That’s why some options for this public have high fees and APR rates attached, as is the case with PREMIER Bankcard Mastercard.
This is supposed to be a premium option for the poor credit scorer, but without the proper care at the moment of spending, you might fall into a debt filled with fees. That’s why we recommend caution more than ever before deciding to hold a balance.
Do you want to find out more about PREMIER Bankcard Mastercard? Keep reading to understand fees, limits and application process.
Premier Bankcard mastercard
Recommended Credit Score 300-689 (Poor-Average)How does PREMIER Bankcard Mastercard work?
Don’t worry, we’re not talking about a secured credit card that requires a security deposit here. This is an unsecured option that Premier Bankcard created targeting folks with poor credit that want a fresh start. It’s a score building credit card at heart in the sense that it reports to all three major bureaus to make sure your timely payments influence your scores.
The bank prides itself on its great customer service. Its intention is to help clients operate the credit card properly and build credit every step of the way. Which means that, by choosing PREMIER Mastercard you’ll have access to 24/7 support.
PREMIER Bankcard Mastercard general benefits
Let’s get started with PREMIER Bankcard Mastercard’s general benefits. As we stated above, this isn’t your regular credit card, it’s actually aimed at poor and bad credit consumers. This means that its main benefits won’t include cashback and rewards programs, but more of what we see in the next topics:
- Reports to the USA’s most important credit bureaus;
- One time program fee;
- Extra security thank to the Mastercard card;
- Low annual fees;
- Quick credit limit increase (after the first 12 months of use, as long as payments happen on time).
While there are fees that apply to credit card holders, it just reflects this card’s nature as a credit builder. There is also something that users must remember: there is a chance of getting better credit limits over time.
PREMIER Bankcard cons
Most credit cards have only a couple of fees to keep track of, such as the annual fee and late payment fee. PREMIER Bankcard Mastercard has a few others that users should be aware of before getting started. This is the main problem with this card: quite a number of financial obligations for the user to keep track of that could create a more costly card than necessary.
There are some other low points that we discuss in this topic in detail. If you’ve been leaning towards this credit card you should keep reading with attention.
High APR
Holding a balance with this card is pretty dangerous since there are quite high interest rates related to this credit card. The APR currently available at the PREMIER Bankcard Mastercard’s site is 36%, quite high when compared with other poor credit score choices.
When using this card for purchases you must be careful to create a statement balance that doesn’t exceed your payment limits. Holding a balance will be quite the burden and could even keep you from achieving your financial goals in the long term.
Constant fees
There are way too many fees to keep track of with PREMIER Bankcard Mastercard! While the financial company responsible for it claims that happens for the sake of transparency, for users it can become confusing. Some of the fees you might have to pay while owning the card include:
- Program fee: an amount that you must pay only once at the time of getting your credit card;
- Monthly fee: once you get your card you’ll keep an account open that creates a fee you must pay every month;
- Annual fee: this value is deducted from your limit, meaning that if you get $200 initial credit you’ll only be able to use a part of it;
- Penalty fee: you’ll have to pay $39 if you pay your credit card balance late;
- Additional user fee: do you want to allow someone else to use your card? There’s a fee for that;
- Express delivery fee: in case you lose or get your card stolen there’s a $35 cost to get a new one delivered right away.
The actual prices change according to your starting credit card limit. Someone with a $200 initial limit has to pay a $95 program fee and $50 annual fee. This credit card has a $0 monthly fee for the first six months for those with up to $500 credit limit.
Credit limit and credit limit increase
The starting credit limit for most users is $200, although it can be increased to up to $700. Everytime that a user asks for a limit increase you’ll have to pay an extra fee. This means that you must pay 25% of the limit increase to the financial company the first time you use it.
Be careful with limit increases! Sometimes they might be more expensive than you planned and mess your financial life up for a few more months.
Some things to know before you get this card
Someone who isn’t approved for other traditional credit cards might find this a good option. However, we recommend that you check all the fees that you’ll have to pay to get started through PREMIER Bankcard Mastercard’s own site. After adding it up you might be paying more than $200 just to keep a credit line active.
While the lack of a security deposit could be tempting at first, remember that it’s refundable. If you have $200 on hand to use, you can read more about secured credit cards on this website before you make your decision.
If this is indeed the credit card for you, keep a low balance and avoid late payments. With any card this is the healthier option for your credit score.
Conclusion
In conclusion, the PREMIER Bankcard Mastercard is designed for individuals with poor credit who need to rebuild their credit profile. While it offers the benefit of being unsecured and reports to major credit bureaus, it comes with significant drawbacks, including high APR and multiple fees.
Key Takeaways:
- Benefits:
- Helps rebuild credit by reporting to all major credit bureaus.
- Offers 24/7 customer support and security features of Mastercard.
- Potential for credit limit increases after 12 months with responsible use.
- Drawbacks:
- High APR (around 36%) makes carrying a balance costly.
- Numerous fees, including a one-time program fee, monthly fee, annual fee, penalty fees, and additional user fees.
- Initial credit limits are low and limit increases come with additional costs.
Recommendations:
- Evaluate Costs: Consider the total cost of fees and compare it with other credit card options, including secured credit cards, which might offer lower fees.
- Manage Responsibly: If you choose this card, keep balances low and make timely payments to avoid high interest costs and fees.
Overall, while the PREMIER Bankcard Mastercard can be a tool for credit rebuilding, it’s crucial to weigh its high costs against potential benefits and explore all available options to find the most cost-effective solution for improving your credit.
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