Premier Credit Card Review

The PREMIER Bankcard^® can be an option for people with bad credit who are trying to rebuild their credit, but its fees and customer reviews deserve careful consideration before you apply. The card is designed for consumers who may have difficulty qualifying for traditional credit cards, and PREMIER reports account activity to the major consumer reporting agencies. However, the cost of having the card can be significant, and customer complaints frequently involve fees, billing, payment processing and customer service.

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What Is the Premier Credit Card?

The PREMIER Bankcard^® is an unsecured Mastercard designed primarily for people with poor or fair credit who are looking for an opportunity to establish or rebuild their credit history. Unlike a secured credit card, it does not require a refundable security deposit to establish the credit line.

PREMIER reports card activity monthly to the consumer reporting agencies. That can make the card useful as a credit-building tool when the account is managed responsibly, particularly for someone who cannot qualify for less expensive credit cards.

The card does have an important tradeoff: you can pay substantial fees for a relatively small credit line. That is one of the biggest issues to understand before applying.

What Are the Fees for a Premier Credit Card?

The fees depend on the specific PREMIER offer you receive. Some offers can include an annual fee, a monthly maintenance or service fee, and other account-related charges. Because the terms can vary, you should review the actual fee schedule associated with your offer before accepting it.

This is particularly important with a credit card for bad credit because fees reduce the amount of available credit you actually have to use. For example, if fees are charged against a relatively small starting credit limit, your available credit can be considerably lower than the advertised credit limit.

What Is the Credit Limit on a Premier Credit Card?

The credit limit depends on the specific offer and your credit profile. PREMIER Bankcard offers credit limits intended for consumers who are building or rebuilding credit rather than people looking for a large amount of available credit.

PREMIER also states that cardholders may become eligible for a credit limit increase after 12 months of consistent responsible account management. Any increase is subject to the terms of the account.

Premier Credit Card Reviews: What Are Customers Saying?

Customer opinions are mixed, but the major review sites contain a substantial number of negative reviews. The complaints tend to concentrate on a relatively small number of recurring subjects rather than simply the fact that the card is intended for people with bad credit.

ConsumerAffairs currently lists more than 1,000 reviews of PREMIER Bankcard^®. The most common negative themes include high fees, billing problems and dissatisfaction with customer service. At the same time, some customers say the card helped them establish or rebuild credit when other cards were not available to them.

That distinction is important. A card can be useful to somebody with limited credit options while still being an expensive product. The fact that a customer was able to obtain the card and build credit does not necessarily mean the card was inexpensive or easy to manage.

Premier Credit Card Complaints at the BBB

The Better Business Bureau's complaint database provides another way to see what customers are reporting. The BBB currently lists 494 complaints against PREMIER Bankcard^® during the previous three years, with 470 categorized as billing issues. The BBB also lists 71 customer reviews with an average rating of 1.11 out of 5.

Billing complaints include disputes involving payments, fees, account balances and credit reporting. Some complaints are answered by PREMIER and some are marked as resolved, while others remain disputed by the customer. A BBB complaint is a customer's account of a problem, however, and should not automatically be treated as proof that the company's conduct was improper.

What Do Premier Credit Card Reviews on WalletHub Say?

WalletHub has a much larger pool of customer reviews. Its First PREMIER Bank profile currently contains more than 6,500 reviews from WalletHub and other sources. The reviews include both positive and negative experiences.

Some customers specifically say PREMIER gave them a second chance to rebuild their credit. Other reviewers complain about fees, slow payment posting, account restrictions and customer service. One recent verified customer described the card as useful for rebuilding credit but said there were too many fees, including a limit-increase fee, monthly service fee and annual fee.

That mixture of reviews is consistent with what you would expect from a credit card aimed at consumers who may have fewer alternatives. Some cardholders value the ability to obtain credit and establish a payment history, while others decide that the cost and account experience are not worthwhile.

What Do Premier Credit Card Reviews on Trustpilot Say?

Trustpilot currently has a much smaller sample of 32 reviews for firstpremier.com, and the ratings are overwhelmingly negative. Ninety-one percent of the reviews are one-star reviews, although the small sample size means it should not be treated as representative of every PREMIER customer. Trustpilot itself notes that the company has not invited customers to submit reviews.

The recent reviews commonly mention fees, low credit limits, payment processing and customer service. There are also reviews from people who say they had the card for years while rebuilding credit but ultimately decided to move to another card after their credit improved.

Why Do Some People Still Get a Premier Credit Card?

The answer is fairly simple: credit options can be limited when your credit is poor. Someone who cannot qualify for an unsecured card from a mainstream issuer may consider a PREMIER card because it can provide an opportunity to establish a revolving credit account without putting down a security deposit.

If the account is paid on time and managed responsibly, the monthly reporting can help establish a positive payment history. For somebody who has few other choices, that can have value.

The question is whether that value justifies the fees associated with the particular offer. Someone with improving credit should continue looking for less expensive alternatives rather than assuming a PREMIER card has to be a long-term account.

Are There Better Credit Cards for Bad Credit?

There can be. The right alternative depends on your credit profile, where you live and which offers you actually qualify for.

For example, the Ollo Everyday Rewards Mastercard is one alternative worth looking at if you qualify. It is designed for consumers ranging from bad to fair to good credit and offers 3% cash back at gas and EV charging stations, grocery stores and drugstores, plus 1% on other purchases. It also has no annual fee under its current offer.

Another option is the BrightWay Mastercard, which can provide cash-back rewards and does not require a security deposit. Availability and terms can vary, however, so it is important to check whether the card is currently available in your state and whether you qualify.

These alternatives illustrate why it makes sense to compare cards before accepting a PREMIER offer. A card that was difficult to qualify for in the past may not be the only option available once your credit profile has improved.

Should You Apply for a Premier Credit Card?

It depends on your credit situation and the specific offer you receive. If you have poor credit and cannot qualify for less expensive unsecured cards, a PREMIER card may provide access to revolving credit and monthly credit reporting. However, you should look carefully at the fees because the cost can be significant relative to a modest credit limit.

If you already qualify for cards with lower fees, better rewards or fewer account charges, there may be little reason to choose a more expensive credit-building card.

If your options are limited and you have already been turned down by other issuers because of your credit history, you can start by checking whether you pre-qualify for a PREMIER Bankcard^®. PREMIER's pre-qualification process lets you see whether an offer is available before submitting a full application, and checking for an offer does not impact your credit score.

➤ See if you pre-qualify for a PREMIER Bankcard

Before applying, compare the actual PREMIER offer with other cards available to you. Pay particular attention to the annual fee, monthly fees, credit limit, interest rate and any fees associated with increasing the credit limit.

Premier Credit Card Review: Bottom Line

The PREMIER credit card fills a specific part of the credit-card market. It is aimed at consumers with poor or fair credit who may have difficulty qualifying elsewhere, and it can provide an opportunity to establish or rebuild a credit history.

But this is not a card that should be judged solely by whether it can help build credit. The cost of obtaining and maintaining the account matters too. Current customer reviews across ConsumerAffairs, the BBB, WalletHub and Trustpilot show recurring complaints about fees, billing, payment processing and customer service, although some customers also report that PREMIER helped them rebuild credit.

If you are considering a PREMIER card because your credit is poor, compare the actual offer you receive with other cards you may qualify for. A credit card can serve its purpose as a credit-building tool without necessarily being the best long-term card for you once other options become available.