How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Our take The PREMIER Bankcard® Mastercard® Credit Card is a costly card to own, with several fees that you’ll pay on a yearly and monthly basis (See Provider Website for full Terms & Conditions). We only recommend this card for rebuilding credit if you’re unable to obtain approval for other cards.
For most people, the PREMIER Bankcard® Mastercard® Credit Card wouldn’t be a good card due to the excessive number of unavoidable fees. In addition to an annual fee, you’ll also pay a one-time program fee and monthly fees (See Provider Website for full Terms & Conditions).
The saving grace is that because it reports to the credit bureaus, you’ll have an opportunity to build credit if you have been turned down for other credit cards.
Take into consideration that the one-time program fee and the annual fee together (See Provider Website for full Terms & Conditions) would be close to what you need for a refundable security deposit if you opt for a secured credit card. In fact, with the Capital One Platinum Secured Credit Card, you may be eligible to secure a line of credit for a deposit as low as $49.
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
*See Provider Website for full Terms & Conditions
Available to applicants with Limited/Poor/Fair
The most appealing feature of the PREMIER Bankcard® Mastercard® Credit Card is that it accepts applicants with limited/poor/fair credit. If you’ve not yet started to build credit, or your credit report is blemished, you may have an easier time getting approved for this card compared to other cards for building credit. And since it’s an unsecured credit card, you won’t have to worry about making a hefty deposit up front.
Card activity reported to credit reporting agencies
To help you build credit, the PREMIER Bankcard® Mastercard® Credit Card reports your monthly history to the credit reporting agencies, or credit bureaus. This is an essential part in helping build your credit, but one that not all cards for building credit offer this.
Your payment history and the amount of credit you use are factors in calculating your credit score. You never know which credit bureau a lender will use to get your credit score, so it’s ideal that they all have the same data. And generally your credit score is inversely related to your interest rate. When you get a mortgage, your credit score can mean the difference between spending an extra $50,000 on your home or not.
Accepted worldwide
Since the PREMIER Bankcard® Mastercard® Credit Card is a Mastercard, it’s widely accepted around the world. The PREMIER Bankcard® Mastercard® Credit Card does charge a foreign transaction fee (See Provider Website for full Terms & Conditions), so it might be best to choose another card when you travel.
Costly fees*
Almost all credit cards come with fees — generally a late fee, balance transfer fee or annual fee. Some of these are avoidable and there are plenty of no-annual fee credit cards. The PREMIER Bankcard® Mastercard® Credit Card, however, has several fees which are unavoidable even if you pay your bill on time and in full.
Here’s a breakdown of the fees by credit limit, as well as a look at how much you’ll pay in fees each year.
| Credit limit | Program fee (one-time fee, paid before card is issued) | Annual fee (paid from credit limit) | Monthly fee (paid monthly) | Initial credit limit* | Total fees in first year (subsequent years) |
|---|---|---|---|---|---|
| $200 | $95 | $50 (first year) $45 | $0 (first year), then $75.00 annually ($6.25 per month) | $150 | $145 ($120) |
| $300 | $95 | $75 (first year), then $45 annually | $0 (first year), then $75.00 annually ($6.25 per month) | $225 | $170 ($120) |
| $400 | $95 | $100 (first year), then $45 annually | $0 (first year), then $75.00 annually ($6.25 per month) | $300 | $195 ($120) |
| $500 | $95 | $125 (first year), then $49 annually | $0 (first year), then $124.80 annually ($10.40 per month) | $375 | $220 ($173.80) |
| $600 | $75 | $79 (first year), then $49 annually | $70.20 (first year, 5.85 per month), then $99.00 annually ($8.25 per month) | $515 | $224.20 ($148) |
| $700 | $55 | $ 79 (first year), then $49 annually | $96 (first year, $8.00 per month), then $124.80 annually ($10.40 per month) | $613 | $230 ($173.8) |
*Credit Limit – Annual Fee = Initial credit limit
This table shows how much cardholders pay in fees on a PREMIER Bankcard® Mastercard® Credit Card with a $200 credit limit. By the 14-month mark, cardholders spend just over $200 in nonrefundable fees.
