Now that you understand how the PREMIER Bankcard® works as a credit-building tool, it is crucial to review the costs and conditions. Because this card serves high-risk borrowers, it comes with a specific fee structure that you must understand before applying.
Details and Conditions of the PREMIER Bankcard®:
- Credit Limits: Initial credit limits are typically modest (e.g., $300 to $700) to help you manage your spending responsibly.
- APR (Annual Percentage Rate): The APR for purchases and cash advances is generally higher than standard prime cards (often around 36%). It is important to pay your balance in full if possible to avoid interest charges.
- Fee Structure: This card typically carries costs to open and maintain the account. Depending on your specific offer, you may encounter:
- Program Fee: A one-time fee to open the account.
- Annual Fee: A yearly charge for having the card.
- Monthly Servicing Fee: A monthly fee that may apply after the first year or immediately, depending on the credit limit assigned.
- Credit Reporting: PREMIER Bankcard reports your payment behavior to the major consumer reporting agencies. Consistent on-time payments are key to improving your credit profile.
- Checking Account: You generally need a valid bank account to pay your bill and fund the initial fees.
Requirements for Application: To apply for a PREMIER Bankcard®, you typically need to:
- Be at least 18 years old.
- Be a resident of the United States.
- Have a valid Social Security Number.
- Have a valid checking account.
How to Apply for the PREMIER Bankcard®: The process is designed to be quick and straightforward:
- Visit the Official Site: Go to the PREMIER Bankcard application page.
- Enter Personal Info: Provide your name, address, SSN, and income details.
- Select Your Offer: Based on your information, you may be presented with different card options and fee structures. Read the terms carefully.
- Pay the Program Fee: If your offer requires a program fee to open the account, you will need to pay this (often via your checking account) before the full credit limit is available.
- Receive Your Card: Once approved and fees are processed, your card will be mailed to you (usually within 7-10 business days).
Customer Service: First PREMIER Bank has received awards for its customer service, dedicated to helping customers navigate the credit building journey.
Conclusion: The PREMIER Bankcard® is a serious tool for a serious goal: fixing your credit. While the fees are higher than standard cards, the value lies in the access it provides to the credit system. If used responsibly—keeping balances low and paying on time—it can be an effective stepping stone to better financial products in the future.
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