First Premier Bank Secured Credit Card Review (2020)

What's The First Premier® Bank Secured Card?

The First Premier Bank secured credit card was created for the millions of Americans who find themselves faced with bad credit. 

This card's primary objective is to help customers transition to develop better credit habits.  

Like most secured cards it will report to all 3 credit reporting agencies and help you establish a good payment history.

Who Is First Premier Bank?

First PREMIER Bank was established in 1929 and is headquartered in South Dakota and are one of the top 20 issuers of MasterCard^®  credit cards in the United States. 

They are also a four time recipient of Mastercard's Performance Excellence Award which is a major achievement. 

What Makes Them Different?

What makes First Premier Different is that they offer a ton of additional benefits with their cards.  

Along with reporting to all 3 of your credit bureaus, you will get free access to your FICO score as well as an instant credit limit increase after the first 13 months.

First Premier Bank Secured Credit Card Basics

Below are some of the basic features of the First Premier® Bank Secured Credit Card:

*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don't pay your bill.

Now, while there might be a few fees associated with getting a secured card, building your credit score will always be worth paying those small fees.

First PREMIER® Secured Credit Card Features

The First Premier® Bank secured credit card is packed with a few features that make it one of the best secured credit cards for rebuilding credit.

The main features of this card include: 

First PREMIER® Credit Limit Increase

While you can always add additional funds to your card to increase the credit limit (up to $5,000), after 13 months you will be considered for an unsecured credit limit increase.

The decision on if you will get an increase is based on how you use the account during the first 12 months.

This means it is possible to get an increase without depositing more money after the first year. 

However, remember there is a 25% charge that will be added to your account based on whatever amount of increase you receive.

For Example: 

If you get approved for a $250 credit limit increase, a charge for $62.50 will deduct from your available balance.

Quarterly FICO From First PREMIER®

Your FICO score is the one used by over 90% of lenders when it comes to making credit approval decisions. 

To view your FICO score, every quarter you just need to log into your online account and look at your statement. 

Understanding Your Security Deposit

One of the most important parts of obtaining a secured card is knowing  what you want your initial security deposit to be since it will affect your credit profile and determine your credit limit.

With 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.

This is great because the higher your credit limit the easier it is to keep your credit utilization low.

Years ago, when I first started building my credit, I deposited $3,000 to my Capital One secured card account.

It increased my limit to $3,000, improved my credit utilization, and it helped my credit grow very fast. 

First Premier® Bank Secured Card Pros & Cons

Alternatives To The First Premier® Card

A secured credit card through First Premier® is one of the best options when it comes to establishing or rebuilding credit. 

However, there are a few other options available for building or repairing your credit, and if you can, I would get them in addition to the First Premier® Card.

Secured Card With No Annual Fee

If you are looking for another secured card option that doesn't have an annual fee then you are in luck.

Capital One has one of the best secured credit card options online because it doesn't have an annual fee. 

You also get access to an instant credit limit increase after only making 5 on-time payments.

It's super easy to qualify for and it allows you to establish an account with Capital One.

You can check out our review here or click the button below to learn more.

Catalog / Merchandise Account Through Fingerhut

Another great alternative are Catalog/ Merchandise Accounts.

While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here. 

Steps To Take After You're Approved

You should try to find a service that allows you to monitor all 3 of your reports.

Make On Time Payments

Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

No matter what, avoid late payments.

Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your First Premier® secured credit card has a $3500 limit and you spend $60.

Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.

Use The Candy Bar Method

You have probably seen talk about this method throughout our site because we find it to be the best strategy for establishing a good payment history.

Your goal with the Candy Bar Method is to take your card once per month and purchase a candy bar. 

This should cost no more than $1.00 or $1.50 and after 3 days you should be able to make your payment on the card.

This will show that the card is being actively used and that you are paying your bill.