How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Advertising Disclosure

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Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

PREMIER Bankcard® Secured Credit Card Review

PREMIER Bankcard<sup>®</sup> Secured Credit Card

PREMIER Bankcard® Secured Credit Card Review

Regular Purchase APR
See Provider Website
Track Your Credit Score
Reports to consumer reporting agencies help you monitor your financial progress to begin your credit building journey (build credit by keeping your balance low and paying all your bills on time every month)
Mobile App
PREMIER Bankcard's user-friendly mobile app offers fast, easy and convenient access to account management, when and where you need it.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the PREMIER Bankcard® Secured Credit Card best for?

If you have poor or non-existent credit and are limited on which credit cards you qualify for, you may want to consider the PREMIER Bankcard® Secured Credit Card.

The card, which gives you an instant decision upon submitting your application, requires a $200 refundable deposit that will serve as your credit limit. Just know, along with the $200 deposit, the PREMIER Bankcard® Secured Credit Card charges an annual fee that will be deducted from your initial available credit limit.

While the PREMIER Bankcard® Secured Credit Card does offer the opportunity to increase your credit line with responsible card usage, beware that it’ll cost you 25% of the increase amount.

If you want to use a secured card to help rebuild or establish your credit, you may be better off with one that offers a more flexible security deposit, charges a $0 annual fee and doesn’t assess additional fees for credit line increases, like the Capital One Platinum Secured Credit Card.

PREMIER Bankcard® Secured Credit Card overview

    • Our mobile app helps you keep track of your spending and payments for greater financial control.
    • When you need assistance our award-winning US-based Customer Service agents are there to help.
    • FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
    • If approved, make your first six monthly minimum payments on time and we may send you an offer to apply for an unsecured credit card. Some restrictions apply. ‡
    • ‡ If you apply for the second account, which is unsecured, you will be approved if you can demonstrate the ability to pay your bills, meet our minimum income requirements, do not reside in New York or Wisconsin and are not covered under the Military Lending Act.
  • Credit needed:
    300 599
    Poor/Limited
  • Reports to the major credit bureaus
  • Free FICO® credit score
  • Mobile app access
  • Account alerts
  • Paperless statements

Intro Purchase APR

N/A

Regular Purchase APR

See Provider Website

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

See Provider Website

Cash Advance Fee

See Provider Website

Foreign Transaction Fee

See Provider Website

Balance Transfer Fee

N/A

Pros and cons of the PREMIER Bankcard® Secured Credit Card

Pros

  • Ability to build credit history
  • Opportunity to increase credit limit
  • Refundable security deposit

Cons

  • Annual fee
  • High APR
  • Limited card benefits

What we like about the PREMIER Bankcard® Secured Credit Card

  • Ability to build credit history

    Because the PREMIER Bankcard® Secured Credit Card reports your account activity and payment history to the major credit bureaus each month, you can build or rebuild your credit history with responsible card usage. This means keeping your balance low and paying your bills on time each month.

  • Opportunity to increase credit limit

    If you’ve had your PREMIER Bankcard® Secured Credit Card for 13 months and you’ve kept your account in good standing (meaning, making on-time payments and remaining within your credit limit), you may be eligible for a credit limit increase upon request.

    Just know, you will be assessed a fee that’s 25% of the amount of the credit limit increase each time your limit is increased. For example, if you’re approved for a $100 credit limit increase, a $25 fee will be applied to your account (resulting in an additional available credit of just $75).

  • Refundable security deposit

    You can receive your security deposit back if you have a $0 balance and your account is closed.

What to look out for with the PREMIER Bankcard® Secured Credit Card

  • Annual fee

    The PREMIER Bankcard® Secured Credit Card charges an annual fee, which is deducted from the initial amount of credit you have available. For example, if you have a credit limit of $200, your initial available credit will be $150.

  • High APR

    If you carry a balance on your card from month to month, you will be subject to an fairly high APR. That said, a high APR is to be expected from a card designed for individuals with limited or poor credit. Just know that you can avoid interest charges entirely by paying off the entire balance when the statement is due.

  • Limited card benefits

    Other than offering free monthly access to your credit score, the PREMIER Bankcard® Secured Credit Card doesn’t come with many perks.

    Additionally, the card does not offer a sign-up bonus or rewards for the purchases you make.

Alternate secured card to the PREMIER Bankcard® Secured Credit Card

Compare it to the Capital One Platinum Secured Credit Card

| Disclosures
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
on Capital One's secure site
N/A
28.49% (Variable)
$0
Non-rewards Card
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
300 599

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you’d prefer a secured credit card that doesn’t charge an annual fee and offers the opportunity to pay a lower security deposit, you should look at the Capital One Platinum Secured Credit Card.  The $0 annual fee card requires a refundable security deposit of $49, $99 or $200 for an initial credit line of $200. Note, you have to apply and be approved before your minimum deposit is determined, and you’re not guaranteed to get one of the lower deposits.

Additionally, the Capital One Platinum Secured Credit Card allows cardholders to deposit more money before their account opens to get a higher credit line. Capital One will also automatically consider your account for a higher credit line in as little as six months.

The Capital One Platinum Secured Credit Card does come with a considerably higher interest rate on purchases than the PREMIER Bankcard® Secured Credit Card: If you don’t pay your balance in full each month, you will be assessed interest at an APR of 28.49% (variable).

Compare the PREMIER Bankcard® Secured Credit Card to similar cards

Comparison of four different credit cards
PREMIER Bankcard<sup>®</sup> Secured Credit Card Capital One Platinum Secured Credit Card Discover it<sup>®</sup> Secured Credit Card PREMIER Bankcard<sup>®</sup> Grey Credit Card
PREMIER Bankcard® Secured Credit Card Capital One Platinum Secured Credit Card Discover it® Secured Credit Card PREMIER Bankcard® Grey Credit Card
Apply Now
on PREMIER Bankcard®'s secure site
Apply Now
on Capital One's secure site
Apply Now
on Discover's secure site
Apply Now
on PREMIER Bankcard®'s secure site
Annual Fee
See Provider Website $0 $0 See Provider Website
Regular APR
See Provider Website 28.49% (Variable) 25.99% Variable APR See Provider Website
Welcome Offer
N/A No bonus Discover will match all the cash back you’ve earned at the end of your first year. None
Rewards Rate
Non-rewards card Non-rewards Card 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 N/A
Recommended Credit
Poor/Limited Poor/Limited Poor/Limited Poor
Card Details
PREMIER Bankcard® Secured Credit Card Capital One Platinum Secured Credit Card Discover it® Secured Credit Card PREMIER Bankcard® Grey Credit Card

Is the PREMIER Bankcard® Secured Credit Card right for you?

Overall, the PREMIER Bankcard® Secured Credit Card is a satisfactory option if you’re trying to rebuild or establish your credit history. But to really make this card worthwhile, it’s best to keep your balance low and pay your bill on time and in full each month. Also, because they’re so pricey, you should avoid credit limit increases with this card.

But if you want the opportunity to pay less upfront, the Capital One Platinum Secured Credit Card may be a better choice. Unlike the PREMIER Bankcard® Secured Credit Card, the Capital One Platinum Secured Credit Card give you the chance to qualify for a lower security deposit. Additionally, the card does not deduct an annual fee from your initial line of credit.

Apply Now
on PREMIER Bankcard®'s secure site