The Premier Bankcard Mastercard unsecured credit card has high fees and few benefits. The card is designed for those with bad credit to help them build or rebuild their credit scores. However, this credit card option misses the mark against its competitors in several ways.
While the unsecured Premier card features multiple high fees, the company also offers a secured credit card option that carries fewer fees and can help rebuild credit and avoid some of the fee exposure of the unsecured option.
Among the few benefits the unsecured card provides is its pre-qualification step, which allows applicants to see their approval odds before taking an unnecessary hard inquiry on their credit report. A potential credit limit increase after 12 months and a lack of a security deposit are also benefits of the unsecured Mastercard.
Pros
Pre-approval won’t affect your credit score
Unsecured and secured card options are available
No security deposit is necessary with the unsecured card
Potential credit line increase after one year
Cons
High average APR of 36%
No intro bonuses or rewards program
Multiple high fees
Premier Bankcard Mastercard Features and Benefits
The Premier Bankcard Mastercard is available in an unsecured version that doesn’t require a security deposit and a secured version that requires a $200 security deposit. Each card option features its own terms and conditions.
- APR 36%
- Secured and unsecured card options
- No security deposit needed with unsecured option
- 500+ credit score needed for unsecured option
- Secured card requires a $200 security deposit
- Secured card features a lower APR and annual fee
- $10.40 monthly fee may apply to unsecured card
- $55 to $95 program fee for unsecured card
- $50 – $125 annual fee
- Multiple terms and conditions based on creditworthiness
- Starting credit limit of $200 to $700
- Credit limit increase potential after the first year
- Pre-qualification won’t affect credit score
- Credit protection is available for a fee
- Mobile app available
- $29 additional card fee
- Free credit score access
- Credit score report access for an additional monthly fee of $3.99
- 3% foreign transaction fees
- $8 or 5% cash advance fee
- $39 late payment and returned check charge
Premier Bankcard Mastercard Editorial Rating
Trusted Company Reviews Rating Score for the Premier Bankcard Mastercard: 4.7
The unsecured Premier Bankcard credit card has an APR of 36%, charges a high annual fee, is subject to a high one-time program fee, and charges a monthly account maintenance fee, depending on the terms and conditions you receive after applying.
However, the card does have one redeeming quality. When applying for an unsecured credit card to help establish or rebuild your credit score, the last thing you need is an unnecessary hard inquiry on your credit report for a card you don’t get approved for.
The Premier Bankcard Mastercard unsecured credit card allows applicants to pre-qualify and see their approval odds before formally applying for the card, potentially avoiding this scenario.
The card offers a couple of other benefits, including the potential for a credit limit increase after 12 months and free credit score access. However, many cards with no security deposit offer these features, and it wasn’t enough to make the Premier card stand out from the crowd.
| Benefits | Potential credit limit increase after one year / Pre-qualification with no score impact / Low score approval potential / Free credit score available |
| Intro Offer | Monthly fee waived for the first year |
| APR | 36% |
| Annual Fee | $50 – $125 Depending on creditworthiness |
| Credit Score Requirements | No requirements for secured card / 500+ credit score needed for unsecured card |
About the Card
The Premier Bankcard Mastercard® is a credit card designed for those with poor credit. The card’s low approval requirements mean that applicants with credit scores as low as 500 may obtain approval for the card. The Premier Bankcard also comes in a secured credit card variety for those unable to gain approval for the unsecured option.
While both cards have higher-than-average fees, the secured card’s fees are substantially lower than those of the unsecured one. However, a minimum $200 security deposit is necessary to use the secured card.
Premier’s unsecured card has a high APR of 36% and an annual fee of between $50 and $125, depending on the consumer’s credit score and history. Additionally, approved applicants will also pay a monthly account maintenance fee of up to $10.40 based on their creditworthiness.
The only introductory offer from Premier is that the monthly fee will be waived for the first year of card membership. Outside of that, the only other benefits are a possible credit limit increase after the first year of on-time payments and a reduced annual fee after the first year.
Credit limits start at between $200 and $700, and the terms and conditions of the cardholder agreement vary depending on the credit limit amount applicants qualify for.
