First Premier Bank Credit Card - How This Card Is Going To Operate

With an unemployment rate soaring to nearly 10%, financial problems are sure to follow. Those who fall victim to unemployment often find themselves with damaged or no credit once all of the dust clears. If your credit is damaged and you're having trouble finding a way to start the rebuilding process, consider the First Premier Bank credit card.

Whatever your situation, you may be looking for a way to rebuild your credit. You have found out first hand that while you may be in a better financial situation now, with your credit being damaged, most companies will not extend credit to you so that you can improve your credit score.

The First Premier Bank credit card is tailored for the person with damaged credit but it is an unsecured credit card. No corresponding bank account is needed to keep a balance. In most cases, you will be approved within minutes providing all of your information can be verified. If not, the process may take a little longer.

This card will help you repair your credit by reporting your credit actions to up to 4 credit bureaus including Transunion, Experian, and Equifax. Showing evidence of better credit habits will improve your score over time.

Your initial credit limit will be set at $250.00 with an interest rate of 9.9%. This is lower than many credit cards of its type but beware of the high application fees that come with this card.

There is an account set up fee of $29, a program fee of $95, a servicing fee of $7 per month, and the annual fee is $48. Because you are in the high risk credit group, First Premier Bank knows that there is a higher than average chance that you will default on your loan so the fees protect them from losing money. Also keep in mind that these up front fees will be billed to your balance so before using your card, you will have to pay these fees as they will be charged against your $250 credit limit.

There is also a late payment fee of $29. This is standard on most cards but with the low credit limit, it's important to pay on time to avoid the fee but more important, you cannot afford to have any negative entries on your already damaged credit. You will also be ineligible for an increase in credit limit unless a spotless payment history is demonstrated.

If you have damaged credit and are looking for an unsecured credit card to help you rebuild your credit report, the First Premier Bank credit card is an option worth exploring although you can probably find a card with less up front fees. Make sure to do your homework and evaluate the many card offers available to you.

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