Is PREMIER Bankcard® a Scam?
No, PREMIER Bankcard® is not a scam. PREMIER Bankcard® is a legitimate credit-card brand associated with First PREMIER® Bank, a legitimate U.S. bank that is FDIC-insured.
If you're asking because you received a PREMIER Bankcard® offer or came across the card online and wondered whether it was legitimate, I can understand the question. But there is an important difference between a credit card that may not be a good deal for everyone and an actual scam.
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Why Do Some People Think PREMIER Bankcard Is a Scam?
I think a lot of the confusion comes from the fact that PREMIER Bankcard® is aimed at consumers who may have difficulty qualifying for other credit cards. Some of its offers have fees and interest rates that can make people take a second look.
That can certainly lead someone to ask, "Is this really legitimate?" But an expensive credit card is not automatically a scam. Whether the terms are worthwhile for you is a separate question from whether the company and card are legitimate.
Is First PREMIER Bank a Real Bank?
Yes. First PREMIER Bank is a real U.S. bank headquartered in Sioux Falls, South Dakota. It offers traditional banking products including checking, savings, money market accounts and certificates of deposit, in addition to its credit-card business. Its deposit accounts are FDIC-insured.
So if you're wondering whether PREMIER is some made-up company collecting credit-card applications, the answer is no. There is a legitimate bank behind the PREMIER name.
Is PREMIER Bankcard Legitimate?
Yes. PREMIER Bankcard® is a legitimate credit-card operation associated with First PREMIER Bank. The fact that some consumers may not like the fees or other terms does not change that.
In other words, there are really two different questions here:
- Is PREMIER Bankcard® a scam? No.
- Is PREMIER Bankcard® a good card for you? That depends on your credit situation and the other cards you may qualify for.
Is PREMIER Bankcard a Good Credit Card?
That's a different question from whether it is legitimate. If you want to look at the card from that perspective, including who may want to consider it and who may want to look at other options first, I've covered that separately in my article on whether PREMIER Bankcard® is a good credit card.
Bottom Line
PREMIER Bankcard® is not a scam. It is a legitimate credit-card brand associated with First PREMIER Bank, a real FDIC-insured bank.
You may decide that a particular PREMIER Bankcard® offer isn't right for you. That's perfectly different from saying the card is a scam. If you're considering one, look at the actual terms you're being offered and decide whether they make sense for your particular credit situation.
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