Premier Bankcard Fee Schedule
The Premier Bankcard Mastercard fees are numerous and costly. Additionally, the terms applicants may receive vary according to the credit limit they’re approved for. Besides being more expensive than most unsecured cards available to those with bad credit, the fee schedule can be quite confusing. The table below shows Premier’s fee schedule adapted from the one on the company’s website.
| Starting Credit Limit | Program Fee
(one-time fee upon approval) |
Annual Fee | Monthly Fee | Initial Available Credit |
| $200 | $95 | $50 first year
$45 subsequent years |
$0 first year $75.00 annually ($6.25 per month) subsequent years. | $150.00 |
| $300 | $95 | $75 first year
$45 subsequent years |
$0 first year $75.00 annually ($6.25 per month) subsequent years. | $225.00 |
| $400 | $95 | $100 first year
$45 subsequent years |
$0 first year $75.00 annually ($6.25 per month) subsequent years. | $300.00 |
| $500 | $95 | $125 first year
$49 subsequent years |
$0 first year $124.80 annually ($10.40 per month) subsequent years. | $375.00 |
| $600 | $75 | $79 first year
$49 subsequent years |
$70.20 first year $99.00 annually ($8.25 per month) subsequent years. | $515.15 |
| $700 | $55 | $79 first year
$49 subsequent years |
$96 first year $124.80 annually ($10.40 per month) subsequent years. | $613.00 |
How to Use the Card
Cardholders can use their secured or unsecured Premier Bankcard Mastercard in most places where Mastercard is accepted. However, while cardholders can typically avoid paying a high interest rate on credit cards by paying the balance in full each month, there’s no way to avoid the other high fees associated with this card.
How Do I Check My Premier Bankcard Credit Card Balance?
Cardholders can check their balance, make payments, and view their free credit score on the company’s website in their account or by using the mobile app associated with the card.
Premier Bankcard Credit Card App
The mobile app is available on Google Play and the App Store for Android and iOS devices. Premier Bankcard customers can use the app to perform the following card-related functions.
- See their payment due date
- Make payments
- See their credit card balance
- Review transactions and history
- Follow their credit profile and score progress (optional, with fee)
About Pre-Approval
Applying for the Premier Bankcard Mastercard involves a pre-qualification step. Pre-qualification or pre-approval doesn’t equate to a promise from the company that your application will be accepted and that you’ll receive final approval for the card after applying.
However, by inputting information into the company’s website, potential applicants can see their approval odds for the Premier card and some of the terms they might be approved for. The pre-qualification results are usually valid, provided the entered information is accurate and up-to-date.
Taking the pre-approval step draws only a soft inquiry on your credit report that won’t affect your credit score and won’t appear on future inquiries. After pre-qualification, you may formally apply for the card, which will draw a hard inquiry and temporarily negatively impact your score.
Premier Bankcard Mastercard Secured Card Option
The secured card option from Premier Bankcard features an APR and fee schedule that varies from the unsecured card details. The secured card requires a $ 200 security deposit and has an APR of 19.9%. An annual fee of $50, late payment or returned item fee of $39, and the same cash advance and foreign transaction fees as the unsecured option also apply.
Premier Bankcard Mastercard Reviews From Experts
Expert reviews of the Premier Bankcard Mastercard rightly rate the card under two stars across the board. Several unsecured credit cards exist for those with bad credit or those looking to establish credit for the first time. While many credit cards in this category carry high interest rates and multiple fees, The Premier Bankcard Mastercard is associated with fees higher than most of its competitors.
Premier Bankcard Mastercard Reviews From Consumers
Consumers rate the Premier Bankcard Mastercard nearly as poorly as the experts. While a small handful of cardholders credit the card with helping them to achieve a higher credit score, at Consumer Affairs, a full 99% of reviewers describe having a poor experience with the card and rate it with a single star. Other consumer review platforms report ratings of up to three stars.
Complaints about the Premier Bankcard Mastercard complaints typically revolve around a few common themes. Costly fees being the most significant complaint mention the unusually high APR, even for credit cards in this category. Other fees that can total more than 50% of the available credit limit each year also make the list of complaints.
