The Ultimate Guide to Credit Cards
Wednesday, June 29, 2022
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2022's Best PREMIER Bankcard® Credit Cards

Below are our ratings of 2022's top PREMIER Bankcard® credit cards. As a leading subprime issuer, the bank tailors its card offerings to those with a less-than-perfect credit history.

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Written by: Eric Bank

Eric Bank

Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. In addition to his work on CardRates.com, Eric has appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian brings more than 30 years of editing and journalism experience. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct instructor at the University of Florida. Today, she edits all CardRates content for clarity, accuracy, and reader engagement.

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Advertiser Disclosure

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8 FAQs About PREMIER Bankcard® Credit Cards

Eric Bank
By: Eric Bank
Finance Expert
Updated:
8 FAQs About PREMIER Bankcard® Credit Cards
Issuer Guide: PREMIER Bankcard®

PREMIER Bankcard® credit cards are for consumers with bad, limited, or no credit. These cards can help you establish your credit history, build credit, or rebuild your credit when used responsibly.

You may be able to graduate to a card for fair credit before too long.

1. Who Is PREMIER Bankcard®?

PREMIER Bankcard® offers credit cards designed for consumers with less-than-perfect credit histories. PREMIER Bankcard® is a four-time recipient of Mastercard’s coveted Performance Excellence Award and has served millions of customers across the nation.

PREMIER Bankcard Logo

Their cards help you transition to better financial habits by letting you track your FICO credit score online. If you pay your bills on time and stay within your credit limits, you’ll benefit from positive reports to the three major consumer reporting agencies.

You can use the opportunity to enhance your credit profile so you can graduate to a card for fair credit or better.

2. How Do PREMIER Bankcard® Credit Cards Work?

PREMIER Bankcard® has two credit cards. The PREMIER Bankcard® Mastercard® Credit Card is unsecured, meaning you can get it without posting collateral. The PREMIER Bankcard® Secured Credit Card is best for people who are new to credit and has different terms and conditions. Both operate as regular credit cards that you can use to purchase items at stores, over the phone, online, and in-app.

The cards provide a generous grace period following the close of each billing cycle. You don’t accrue interest on purchases if you pay for them in full during the grace period.First PREMIER Grace Period

If you prefer, you can carry an outstanding balance to the next billing cycle by paying less than the amount due, as long as it satisfies the minimum payment requirement. Once you begin carrying a balance, the grace period is suspended until you repay the entire balance.

You can use a PREMIER Bankcard® credit card for purchases up to your assigned credit limit. You can also take a cash advance of up to 50% of your available credit limit, as long as your total doesn’t exceed the overall credit limit.

The PREMIER Bankcard® Mastercard® Credit Card configures setup, annual, and monthly fee schedule according to your credit limit, which can range from $300 to $700.

In contrast, the PREMIER Bankcard® Secured Credit Card has a flat annual fee and no setup or monthly maintenance fees. Both cards have the typical charges, including a cash advance fee, foreign transaction fee, late payment fee, and a charge for returned payments.

However, the secured card generally has lower fees than its unsecured siblings.

3. Can I Get a PREMIER Bankcard® Credit Card With Poor Credit?

PREMIER Bankcard® Credit Cards are for consumers with no, limited, or poor credit. Your credit history is not the sole, or even the chief, determinant of your eligibility for one of these cards. Instead, PREMIER Bankcard® uses a variety of criteria to evaluate applicants, including:

  • You must be a legal resident of the United States. Residents of New York and Wisconsin are not eligible for these credit cards.
  • You must have a valid Social Security number.
  • You must be 18 years or older.
  • You earn a minimum gross annual income of $10,000, with enough income or assets to pay your obligations.
  • You cannot already own a PREMIER Bankcard® credit card.
  • You do not have a charged-off PREMIER Bankcard® credit card account or a bankruptcy within the last 36 months.
  • You cannot be on active military duty.
  • The bank must be able to verify your identity.

