support if you want to check the status.
The bank also offers a prequalification form that allows you to check your approval odds without affecting your credit score. Again, prequalifying doesn’t guarantee final credit approval, but it can help you understand your approval odds without a hard inquiry on your credit report.
Drawbacks and Considerations
While the PREMIER Bankcard® Mastercard® Credit Card has a few interesting benefits, it has its fair share of drawbacks and other considerations. Be sure to weigh these carefully before signing up.
One of the biggest drawbacks of this card is its fee structure, which could result in significant payments. Possible fees include annual, program, and monthly maintenance fees. To make matters worse, any fees the issuer charges you reduce your credit limit, which is typically low in the first place.
Another fee you could incur with this card is a credit limit increase fee. If you want the issuer to increase your credit limit, you may pay a fee if the increase is approved. Other card issuers increase your limit without charging a fee.
You should also be sure to check this card’s purchase APR. The rate can be higher than other cards, further increasing the cost of using this credit card.
Paying so many fees can hurt your credit score rather than help it. You could find yourself saddled with fees you can’t afford to pay, which can damage your credit score if you miss payments. Plus, this card’s credit limits tend to be low, which could also inhibit its credit-building potential.
Apart from the potential fees, it also lacks the benefits of cards for good-to-excellent credit, including rewards, travel insurance, purchase protection, and other premium perks.
Before signing up for the PREMIER Bankcard® Mastercard® Credit Card, consider the alternatives. This includes the cards mentioned in the next section and credit builder loans. Becoming an authorized user for someone with excellent credit can also help.
Other Subprime Cards Worth Considering
You might consider the PREMIER Bankcard® Mastercard® Credit Card if your credit isn’t the best. However, due to this card’s potentially high fees, lack of rewards, and lack of benefits in general, it may not be the best choice for everyone. Consider these alternatives before you apply.
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.
No annual or hidden fees. See if you're approved in seconds
Building your credit? Using the Capital One Platinum Secured card responsibly could help
Put down a refundable security deposit starting at $49 to get a $200 initial credit line
You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
Monitor your credit score with CreditWise from Capital One. It's free for everyone
Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Not everyone likes the idea of a security deposit, but if you have bad credit, the pros don’t always outweigh the cons. Putting down a deposit can mean fewer fees and a lower APR. The Capital One Platinum Secured Credit Card also has an interesting feature: You can get a $200 credit limit with a refundable security deposit as low as $49, depending on your credit level.
You may be eligible for an automatic credit line increase in as little as six months with this card with no additional deposit. This card also lets you earn your security deposit back as a statement credit when you make payments on time.
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 Milestone® Mastercard® offers a decent credit limit for subprime applicants and can help you build credit over time with consistent on-time payments. Though its APR is high, you can avoid it by paying your balance off within the grace period. What isn’t avoidable, though, are its annual and maintenance fees, so be sure to closely read the terms and conditions before applying.
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.
At first glance, the First Access Visa® Card is an interesting choice for subprime applicants. Most interesting is that it allows you to earn cash back, a rarity among cards of this kind. Plus, its approval criteria are lenient, and the bank reports monthly to each credit bureau. However, this card lacks other perks, and the fees and APR can be high.
FAQs: Is This a Good Credit Card?
Good is a relative term, especially when considering credit cards for people with fair to bad credit. This card leaves a lot to be desired, especially when it comes to fees. However, similar things can be said about most cards for subprime borrowers.
Ultimately, it comes down to whether you are willing (and able) to put down a security deposit. Secured cards are generally better if your credit isn’t the best. But not everyone has the typical $200 needed to open a secured card. If you’re in that boat, the PREMIER Bankcard® Mastercard® Credit Card is generally comparable to the alternatives.
What is the Card’s Credit Limit?
The credit limit for the PREMIER Bankcard® Mastercard® Credit Card is generally comparable to what is available with similar unsecured credit cards. However, your credit limit will depend on your creditworthiness. Remember that you can also qualify for a credit line increase after 12 months.
You must keep your account in good standing to qualify, and you may pay a fee. Check the provider’s website for further details about credit limits.
How Hard is it to Get the Card?
Getting a PREMIER Bankcard® Mastercard® Credit Card shouldn’t be particularly difficult, especially compared to other unsecured credit cards. In fact, the issuer says you don’t need good credit to apply.
Approval can also be quick, with an initial approval decision in as little as 60 seconds. Since no security deposit is required, you don’t need to save up before you can apply.
Remember that fees are high for this card, and it can have limited credit-building potential. While it may be easy to qualify, it may not be the best choice for everyone.
Will PREMIER Raise My Credit Limit?
It’s possible to increase your credit limit on the PREMIER Bankcard® Mastercard® Credit Card after 12 months of keeping your account in good standing. This means you must keep your account open and make payments on time. The issuer says it wants to give you the opportunity to keep building your credit.
But the card may charge a fee to increase your credit limit. Other credit cards, such as Capital One’s secured credit cards, may allow you to graduate to an unsecured credit card with a higher limit later. They do require a security deposit, but the deposit is often refundable.
This Card May Be For You If…
You have fair or bad credit
You can’t afford the typical $200 security deposit for a secured card
You want to build your credit
The PREMIER Bankcard® Mastercard® Credit Card is worth a look for those who have fair or poor credit and want to raise their scores. Just be sure to review the card’s interest and fees before moving forward.
About the Author
Bob Haegele
Finance Expert
Bob Haegele is a personal finance writer who specializes in topics like credit cards, banking, and investing. After repaying his student loans and taking control of his finances, he’s made it his mission to help people get out of debt, save, and invest for a better future. His practical approach helps people simplify their finances and stop overspending. He’s been quoted or featured in media outlets such as Business Insider, Forbes Advisor, MarketWatch, TIME, and many others.
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