The PREMIER Bankcard® Mastercard® Credit Card, which is designed for consumers with poor credit, offers an unsecured option for those having a difficult time being approved for a traditional credit card.
With responsible card usage, the PREMIER Bankcard® Mastercard® Credit Card can help boost your credit history, since it reports your credit activity to the major credit bureaus. However, because the card comes with extremely costly fees and a high APR, we don’t recommend it unless your credit history prevents you from being approved for any other credit card.
As an alternative, you may want to consider the OpenSky® Secured Visa® Credit Card. Although the card requires a security deposit, it comes with significantly lower fees and does not require a credit check when you apply.
Intro Purchase APR
N/A
Regular Purchase APR
See Provider Website
Intro BT APR
N/A
Regular BT APR
See Provider Website
Annual Fee
See Provider Website
Cash Advance Fee
See Provider Website
Foreign Transaction Fee
See Provider Website
Balance Transfer Fee
N/A
Open to applicants with poor credit
Perhaps the best feature of the PREMIER Bankcard® Mastercard® Credit Card is that it accepts applicants with poor credit or no credit history. So if you aren’t able to get approved for a traditional card and aren’t willing to submit a deposit for a secured card, the PREMIER Bankcard® Mastercard® Credit Card is an option.
Worldwide acceptance
Because this card is a Mastercard, it is accepted at millions of locations around the world. Just know, if you use PREMIER Bankcard® Mastercard® Credit Card to make purchases outside of the U.S., you will be subject to foreign transaction fees.
Costly fees
Along with an annual fee, the PREMIER Bankcard® Mastercard® Credit Card charges expensive set-up and maintenance fees, which are based on your credit limit. For example, if your credit limit is $300, the one-time program fee will be $95 and the monthly fee will be $0 for the first 12 months, then $6.25 per month. If your credit limit is $700, your one-time program fee will be $55 and your monthly fee will be $8 per month for the first 12 months, then $10.40 per month.
High APR
If you carry a balance on your card from month to month, you will be subject to extremely high interest charges at an APR of See Provider Website.
No rewards program
If you’re hoping to earn rewards for the purchases you make, the PREMIER Bankcard® Mastercard® Credit Card is not the right card for you, since it doesn’t offer a rewards program or sign-up bonus.
But keep in mind, it’s best to focus on practicing responsible card usage — meaning paying your bill in full and on time each month and keeping your balance low — rather than earning rewards when trying to rebuild or establish your credit.
The OpenSky® Secured Visa® Credit Card has an ongoing regular purchase APR of 21.89% (variable) — which is considerably lower than that of the PREMIER Bankcard® Mastercard® Credit Card.
Just know, the OpenSky® Secured Visa® Credit Card charges an annual fee of $35, which will automatically be deducted from your initial credit limit. For example, if have an initial credit limit of $200, your available credit will be $165 until you pay the fee.
Additionally, unlike some other secured credit cards, the OpenSky® Secured Visa® Credit Card does not allow you to transition to an unsecured card with the same issuer after demonstrating responsible card usage. To get your deposit refunded, you must pay your card balance in full and close the account.
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| PREMIER Bankcard® Mastercard® Credit Card | OpenSky® Secured Visa® Credit Card | PREMIER Bankcard® Grey Credit Card | Capital One Platinum Secured Credit Card |
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Apply Now on PREMIER Bankcard®'s secure site
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Apply Now on OpenSky's secure site
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Apply Now on PREMIER Bankcard®'s secure site
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Apply Now on Capital One's secure site
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| Annual Fee | |||
| See Provider Website | $35 | See Provider Website | $0 |
| Regular APR | |||
| See Provider Website | 21.89% (variable) | See Provider Website | 29.74% (Variable) |
| Welcome Offer | |||
| None | N/A | None | No bonus |
| Rewards Rate | |||
| N/A | None | N/A | Non-rewards Card |
| Recommended Credit | |||
| Poor | Poor/Limited | Poor | Poor/Limited |
| Card Details | |||
| PREMIER Bankcard® Mastercard® Credit Card | OpenSky® Secured Visa® Credit Card | PREMIER Bankcard® Grey Credit Card | Capital One Platinum Secured Credit Card |
If you’re in need of credit but have limited options due to poor or non-existent credit history, you may be tempted to sign up for the PREMIER Bankcard® Mastercard® Credit Card. But because this card is loaded with excessive fees and a high APR, you may be better off with a card like theOpenSky® Secured Visa® Credit Card.
The OpenSky® Secured Visa® Credit Card requires a much lower annual fee and APR than the PREMIER Bankcard® Mastercard® Credit Card card. Additionally, instead of basing your credit line on your past credit history, you can choose your credit line and secure it with a refundable security deposit.
