First Premier Credit Card is one of the most in-demand credit cards for people who want to build or rebuild their credit score. It was issued by First Premier Bank and is prepared for people that have relatively poor credit scores. In this elaborative guide, we will understand the features, benefits, and disadvantages that come along with using the First Premier Credit Card. We will also do some counseling on how to use the card effectively in order for one’s credit score to improve. By the end of this article, you will have a clear view of whether the First Premier credit card is the right fit for your financial needs.
What is the First Premier Credit Card?
The First Premier Credit Card is one among many credit card products provided by First Premier Bank which is concerned with the issue of bank cards to people with poor or limited credit records. In contrast to many regular credit cards, which usually require a decent credit score to ensure approval, the First Premier Credit Card is meant for persons who would not qualify otherwise due to past financial problems or no credit history.
Key Features of First Premier Credit Card
1. Credit Building Opportunity: The major and key benefit of the First Premier credit card is the credit that helps you build or rebuild your credit. If you use the card responsibly, make timely payments, and keep the balance low-it’s an opportunity to enhance your credit score gradually over time. First Premier Bank reports to all three major credit bureaus, Experian, Equifax, and TransUnion, so responsible handling of the card will reflect positively in your credit profile.
2. High Credit Limits: First Premier credit cards may offer a high credit limit as compared to other cards designed for poor credit customers, depending on your creditworthiness and the offer. Consequently, you will get a chance to enjoy greater purchasing power and manage your expenses more effectively.
3. Pre-qualification Process: First Premier offers you a pre-qualification process, which can let you know with ease whether you are likely to get approved for the card or not, and that also without affecting your credit score. This feature is quite helpful if you’re worried about what impact a hard inquiry may have on your credit report.
4. Online Account Management: First Premier credit cards come with the benefit of online account management: you can track your account activity, pay your bill, and check your balance and credit score right from the comfort of your computer or smartphone.
5. Fraud Protection: The card offers fraud protection features to help you keep your account safe from unauthorized transactions. You will not be responsible for any charges occurring before you report the loss or theft if the card becomes stolen or misplaced.
First Premier Credit Card Benefits
1. Accessibility to Poor Credit: The most significant advantage of the First Premier credit card is probably that it is more accessible to people with poor or limited credit. Unlike many credit cards on the market, which are only offered to a select few with good credit scores, this one is truly designed to be inclusive and allows many people with less-than-perfect credit to get approved.
2. Credit Building Opportunity: The First Premier credit card can be a good starting point to build or rebuild your credit. In time, if one continues to pay on time and keeps the balance low, their credit score will improve; this could even provide opportunities for better credit cards and loans.
3. No Hard Pull Credit Inquiry: The fact that First Premier allows pre-qualification is probably one of the biggest positives for the company. You get an idea of what products you will qualify for, and it’s not a hard pull on your credit. That means you can feel free to shop without risking a ding on your score.
4. High Credit Limit Options: The First Premier credit card may have a higher credit limit compared to other credit cards for people with poor credit, depending on your creditworthiness. This gives you room for your finances and can be helpful in case you need a higher credit limit for emergencies or bigger purchases.
5. Convenient Online Management: Online account management allows you to know how much you are spending, what your current balance is, and make a payment. Convenience like this can help you be more on top of the credit card account so you will be able to make sure your payments come in on time.
Disadvantages of First Premier Credit Card
1. High Annual Fee: One of the major drawbacks associated with the First Premier credit card is that it carries an annual fee. Depending on the card offer for which one applies, the annual fee can be very high and thus expensive for people with limited financial resources. First, weigh the value of benefits derived from it with the cost of the annual fee before deciding to apply.
2. High Interest Rates: Most of the time, a credit card with First Premier carries extremely high APRs. This implies that when the balance is carried from month to month, it will lead to much higher charges. Pay off your balance in full each month in order to avoid all of these high-interest debts.
3. Limited Rewards Program: There is usually no reward program on a First Premier credit card. While this may not be a big deal, most people wanting to have a credit card want cash back or other forms of rewards for using the card.
4. Other Service Fees: Besides that, the First Premier credit card may have additional service fees for things like cash advances or foreign transactions. Be aware of possible additional service fees and factor those into your consideration when determining if this card will work for you.
5. Customer Service Concerns: Some cardholders have reported challenges in receiving quality customer service from First Premier Bank regarding dispute resolution or account management. If receiving great customer service is a key factor for you, take this into consideration before applying.
How to Apply for the First Premier Credit Card
Applying for the First Premier credit card is a relatively straightforward process. Here’s a step-by-step guide to help you get started:
1. Check Your Credit Score: You should, in the first instance, take time to check your credit score before you go ahead and apply for the First Premier credit card to give you an overview or idea of the probability of getting accepted.
2. First Premier Website: The variants of credit cards are available on the official website of First Premier Bank. You can go to have a look at their respective features, benefits, and terms.
3. Pre-Qualification Form: You can use the pre-qualification tool to see if you will probably get approved for the credit card without hurting your credit score. All you have to do is fill in the form with personal and financial details for the sight of what you are qualified for.
4. Review Your Offer: If you prequalify, you will be shown an offer that includes details about the annual fee, APR, and other terms. Review your offer to ensure it meets your needs.
5. Complete Your Application: Once you feel good about the offer, complete the full application. It contains a hard pull on your credit report, which may temporarily lower your credit score.
6. Await Approval: Your application and response will be considered upon submission by First Premier Bank. You may be instantly approved or it might take a few days before you receive a response.
7. Get and Activate Your Card: If accepted, your First Premier credit card will arrive by post. On receipt, the card should be activated as instructed and put to use in rebuilding your credit.
Tips on How to Effectively Use a First Premier Credit Card
Here are some tips to follow in using the First Premier credit card effectively:
Pay your entire balance. Paying your balance in its entirety will keep you away from high-interest charges. You’ll avoid falling into debt and know that you are on the right path to establishing a good credit history.
2. Use the Card Regularly: First Premier credit cards, whenever used regularly, may try to help an individual rebuild and/or build his or her credit. However, use the card responsibly, keeping your balance low and making your payments on time.
3. Credit Monitoring: Continue checking your credit score through online account management tools. This will keep you informed of your progress and allow you to make some necessary adjustments to your strategy of building credit.
4. Never Carry a Balance: Since the First Premier credit card generally features high interest rates, it’s best not to carry a balance from month to month. Pay off your balance in full to minimize interest charges and better control your finances.
5. Know the Fees: Learn about the oncoming fees with the First Premier credit card, whether it be annual fees or other additional fees for services such as cash advances.
Knowing the fees can help you make informed financial decisions.
1. Review Your Statements: Review your credit card statements regularly to identify errors or unauthorized charges. After identifying the problem, take immediate action to resolve the issues with First Premier Bank.
7. Keep Your Financial Goals in Mind: It is very important that, before applying for the First Premier credit card, you give deep thought to your financial needs and goals. If rewards or lower fees are what you are seeking, then perhaps other options are more fitting for your goals.
Conclusion
This card can be a great way for an individual who wants to build or rebuild their credit. With great avenues for credit building, large credit limits, and pre-qualification, the First Premier credit card has a wide array of benefits for responsible users. However, one must always bear in mind the possible disadvantages, which may be in the form of high annual fees and interest rates.
It’s important to know the features, benefits, and downsides of the First Premier credit card to make a more knowledgeable decision about whether it fits your needs. If you decide to apply, use the card strategically to maximize its benefits and achieve your credit-building goals.