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.
The PREMIER Bankcard® Secured Credit Card is worth a look for those who have limited / poor credit and have already tried other options. The card, which gives you an instant decision upon submitting your application, reports to all three credit bureaus and can help you build credit.
However, it requires a $200 deposit and, unlike some other secured credit cards, charges an annual fee*. This could be a lot harder on your wallet than it needs to be when there are other no-annual-fee options available. Other drawbacks include a fee for credit limit increases, poor customer service and a lack of a rewards program.
If you are only considering secured credit cards at this time, you would probably be better off trying for a card that doesn’t charge annual or credit limit fees and has cash back rewards, like the Discover it® Secured Credit Card.
| Credit Cards | Our Ratings | Rewards Rate | Annual Fee | Minimum deposit | |
|---|---|---|---|---|---|
|
PREMIER Bankcard® Secured Credit Card*
|
N/A | $50 | $200 | ||
Discover it® Secured Credit Card
 Apply Now
on Discover's secure site Rates & Fees |
1% - 2% cash back
| $0 | $200 |
Apply Now
on Discover's secure site Rates & Fees |
|
Capital One Quicksilver Secured Cash Rewards Credit Card
|
1.5% - 5% Cash Back
| $0 | $200 | ||
Petal® 1 No Annual Fee Visa® Credit Card*
|
2% - 10% cash back
Earn 2% to 10% cash back at select merchants
| $0 | None |
Accepts applicants with limited / poor credit
The PREMIER Bankcard® Secured Credit Card is geared for applicants with limited / poor credit. If you have had trouble qualifying for other credit cards, it may be worth considering.
Build your credit history
The PREMIER Bankcard® Secured Credit Card reports to the three major credit bureaus (Experian, Equifax and Transunion) each month to help you build or rebuild your credit history. By making on-time monthly payments and keeping a low balance on your card — or better yet, none at all — you can improve your credit score over time.
Relatively low APR
The PREMIER Bankcard® Secured Credit Card has a lower APR than other similar secured credit cards at 19.90% Variable APR. This makes it a less risky option for someone who is new to credit or who has had problems with credit card debt. But paying your balance in full every month if possible is the best way to build credit and avoid accumulating debt.
According to a LendingTree survey, almost 1 in 3 people blame their credit card debt on a lack of financial discipline. Before you apply for a credit card, have a plan in place to pay your bill in full each month. Limiting your charges to purchases you can afford and using automated payments can set you up for success.
Learn more about credit card best practices.
Annual fee
The PREMIER Bankcard® Secured Credit Card charges a $50 annual fee, which decreases the amount of your initial credit line. For instance, if your initial credit limit is $250, including the annual fee would take this to a $200 credit limit. There are also late payment and foreign transaction fees*.
You can find many secured credit cards with no annual fee. The Discover it® Secured Credit Card and the Capital One Quicksilver Secured Cash Rewards Credit Card both have $0 annual fees (see rates & fees) while giving you a chance to build your credit score.
Requires a security deposit
The PREMIER Bankcard® Secured Credit Card requires a $200 security deposit. While you can receive this amount back if you have a $0 balance at the time of closing your account, this still ties up funds you might need. And even if you do get it back, at least some of this amount will still be gone because of annual fees that you would have already paid.
No cash back rewards
Other than offering free monthly access to your credit score, the PREMIER Bankcard® Secured Credit Card doesn’t come with many perks. There are no cash back rewards for purchases that you make with the card.
The Discover it® Secured Credit Card, on the other hand, is a great option for a secured card with rewards. You’ll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.
→ For more options, see Best Secured Cards
You have to pay for credit limit increases
If you keep your account in good standing for 12 months by making on-time payments and remaining within your credit limit, you may be able to request a credit limit increase.
Just know that you will be assessed a fee that’s 25% of the amount of the credit limit increase each time your line of credit is increased (See provider website for full terms and conditions). For example, if you’re approved for a $100 credit limit increase, a $25 fee will be applied to your account. This is a real downside and doesn’t encourage building your credit score for using this card.
Poor customer service
There are many online complaints from current and former cardholders about PREMIER Bank’s customer service. Cardholders report unexpected fees and difficulties with customer service representatives. This is something to consider if you need to discuss questions or fees over the phone. Some larger credit card issuers like Discover have much more positive feedback on customer service.
It does have a late payment fee: none the first time you pay late. After that, up to $41. But, it has an edge over the PREMIER Bankcard® Secured Credit Card, which does not let you off for the first late payment*.
You can also be automatically considered for a higher credit line in as little as six months. This is a much shorter length of time than for the PREMIER Bankcard® Secured Credit Card, and Capital One doesn’t require you to pay for the increase.
However, it does have an interest rate of 29.74% (Variable) APR (see rates & fees), which is quite a bit higher than the PREMIER Bankcard® Secured Credit Card, so you will need to be careful if you do carry a balance each month.
The annual fee is $0, and it has a $0 foreign transaction fee. You can qualify for a credit limit between $500 and $5,000, which is potentially higher than the PREMIER Bankcard® Secured Credit Card. It even lets you earn 2% to 10% cash back at select merchants.
However, it does have a high 28.99% - 33.99% Variable APR, so you will need to be careful if you keep a balance.
The PREMIER Bankcard® Secured Credit Card is worth considering if there are few credit-building options left, but you can find much better credit cards that don’t require you to pay a lot of unnecessary fees.
If you want to avoid annual fees and earn unlimited cash back rewards, check out the Discover it® Secured Credit Card, the Capital One Quicksilver Secured Cash Rewards Credit Card (see rates & fees) and the Petal® 1 No Annual Fee Visa® Credit Card instead.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the PREMIER Bankcard® Secured Credit Card and Petal® 1 No Annual Fee Visa® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
