What the 1st Premier Bank Credit Card is and who it's for
The 1st Premier Bank Credit Card is a secured credit card issued by 1st Global Inc., a bank based in South Dakota. You put down a cash deposit, and that deposit becomes your credit limit — so if you deposit $500, you get a $500 limit. The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help rebuild credit if you've had past problems.
This card is designed for people rebuilding credit after missed payments, collections, bankruptcy, or a long period without credit activity. It's not a card for people with good credit — those people get better terms elsewhere. The tradeoff is that you pay for the privilege: the annual fee is substantial, and the interest rate is high.
The card does not require a credit check in the traditional sense. 1st Premier Bank does a soft inquiry (which doesn't affect your credit score) and checks ChexSystems, a banking history database. If you've had serious banking problems — like writing bad checks or fraud — you may be declined.
Key Takeaways
- Your credit limit equals your cash deposit, so you control how much you're willing to risk upfront.
- The annual fee runs between $95 and $99 depending on the version, and interest rates typically range from 19% to 22% APR.
- On-time payments report to all three credit bureaus, so consistent use can help rebuild your credit profile over time.
- The card comes with a higher cost than mainstream secured cards, so compare it to alternatives like the Capital One Secured Mastercard or Discover Secured before deciding.
How the deposit and credit limit work
When you open the account, you send 1st Premier Bank a deposit between $300 and $2,500. That deposit sits in a savings account held by the bank. Your credit limit equals that deposit amount — you cannot spend more than you've deposited, which is the security that makes the card possible for people with poor credit history.
The deposit earns interest, though the rate is very low (often under 0.5% APY). The deposit is yours to keep — it's not a fee. If you close the account or upgrade to an unsecured card, you get the deposit back, minus any unpaid balance on the card.
The bank does not automatically graduate you to an unsecured card. Some cardholders report being offered an upgrade after 12 to 24 months of on-time payments, but this is not may provide. You would need to contact the bank directly to ask about upgrading.
Fees and interest rates you'll actually pay
The annual fee is the most visible cost. 1st Premier Bank charges either $95 or $99 per year depending on which version of the card you choose. This fee posts to your account in the first month and every 12 months after that. Unlike some cards, the fee is not waived in the first year.
The interest rate (APR) ranges from 19% to 22%, depending on your creditworthiness at the time you explore. This is higher than most mainstream secured cards. For comparison, the Capital One Secured Mastercard charges 19.99% APR for most cardholders, and the Discover Secured Card charges 19.99% APR as well. The difference may seem small, but on a $500 balance carried for a year, it adds up.
There are also standard fees: a late fee (typically $35 to $39 if you miss a payment), a returned payment fee if a check bounces, and a cash advance fee of 3% to 5% if you withdraw cash. The card does not charge a foreign transaction fee, which is useful if you travel internationally.
How using this card affects your credit score
The card reports to Equifax, Experian, and TransUnion every month. This means your payment history — whether you pay on time, how much of your limit you use, and whether you miss payments — becomes part of your credit file. If you make on-time payments and keep your balance low, your score can improve over time.
The improvement is not automatic or fast. Credit scores are built on multiple factors: payment history (35%), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). A secured card helps most with payment history and amounts owed, but it takes months of consistent behavior to see meaningful movement.
One risk: if you miss a payment, that negative mark stays on your credit report for seven years. A single 30-day late payment can drop your score by 100 points or more, depending on where you started. For someone rebuilding credit, this is a serious setback. The card only helps your score if you use it responsibly.
Comparing 1st Premier to other secured cards
The 1st Premier Bank card is not the only secured card on the market. The Capital One Secured Mastercard and Discover Secured Card are the two most common alternatives. Here's how they stack up:
| Card | Annual Fee | APR | Minimum Deposit | Credit Bureau Reporting |
|---|---|---|---|---|
| 1st Premier Bank | $95–$99 | 19–22% | $300 | All three bureaus |
| Capital One Secured | $0 | 19.99% | $200 | All three bureaus |
| Discover Secured | $0 | 19.99% | $200 | All three bureaus |
The biggest difference is the annual fee. Capital One and Discover charge no annual fee, which saves you $95 to $99 per year. Over five years, that's $475 to $495 — money that could go toward paying down your balance instead. Both also have lower minimum deposits ($200 versus $300), which matters if you're tight on cash.
The 1st Premier card does have one advantage: it may be easier to get approved if you have serious credit problems or a poor banking history. Capital One and Discover have stricter approval standards. If you've been declined elsewhere, 1st Premier might be your option. But if you can get approved for Capital One or Discover, those cards are the better financial choice.
What happens if you miss a payment or carry a balance
If you miss a payment by 30 days, the bank reports it to the credit bureaus as a late payment. This stays on your credit report for seven years and can drop your score significantly. The bank also charges a late fee (typically $35 to $39) and your interest rate may increase.
If you carry a balance month to month, interest accrues daily. With an APR of 19% to 22%, a $500 balance costs you roughly $8 to $9 per month in interest alone. Over a year, that's $96 to $108 in interest charges — more than the annual fee itself. This is why secured cards work best when you use them for small purchases and pay the full balance each month.
If you fall behind on payments, the bank can freeze your account or close it. Your deposit is still yours, but you lose the ability to use the card. This defeats the purpose of rebuilding credit, since you need active, on-time payments to improve your score.
How to use a secured card to actually rebuild credit
A secured card is a tool, not a magic fix. Here's how to use it effectively: charge a small amount each month (a gas purchase, a grocery bill, something you'd buy anyway), and pay the full balance before the due date. This shows lenders you can handle credit responsibly without costing you interest.
Keep your balance below 30% of your limit. If your limit is $500, try to keep your balance under $150. Credit scoring models reward low utilization — it signals you're not desperate for credit. Paying down your balance before your statement closes (not just before the due date) can help your score even more.
Use the card for at least six months, ideally a year or more, before closing it. The longer your account stays open with good payment history, the more it helps your credit profile. After 12 to 24 months of on-time payments, you may be offered an unsecured card or a credit limit increase without an additional deposit.
Frequently Asked Questions
Can I get my deposit back if I close the account?
Yes. When you close the account, the bank returns your deposit to you, minus any unpaid balance on the card. If you've paid off your balance and have no outstanding fees, you get the full deposit back. The process typically takes one to two weeks.
What if I can't afford the annual fee?
The annual fee posts in your first month and every 12 months after. If you can't afford it, you should not open this card — the fee will be charged regardless of whether you use the card. Consider Capital One or Discover instead, which charge no annual fee and have lower minimum deposits.
Does this card help if I have no credit history?
Yes. Secured cards are designed for people with no credit history as well as those rebuilding after problems. If you're new to credit, a secured card is a legitimate way to start building a credit file. The key is making on-time payments consistently.
How long does it take to rebuild my credit with this card?
There's no fixed timeline. Credit scores depend on multiple factors, and improvement varies by person. Most people see modest improvement (20 to 50 points) within three to six months of on-time payments. Larger improvements typically take 12 months or more. Your starting score matters too — someone starting at 500 may see faster percentage gains than someone starting at 600.
Can I use this card internationally?
Yes, the card works internationally and does not charge a foreign transaction fee. However, your bank or the merchant's bank may charge a fee on the transaction. Check with 1st Premier Bank about their specific international policies before traveling.