Fee breakdown for a card with a $200 credit limit
| Program fee | Annual fee | Monthly fee (total per year) | Total fees per year | Cumulative total of fees | |
|---|---|---|---|---|---|
| Year 1 | $95 | $50 | $0 | $145 | $145 |
| Year 2 | $0 | $45 | $75 | $120 | $265 |
| Year 3 | $0 | $45 | $75 | $120 | $385 |
Note that a credit card fee is something you pay and don’t get back. If you’re unable to get a traditional credit card, consider a secured credit card like Discover it® Secured Credit Card or Capital One Platinum Secured Credit Card. Although you have to give them a security deposit, the deposit is refundable if you close your account or graduate to an unsecured credit card.
Sky-high APR*
The PREMIER Bankcard® Mastercard® Credit Card charges an APR that is very high even among cards targeted to consumers with low credit scores. Credit card interest can be avoided by paying off your statement balance before the due date. However, emergencies and unexpected expenses pop up and it’s not always possible to pay your balance in full, so it’s preferable to avoid a card with a high APR.
The OpenSky® Secured Visa® Credit Card has a lower regular APR of 25.64% (variable), which is significantly lower and is better if you frequently carry a balance.
No rewards program
The PREMIER Bankcard® Mastercard® Credit Card doesn’t offer any rewards program. While rewards are nice they are more common among credit cards that require good to excellent credit for approval. When you have limited credit or bad credit it’s important to give priority to establishing, and building, your credit history.
If, however, you don’t mind getting a secured card, the Discover it® Secured Credit Card is a better option for applicants with low credit scores that offers rewards.
Foreign transaction fees*
Although Mastercard is accepted worldwide, there is a foreign transaction fee when you use the PREMIER Bankcard® Mastercard® Credit Card outside of the United States. If you want a card that’s less expensive to use when traveling abroad, look for a card with no foreign transaction fees, like the Capital One Quicksilver Secured Cash Rewards Credit Card.
The Discover it® Secured Credit Card is a more affordable option for people who are building or repairing credit. While you’ll have to pay a $200 deposit upfront, it has a $0 annual fee. Plus, you may be able to have your deposit refunded in less than a year. Starting at seven months, Discover will do automatic reviews of your account and other financial data to see if you can transition to an unsecured credit card.
It also has a solid rewards program — you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
The Capital One Platinum Secured Credit Card is a $0 annual fee card that offers a potentially lower security deposit. The refundable security deposit amounts include $49, $99 or $200 and you get a $200 line of credit for any of them. After six months of using the card responsibly, your account information is reviewed to see if you’re eligible for an increased credit limit.
Unlike the Discover it® Secured Credit Card, it doesn’t offer a clear timeline for upgrading to an unsecured credit card. It also lacks a rewards program, which you can find on many secured credits cards, as well as on some unsecured credit cards for people with low credit scores. Still, it’s a solid choice for building credit without having to pay ongoing fees.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Annual Fee | |
|---|---|---|---|---|---|
PREMIER Bankcard® Mastercard® Credit Card
 Apply Now
on PREMIER Bankcard®'s secure site |
None | Non-rewards card | See Provider Website |
Apply Now
on PREMIER Bankcard®'s secure site |
|
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
Discover will match all the cash back you’ve earned at the end of your first year. | Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. | $0 |
Apply Now
on Discover's secure site Rates & Fees |
|
Capital One Platinum Secured Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
N/A | Non-rewards Card | $0 |
Apply Now
on Capital One's secure site Rates & Fees |
|
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
N/A | Earn up to 10% cash back* on everyday purchases | $35 |
Apply Now
on Capital Bank, N.A.'s secure site |
If you’ve exhausted all other options for getting a credit card, the PREMIER Bankcard® Mastercard® Credit Card may be a viable option to help you build or repair credit. After a year of using it, you may find that there are more credit card options available to you, not just cards for no credit history or cards for bad credit.
However, given all its fees (See Provider Website for full Terms & Conditions), a secured credit card may be a more cost-effective option for building credit. Not only will you get that money back, but secured cards often offer a path to upgrade to an unsecured card — at no additional cost.
Apply Now
