12/30/2023 0 Comments Mflare 1.5 premiere proWith First Premier ® your initial deposit can be as low as $200.00, but you can deposit up to $5,000 to increase your credit limit. Your initial security deposit will determine your credit limit and affect your credit profile. Once your credit improves you will probably want to close the account and apply for a credit card with better features and lower fees. However, remember that you will pay a fee of 25% of the amount of the increase you receive.įor Example: If you get approved for a $250 credit limit increase, a charge of $62.50 will deduct from your available balance.Ī credit limit increase can help you build credit by keeping your credit utilization down, but this is a steep price to pay for a higher credit limit.įirst Premier does not offer the option to upgrade to an unsecured card. This means it is possible to get an increase without depositing more money after the first year. The decision on if you will get an increase is based on how you use the account during the first 12 months. While you can always add additional funds to your deposit to increase the credit limit (up to $5,000), after 13 months you will be considered for an unsecured credit limit increase. You can view your FICO score by logging into your online account and looking at your statement. Your credit scores may vary with different scoring models and credit bureaus. This allows you to track your credit-building progress using the same score that most lenders use.įirst Premier does not state which FICO scoring model you get or which credit bureau provides it. Automatic Credit Limit Increase (if you qualify)Įach monthly statement for your First Premier® Bank Secured Credit Card will contain your FICO score.Manage your account 24/7 with online or telephone access.Reports to all three major credit bureaus.First PREMIER® Secured Credit Card Features The credit card company holds that deposit in case you don’t pay your bill. *With secured cards, you will need to provide a refundable security deposit, which determines what your initial credit limit will be. Cash advance fee: Either $8 or 5% of the amount of each cash advance, whichever is greater.Credit limit increase fee: 25% of the amount of the credit limit increase.Credit reporting: Reports payment information to all three credit bureaus.Foreign transaction fee: 3% of each transaction amount in U.S.*Security deposit: $200 minimum, $5,000 maximum.First Premier Bank Secured Credit Card Rates & Feesīelow are some of the basic features of the First Premier® Bank Secured Credit Card: They are also a four-time recipient of Mastercard’s Performance Excellence Award. It is one of the top 20 issuers of MasterCard ® credit cards in the United States. First PREMIER Bank was established in 1929 and is headquartered in South Dakota.
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