If you meet these criteria, your acceptance chances are good.

4. Are PREMIER Bankcard® Cards Good Credit Cards?

The PREMIER Bankcard® Mastercard® Credit Card features a high interest rate and stout fees. The cards have been criticized for being expensive and offering low credit limits. However, they provide subprime consumers a path to credit card ownership that may otherwise be unavailable.

The PREMIER Bankcard® Secured Credit Card is more conventional than its unsecured sibling. We think it’s also the best credit card in the bunch. Its lower fees and interest rate are reasonable, and you may qualify for an unsecured PREMIER Bankcard® credit card through timely payments.

5. What Kind of Benefits Do PREMIER Bankcard® Credit Cards Offer?

The most significant benefit that PREMIER Bankcard® credit cards offer is a willingness to accept applicants with poor, limited, or no credit. Although the cards do not offer rewards or a statement credit, they consider credit limit increases after 13 months of on-time payments.

The cards provide support through domestic customer service agents, 24/7 online account access, and mobile app. In addition, you get all the benefits of a genuine Mastercard, including worldwide acceptance and credit protection.

The cards report your activity to the major consumer reporting agencies. This reporting allows you to raise your credit score by paying at least the minimum required amounts when due and maintaining low outstanding balances.

You also get free access to your FICO credit score, automatic payment reminders, paperless statements, and alerts for purchase limits, and PIN changes, among others. Applicants can choose one of several available card designs at no extra cost.

None of the PREMIER Bankcard® credit cards offer balance transfer transactions. A balance transfer program allows you to consolidate your credit card debt into a single account.

6. Which PREMIER Bankcard® Credit Card Is the Easiest to Get?

The PREMIER Bankcard® Secured Credit Card is the easiest to acquire, but you must be able to post at least $200 in refundable collateral. The card is also the most efficient because it doesn’t charge setup or maintenance fees, leaving you more money to buy things rather than pay fees.

PREMIER Bankcard® Secured Credit Card Review

If you can’t qualify for any credit cards from PREMIER Bankcard®, you may want to consider getting a prepaid debit card. You can get a prepaid debit card without a credit check.

7. How Can I Increase My PREMIER Bankcard® Credit Limit?

If you maintain your account in good standing for 13 months, you may be eligible for a credit limit increase. The criteria to obtain a higher limit include on-time payments and not exceeding your credit limit.

These actions will help you build credit if you are new to credit. The card also assists subprime consumers who are interested in rebuilding credit. Indeed, building credit is one of the predominant reasons to own a PREMIER Bankcard® credit card.

There is a charge for a credit limit increase fee on its unsecured credit card.

8. Does PREMIER Bankcard® Give Instant Approval?

Though not “instant”, applications will certainly receive a quick and timely response. It can take less than 60 seconds to provide a response when you apply for one of its cards. If you receive approval for an unsecured credit card, you must pay the one-time program fee before this credit card company opens the account. The annual and maintenance monthly fee will appear as bills on your statements.

To open the PREMIER Bankcard® Secured Credit Card, you must first send in the security deposit of $200. Your initial available credit limit will be the amount of your security deposit minus the card’s annual fee. You restore your full credit line by paying the annual fee, which will appear on your first statement.

Editorial Note: Our site content is not provided or commissioned by any credit card issuer(s). Opinions expressed on CardRates.com are the author's alone, not those of any credit card issuer, and have not been reviewed, approved, or otherwise endorsed by credit card issuers. Every reasonable effort has been made to maintain accurate information; however, all credit card offer details, including information about rewards, signup bonuses, introductory offers, and other terms and conditions, is presented without warranty. Clicking on any offer on CardRates.com will direct you to the issuer's website, where you can review the current terms and conditions of the offer.

The information on this page was reviewed for accuracy on .

About the Author

Eric Bank Eric Bank Finance Expert

Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. In addition to his work on CardRates.com, Eric has appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University.

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.