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.
If you have poor or non-existent credit and are limited on which credit cards you qualify for, the PREMIER Bankcard® Secured Credit Card might be worth considering. However, since it charges an annual fee (See Provider Website for full Terms & Conditions) and has limited benefits, it shouldn’t be your first choice.
The card, which gives you an instant decision upon submitting your application, requires a $200 refundable deposit that will serve as your credit limit. The card’s annual fee is deducted from your initial available credit limit.
While it does offer the opportunity to increase your credit line with responsible card usage, beware that it’ll cost you 25% of the increased amount.
If you want to use a secured card to help rebuild or establish your credit, you may be better off with one that charges a $0 annual fee and doesn’t assess additional fees for credit line increases, like the Capital One Platinum Secured Credit Card (see rates & fees).
Intro Purchase APR
N/A
Regular Purchase APR
19.90% Variable APR
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$50
Cash Advance Fee
See Provider Website
Foreign Transaction Fee
3% of each transaction amount in U.S. dollars.
Balance Transfer Fee
N/A
Ability to build credit history
The PREMIER Bankcard® Secured Credit Card reports your account activity and payment history to the major credit bureaus (Experian, Equifax and Transunion) each month. This means that you can build or rebuild your credit history with responsible card usage. If you keep your balance low and pay your bills on time each month, you should see your credit score improve with this card.
Opportunity to increase credit limit
If you keep your account in good standing for 12 months (making on-time payments and remaining within your credit limit), you may be able to request a credit limit increase.
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 (See Provider Website for full Terms & Conditions). For example, if you’re approved for a $100 credit limit increase, a $25 fee will be applied to your account.
Refundable security deposit
You can receive your security deposit back if you have a $0 balance and your account is closed.
Low APR
The PREMIER Bankcard® Secured Credit Card has a low APR (See Provider Website for full Terms & Conditions) compared to many other secured credit cards. If you think you may carry a balance some months, then this card may be a good option to save on interest charges.
However, keep in mind that paying your balance on time and in full is key to improving or building your credit.
Annual fee
The PREMIER Bankcard® Secured Credit Card charges an annual fee (See Provider Website for full Terms & Conditions), 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. It makes little sense to apply for a secured credit card with an annual fee, unless it’s your last resort. You can find many no-annual-fee secured credit cards, like the Capital One Platinum Secured Credit Card (see rates & fees).
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. It does not offer a sign-up bonus or rewards for the purchases you make.
The Discover it® Secured Credit Card 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.
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.
This $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.
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 29.74% (Variable).
The Discover it® Secured Credit Card is one of the best credit cards to build credit. It offers the opportunity to increase your credit limit, graduate to an unsecured credit card and offers rewards — which is rare for a secured credit card.
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.
Plus, it has a $0 annual fee, while the PREMIER Bankcard® Secured Credit Card has an annual fee. Overall, the Discover it® Secured Credit Card is the better card for building credit because of its lower fees and better benefits.
The PREMIER Bankcard® Mastercard® Credit Card is a credit card for limited / poor / fair credit that doesn’t require a security deposit, unlike the PREMIER Bankcard® Secured Credit Card. It’s designed for people who are trying to improve their credit, rather than people who are new to credit.
This card comes with a very high APR and very expensive setup and maintenance fees (See Provider Website for full Terms & Conditions), based on your credit limit. These fees can amount to more than $100 per year, depending on your credit limit, and the card doesn’t come with rewards or a sign-up bonus. The main benefit to this card is that it can help you build credit if you make your payments on time, but the fees outweigh that.
Between these two cards, the PREMIER Bankcard® Secured Credit Card is likely the better option to build your credit — but you may want to try applying for other secured credit cards first.
| Credit Cards | Our Ratings | Rewards Rate | Annual Fee | Regular APR | |
|---|---|---|---|---|---|
|
PREMIER Bankcard® Secured Credit Card*
|
N/A | $50 | 19.90% Variable APR | ||
Capital One Platinum Secured Credit Card
 Apply Now
on Capital One's secure site Rates & Fees |
Non-rewards Card | $0 | 29.74% (Variable) |
Apply Now
on Capital One's secure site Rates & Fees |
|
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
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 | $0 | 27.24% Variable APR |
Apply Now
on Discover's secure site Rates & Fees |
|
PREMIER Bankcard® Mastercard® Credit Card
Apply Now
on PREMIER Bankcard®'s secure site |
Non-rewards card | See Provider Website | See Provider Website |
Apply Now
on PREMIER Bankcard®'s secure site |
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 credit limits are so pricey, you should avoid them.
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 gives 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 (see rates & fees).
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 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.