Reviews from multiple customers cite the lack of rewards, billing and collections issues, and disputes over charges as their reason for dissatisfaction with the card.
Is the Premier Bankcard Mastercard Worth It?
The Premier Bankcard Mastercard is not likely worth it for most consumers, even with poor credit or lack of credit history. While the high APR of 36% is manageable by paying the full balance each month, the card’s other high fees are unavoidable.
With so many other credit card options for those with poor credit, better card choices are available—The best credit cards without a security deposit feature lower fees, lower APRs, and the potential for higher starting credit limits.
Premier Bankcard Mastercard Vs. Its Competition
Most credit cards designed to assist consumers with boosting their credit scores and providing a history have extra associated fees. While most of these cards won’t make it onto lists of the best credit cards for gas and groceries or the best balance transfer credit cards, many feature reasonable fees and interest rates.
High-risk credit card issuers typically offset their risk by charging extra fees, including a high APR, an annual fee, a monthly fee, a startup fee, or others. While many institutions charge one or a couple of these types of fees, Premier Bankcard Mastercard charges all of them. Because of this fact, the card doesn’t stack up well against its competition.
Premier Credit Card Comparisons
| Premier Bankcard Mastercard | Mission Lane | Petal 1 | Arro | |
| Rewards | None | None | 2% to 10% cash back | None |
| Intro Offer | Monthly fee is waived for the first year. | None | None | Monthly membership fee is reduced to $1 for the first 12 months. |
| APR | 36% | 19.99% – 29.99%
(Variable) |
25.24% – 35.74%
(Variable) |
16% starting |
| Annual Fee | $50 – $125 | $0 – $59 | $0 | $12 during the first year, $36 during subsequent years |
| Credit Score Requirements | 500 or higher | None | None | None |
Other Credit Options
Multiple ways exist to help boost credit scores or help rebuild credit. Some options, although not free of fees, can sometimes offer a less costly solution. Options among the best debt consolidation companies and the best personal loan companies are a couple of those avenues that may be worth considering. Several excellent budgeting apps can also help manage credit accounts for more effective budgeting and planning.
Check out recent reviews on credit cards and personal loans:
- Amex Blue Cash Preferred
- Citi Custom Cash Card
- Top Rated – Chase Freedom Unlimited
- Check top-rated personal loans for free at Credible
Consider Top-Rated Personal Loans for Fair Credit
| Lender | Fixed (APR) | Loan Amounts |
Minimum Credit Score
|
| Upstart Personal Loan | 6.40% to 35.99% | $1,000 to $50,000 | 620 |
| LightStream Personal Loan | 7.49% to 25.49% | $5,000 to $100,000 | 700 |
| Discover Personal Loan | 7.99% to 24.99% | $2,500 to $40,000 | 660 |
| PenFed Credit Union Loan | 8.49% to 17.99% | $600 to $50,000 | 700 |
| Upgrade Personal Loan | 8.49% to $35.99% | $1,000 to $50,000 | 600 |
| Sofi Personal Loan | 8.99% to 25.81% | $50,000 to $100,000 |
Does Not Disclose
|
| Best Egg Personal Loan | 8.99% to 35.99% | $20,000 to $50,000 | 600 |
| LendingClub Personal Loan | 9.57% to 35.99% | $1,000 to $40,000 | 660 |
| Avant Personal Loan | 9.95% to 35.99% | $20,000 to $35,000 | 550 |
| Universal Credit Personal Loan | 11.69% to 35.99% | $1,000 to $50,000 | 560 |
| OneMain Financial Personal Loan | 18% to 35.99% | $1,500 to $20,000 |
Does Not Disclose
|
| Zable Personal Loans | 8% to 30% | $1,000 to $25,000 | 600 |
| Happy Money Debt Consolidation Loan | 11.72% to 24.67% | $3,000 to $40,000 | 640 |
Source: TrustedCompanyReviews.com, Top-Rated Personal Loans Review
Frequently Asked Questions
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Source
Image Sources: mypremiercreditcard.com – consumeraffairs.com
Deane Biermeier
