If approved, fund your Security Deposit to open your account. Once open, you will have the opportunity to build your credit limit up to $5,000.
Opportunity to build your credit card limit over time by adding funds to your Security Deposit.
Reports to consumer reporting agencies help you monitor your financial progress to begin your credit building journey (build credit by keeping your balance low and paying all your bills on time every month)
You don't need perfect credit for a First PREMIER® Bank Secured Credit Card
Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report.
If approved, make your first six monthly minimum payments on time and we may send you an offer to apply for an unsecured credit card. Some restrictions apply.‡
‡If you apply for the second account, which is unsecured, you will be approved if you can demonstrate the ability to pay your bills, meet our minimum income requirements, do not reside in New York or Wisconsin and are not covered under the Military Lending Act.
FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any First PREMIER® Bank product.
The credit card offers that appear on this site are from credit card companies from which CardRates.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CardRates.com does not include all credit card companies or all available credit card offers.
Behind the Issuer: First PREMIER® Bank
By: Ashley Dull
Issuer Guide: First PREMIER® Bank
First PREMIER Bank is based in Sioux Falls, S.D. As one of the strongest capitalized banks in the country, they proudly operate with no debt.
The bank has earned a reputation over the years for its subprime credit cards, which are geared toward people who don’t have the best credit and are unable to qualify for credit cards from larger banks.
First PREMIER Bank has millions of customers nationwide
With millions of customers around the country, First PREMIER is one of the 20 largest issuers of Mastercard credit cards in the US. Its sister organization, PREMIER Bankcard, handles the bank’s credit card business. According to the bank’s website, their goal is to provide second chances to people with damaged credit.
“Since 1989, our primary purpose is to provide individuals with damaged credit histories an avenue to obtain credit through the use of a credit card to help them demonstrate positive financial patterns,” their website says. “Therefore, credit lines are kept low (usually around $300) so that these individuals are not put in a position to further hinder their financial progress.”
The bank helps customers that otherwise wouldn’t have access to credit
Additionally, “All of our products are priced based on the risk associated with offering the product to these individuals, many who find themselves at the lower end of the credit scale.”
Having no credit or bad credit can make it difficult to get approved for new credit, as well as impact your ability to qualify for an apartment or set up utilities. It also triggers higher interest rates on loans and many other consequences.
First PREMIER’s cards help consumers with credit troubles get access to credit. After several months to a year of responsibly using these cards, consumers should be able to qualify for more traditional credit cards. It’s best to think of these cards as stepping stones.
As a national market leader, First PREMIER Bank focuses on individuals who have less-than-perfect credit, but who are actually still creditworthy. Paying your minimum payment on time each month and keeping your balance low relative to your limit will provide your credit report with positive marks on a monthly basis.
Editorial Note: Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
The information on this page was reviewed for accuracy on .
About the Author
Ashley is the Media Relations Coordinator at CardRates, formerly our Editor in Chief. She now creates national media campaigns for the site, leveraging years of industry knowledge acquired through regular collaboration with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets.
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Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which CardRates.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CardRates.com does not include all credit card companies or all available credit card offers. See the credit card issuer's website for specific terms and conditions of each card.