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First PREMIER Bank MasterCard Review

Top Features

Cashback on Gas
Cashback on groceries
Cashback on other
Annual Fee
$75 - $120

Full Review

Amber Stubbs Managing Editor
As one of the most controversial credit cards on the market, the First Premier Bank Classic MasterCard offers a straightforward proposal for consumers on rocky financial paths. Qualify for this card, pay some significant fees, and get a small line of credit from a lender that furnishes data to all three major credit reporting agencies. It's an expensive trade that only makes sense for a very small percentage of Americans.

Heavy fees, small credit lines
This card charges an upfront processing fee, something that very few credit card issuers do. In this card's terms and conditions statement, First Premier explains that the fee helps offset the significant risk attached to issuing credit cards for poor credit. Although the bank once allowed new cardholders to bill this fee to their accounts, federal rules now prohibit the practice. Therefore, you'll need to pay the fee before you even receive your new card.
Many other lenders waive their credit cards' annual fees during the first year. This card actually does the reverse: the first year's fee is nearly double the annual fee you'll pay in future years. Although the card carries no rewards or rebates, the annual fee falls into the same range usually applied to cash back cards or rewards cards. In addition, a maintenance fee that costs more than a few fancy lattes lands on your tab every month. A very high APR will make you think twice about letting a balance linger beyond your grace period.

Break glass in case of emergency
This card is best only for consumers who need to start rebuilding credit after breaking off relationships with other major lenders. Seeing the value in a card like this requires understanding how companies consider information on your credit report when extending personal loans, underwriting insurance policies, or even evaluating an employment application. This account works like a defibrillator on the stalled heart of your credit history, giving you at least one credit reference you can point to when talking to prospective lenders or employers.
Our credit history counts for more than ever before, and First Premier offers consumers with very poor credit profiles the opportunity to rebuild -- at a price. Credit utilization, on-time payments, and length of credit relationships all play important roles in calculating your credit score. If you intend to use this account to boost your credit score with this account, plan on using it sparingly and paying your balance in full every month. After you have successfully rehabilitated your FICO score with a secured card, you even get your deposit back. Recognize that you'll also have to stick with this card for at least a few years, since closing your account can cause the kind of credit score drop you're trying to avoid.

How the First Premier Bank Classic MasterCard compares to other credit cards for poor credit
It's hard to find a major credit card that gets worse rankings from reviewers and consumer agencies than this card. First Premier makes an easy target because it actually operates within all federal and state guidelines for credit card issuers, while taking them to extremes. However, we've seen far worse offers from upstart banks, usually marketing predatory lending products by mail to consumers who recently experienced bankruptcy, foreclosure, or repossession.
Fortunately, many retail banks and credit unions provide secured credit cards that can help you rebuild your credit profile with far fewer costs. At national banks like Wells Fargo and Bank of America, your total security deposit and first year's account fees only cost a little more than First Premier's nonrefundable service charges. Capital One uses its own database to determine whether you can qualify for a partially secured credit card, also at a much lower cost than First Premier.

This card compared to other cash back cards

Cashback on Gas
2% at U.S. gas stations
Cashback on Groceries
3% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%)
Cashback on other
Earn 10% cash back on purchases at U.S. Restaurants in the first 6 months, up to $200 back. 1% other purchases. Terms and limitations apply.
5% cash back in rotating categories each quarter like gas stations, restaurants, Amazon.com, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, unlimited 1% cash back on all other purchases.
Purchase Intro
0% on Purchases
for the first 12 months
14 months
Purchase APR
36% Fixed 
13.74%-23.74% Variable 
11.49% - 23.49% Variable 
Rates and Fees
This card is best for consumers with a bad credit history who would like the convenience of a credit card.

Should you switch to the First Premier Bank Classic MasterCard?
No, but we can't make that decision for you. First Premier Bank discloses every fee, service charge, finance charge, and discretionary cost related to this card. They make no attempt to hide what this card costs. As Curtis Arnold pointed out in a 2010 commentary, it's ultimately up to you to decide whether it's worth spending money on fees in exchange for a pristine trade line on your credit report.
CardRatings.com Editorial Staff

First PREMIER Bank MasterCard details

Balance Transfer Intro APR:
Balance Transfer Intro Period:
Purchase Intro:
Purchase APR:
36% Fixed
Annual Fee:
$75 - $120
see more  

Credit Card Rate Information:

  Balance Transfer
  Cash Advance
  36% Fixed
 36% Fixed
APR Floor:
Intro Rate:
Intro Period:

Finance Calculation Method:
 Average Daily Balance
Default/Penalty APR:
Default/Penalty Margin:
Default/Penalty APR Floor:
Penalty/Default Trigger:

Credit Card Fee Information:

Annual Fee:
 $75 - $120
Foreign Transaction Fee:
Late Fee:
Over-the-limit Fee:
Balance Transfer Fee:


Rebate Description:
Special Notes:
 Processing Fee: $95.00 (one-time fee). Annual Fee: $75.00 for first year, after that, $45.00 annually. Monthly Servicing Fee: None for first year (introductory), after that, $75.00 annually ($6.25 per month). Note: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will be only about $225.00. This card is designed for those with less than perfect credit. Your account history reports to the major Consumer Reporting Agencies.
Credit Card More Information:

Card Issued By:
 First PREMIER Bank
General Correspondence Address:
900 W Delaware
Sioux Falls, SD 57117
Card Type:
Card Class:
Card Category:
States Available In:
Minimum Credit Limit:
 $300 min.
Maximum Credit Limit:
Credit Limit Notes:

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Apply online for Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

  • Limited Time Offer: Apply by 5/3/17 - Earn 10% cash back on purchases at U.S. Restaurants in the first 6 months, up to $200 back.
  • Plus, earn $100 back after you spend $1,000 in purchases on your new Card within the first 3 months.
  • Everyday Cash Back: 3% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%); 2% at U.S. gas stations; 1% on other purchases. Terms and limitations apply.
  • No rotating reward categories. No enrollment required.
  • Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. You can only earn cash back on eligible purchases.
  • No annual fee. Plus, 0% intro APR on purchases and balance transfers for 12 months, then a variable rate, currently 13.74% to 23.74%, based on your creditworthiness and other factors.
  • Terms Apply.
Terms and Limitations Apply
Credit Needed:
Excellent, Good
Apply online for Discover it® - Cashback Match™

Discover it® - Cashback Match™

  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
  • Earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, unlimited 1% cash back on all other purchases.
  • Redeem your cash back for any amount, any time. Cash rewards never expire.
  • 100% U.S. based customer service.
  • Get your FICO(R) Credit Score for free on monthly statements and online.
  • No annual fee.
  • Click "APPLY NOW" to see rates, rewards, FICO(R) Credit Score terms, Cashback Match(TM) details & other information.
Credit Needed: