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- High interest rate: The PREMIER Bankcard credit card has one of the highest interest rates around (see Provider Website for full Terms & Conditions).
- High set-up fee: See Provider’s full Terms & Conditions.
- High annual fee: See Provider’s full Terms & Conditions.
- Monthly fee: There may be a monthly fee that the PREMIER Bankcard Mastercard® imposes after the first year which varies based on credit worthiness (see Provider Website for full Terms & Conditions).
- High credit limit increase fee: Upon approval, your credit limit will range. You can be considered for a credit limit increase once your account has been open for 12 months (see Provider Website for full Terms & Conditions). If you demonstrate responsible payment behavior and card use, most credit card issuers will increase your spending limit for free.
- No cash back rewards: While not unusual for a credit card for poor credit, it’s still a bummer that the PREMIER Bankcard credit card doesn’t offer any cash back rewards.
PREMIER Bankcard® Mastercard® Credit Card
- PREMIER Bankcard credit cards are for building credit.
- Start building credit by keeping your balance low and paying all your bills on time each month.
- When you need assistance our award-winning US-based Customer Service agents are there to help.
- Credit Limit Increase Eligible after 12 months of consistent responsible account management.
- We report monthly to the Consumer Reporting Agencies to help you build your credit.
Who Is This Card Right For?
This card should be considered only by those who have poor credit, don’t qualify for other unsecured credit cards and are unwilling to open a secured credit card account. Unfortunately, the cons outweigh the pros with this card, and it seems to do more harm than good for cardholders with poor credit. Instead of helping them move toward a better score, it saddles them with unnecessary fees and increases the risk of a missed payment of other error.
>>Expert Tip: Want a better credit card? Build good credit in the long term by paying all of your bills on time, keeping your debt levels low and adding a mix of credit accounts. Learn more.
However, if this is the only card you can get approved for, you can likely open up more options after a year of making payments on time and working on your overall credit profile. At that point, you can switch cards and get rid of the monthly fees that happen in the second year.
Alternatives to the PREMIER Bankcard Mastercard
The PREMIER Bankcard Mastercard is not for everyone. If you need a different card for poor credit, consider one of these options.
>>See even more options: Review our expert guide to Credit Cards for Bad Credit
OpenSky Secured Visa Credit Card
OpenSky® Secured Visa® Credit Card
- New feature! Earn up to 10% cash back on purchases made with your OpenSky Secured Visa Credit Card at 40,000+ retailers. Visit OpenSky Rewards in the OpenSky app for participating retailers. See Rewards Terms and Conditions for more information.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments. Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
The OpenSky Secured Visa is a great alternative for individuals hoping to build or rebuild their credit. This card is secured by a fully refundable security deposit for as low as $200 and up to $3,000. And they won’t pull your credit when you apply, so you don’t have to worry about a negative impact to your credit score.
Milestone Mastercard® – $700 Credit Limit
If you have poor to bad credit, the Milestone Mastercard® – $700 Credit Limit might be a better option. It has an easy application process that won’t hurt your credit score. That’s a big difference from your typical credit card, which requires a hard pull. It does have a high ongoing APR at 24.90%, plus an annual fee ranging from $35 – $99.
Milestone Mastercard® - $700 Credit Limit
- Greater access to credit than before - $700 credit limit
- No security deposit required, even with less than perfect credit
- Applying is quick and easy with our fast decision process
- Get a Mastercard accepted online, in store and in app
- Account history is reported to the three major credit bureaus in the U.S
- Responsible use can begin your financial future on the right track
- Get the flexibility of an unsecured Mastercard, even with less than perfect credit
The Credit Card for Your Needs
If you want a better credit card, the best plan of action is to build good credit by paying all your bills on time, keeping your debt levels low and adding a mix of credit accounts as you—and your wallet—can handle it.
At publishing time, the Credit One Bank Unsecured Platinum Visa and Indigo Platinum Mastercard credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
