Is PREMIER Bankcard a Good Credit Card?

Whether PREMIER Bankcard^® is a good credit card for you really depends on your credit and what other cards you can qualify for. If your credit is poor and you've already been turned down for other unsecured credit cards, I can see why you might consider PREMIER. It can give you access to a revolving credit account and an opportunity to build or rebuild your credit. But if your credit has improved and you can qualify for cards with lower fees, I'd look at those options before choosing PREMIER. In other words, if friends asked me whether PREMIER Bankcard^® was a good card, I wouldn't give them a simple yes or no. I'd ask, "How's your credit, and what other cards have you tried to get?"

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So, Is PREMIER Bankcard a Good Credit Card?

If you've got poor credit and other unsecured cards aren't available to you, I think PREMIER Bankcard^® can be a reasonable option. I'm not saying that because the card has particularly attractive fees—it doesn't. I'm saying it because having access to a credit card that reports your account activity can be useful when you're trying to rebuild your credit and don't have many alternatives.

But I'd look at this differently if your credit is better.

If you've moved into fair credit or better and you're able to qualify for cards with lower fees, I'd encourage you to shop around. There's no reason to pay more for a credit card simply because you haven't checked to see what else you might qualify for.

That's really the way I'd explain PREMIER to a friend. Your credit situation matters more than whether somebody simply labels the card "good" or "bad."

What Does the PREMIER Bankcard Offer?

The PREMIER Bankcard^® unsecured credit card is designed primarily for people who are trying to build or rebuild their credit. PREMIER currently lists an initial credit limit of up to $700, although the actual limit is based on creditworthiness.

And then we get to the part that I think you really need to understand before applying: the fees.

PREMIER currently lists a $55 to $95 program fee, a $50 to $125 annual fee and, depending on the specific offer, a monthly fee that may be charged after the first year. For the offer discussed here, the monthly fee is $0 for the first year and $8.25 per month thereafter, which works out to $99 per year. The purchase APR is currently 36%.

Those aren't small costs, particularly when you're starting with a relatively modest credit limit. That's why I wouldn't tell somebody to get this card without first considering what other options might be available to them.

I'd Look at Your Credit Before Applying

If you came to me and asked, "Should I get the PREMIER Bankcard?" the first thing I'd ask is how your credit looks right now.

If you've got poor credit, have had some problems with your credit history and have been turned down for other unsecured cards, then PREMIER may be worth considering. You may not have a lot of choices.

On the other hand, if your credit has improved substantially since the last time you applied for a credit card, don't automatically assume that PREMIER is still your only option.

I'd check what else you can qualify for first. A card with fewer fees can make a big difference when you're trying to rebuild your finances.

You Can Check to See If You Pre-Qualify

If you're interested in the PREMIER Bankcard^®, there's no reason to immediately jump into a full application just to find out whether you might qualify. PREMIER offers a prequalification process that it says won't impact your credit score.

That's something I'd take advantage of if I were considering the card. You can find out whether PREMIER has an offer available to you before deciding whether you actually want to accept it.

➤ See if you pre-qualify for a PREMIER Bankcard^®

If you do prequalify, take a minute to look at the actual terms you're being offered. Don't just look at the credit limit. Look at the program fee, annual fee and any monthly fee associated with your particular offer.

What I Like About PREMIER Bankcard

The biggest thing I like about the card is that it is aimed at people who may have difficulty getting a traditional unsecured credit card elsewhere.

PREMIER also reports account information monthly to the consumer reporting agencies, so responsible use of the account can give you an opportunity to establish a positive payment history.

And PREMIER says there is an opportunity for credit-limit increases over time with good account performance. That's important because you don't necessarily want to remain at a small starting credit limit forever.

But remember: the card is a tool for rebuilding credit, not a reward card. I wouldn't choose it because I thought I was getting a great deal on fees or because I expected valuable rewards. That's not really what this card is about.

What I Don't Like About PREMIER Bankcard

The fees are the obvious issue.

When you're dealing with a credit card that may start with a relatively small credit limit, fees can consume a meaningful portion of the available credit or make the cost of keeping the account substantially higher than what you'd pay with a mainstream card.

That's why I would be especially careful if your credit has improved enough to give you other choices.

If you can qualify for a less expensive card, I'd rather see you get the less expensive card. There's no benefit to paying PREMIER's fees if you don't have to.

What If Your Credit Is Better Now?

This is where I would tell you to slow down before applying.

If you originally found PREMIER because you have bad credit, but your credit has improved since then, you may have more choices than you realize.

For example, you can take a look at my Ollo Everyday Rewards Mastercard review if you're now somewhere around the bad, fair, and good credit range. I also have a OneMain BrightWay review if you want to see what that card offers. Just keep in mind that BrightWay isn't available in every state, so you'll want to check the details before applying.

I'm not telling you that either card is automatically right for you. I'm simply saying that once your credit improves, it's worth looking beyond the card you might have considered when your credit was at its worst.

My Bottom Line on PREMIER Bankcard

If you asked me personally whether PREMIER Bankcard^® is a good credit card, I'd say: it can be a useful card for the right person, but I wouldn't recommend it to everyone.

If your credit is poor, you've been turned down elsewhere and you need an unsecured credit card that can help you establish or rebuild your credit, PREMIER may be worth considering. The fact that you can check to see if you prequalify without affecting your credit score gives you a way to see what offer you might receive before making a decision.

But if your credit is better and you have a reasonable chance of qualifying for a card with lower fees, I'd look at those options first.

That's the advice I'd give a friend. Don't take a card simply because you're approved for it. Look at what it costs, look at what you qualify for, and choose the option that makes the most sense for your current credit situation.