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.
Intro Purchase APR
N/A
Regular Purchase APR
See Provider Website
Intro BT APR
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Regular BT APR
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Annual Fee
See Provider Website
Cash Advance Fee
See Provider Website
Foreign Transaction Fee
See Provider Website
Balance Transfer Fee
N/A
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.
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.
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 29.74% (variable).
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| PREMIER Bankcard® Secured Credit Card | Capital One Platinum Secured Credit Card | Discover it® Secured Credit Card | PREMIER Bankcard® Grey Credit Card |
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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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Apply Now on Discover's secure site
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Apply Now on PREMIER Bankcard®'s secure site
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| Annual Fee | |||
| See Provider Website | $0 | $0 | See Provider Website |
| Regular APR | |||
| See Provider Website | 29.74% (Variable) | 27.49% 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 |
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.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
