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If you want to restore your credit, a Premier BankCard® Mastercard® Credit Card* may help, but it comes at a cost. The credit score requirements for this card are low, but the fees are hefty.
Many other credit building cards including secure cardcan help you increase your credit without worrying about high program fees and many other unexpected charges that require a security deposit to fund your line of credit. Fees are higher than most cards, with programs, annual and monthly fees, etc.
Here’s what you can expect from the Premier Bankcard Mastercard, including benefits, fees, and alternative cards to consider.
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PREMIER Bankcard® Mastercard® Credit Card
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Premier Bankcard Mastercard does not offer many perks. Instead, the card helps you develop credit habits and report activity. major credit bureausBacked by , Equifax, Experian and TransUnion increase credit score.
The card also offers increased credit limits after 12 months of good account standing. This means making payments on time and staying within your credit limit. However, a 25% fee will be charged on the increment. This is a fee that most other credit building cards do not charge.
card fee
This credit building card unsecured credit card — No security deposit required to open an account — Others charge higher than average fees that you should check before applying. The main fees for this card are:
- Program fee: $55 to $95 to open an account
- Annual fee: $50 to $125 depending on credit
- Monthly fee: Up to $10.40 depending on credit (first year free)
- Cashing fee: $8 or 5% of caching (whichever is greater)
- Foreign Transaction Fee: 3% of each transaction
- Credit limit increase fee: 25% increase in credit limit
To minimize fees, no annual fee credit cardIf you can’t afford a no annual fee card, consider one of us. Choosing a credit card with a low credit score instead.
Correspondence card
We have a lot Other credit building cards It’s more affordable than the Premier BankCard Mastercard on the market.
secure credit card
The Discover it Secured Credit Card* is one of the few secure cards that offer perks. Get 2% cash back on total quarterly purchases up to $1,000 at restaurants and gas stations, plus 1% cash back on all other purchases. You’ll also win a cashback match at the end of your first year, essentially doubling the cashback you earn. The card has no annual fee, but requires a $200 to $2,500 deposit to secure the card and act as a line of credit.
You can check if you meet the pre-qualifications for this card and influence your credit score without completing the full application. If approved, you can upgrade to a non-secure card within 7 months of opening your account, provided you demonstrate responsible credit usage.
Check out the full review of secure credit card
Capital One Platinum Secure Credit Card
another good option building or repairing trust Capital One Platinum Secured card. This card has no annual fee and the security deposit is a little different than most secure cards. For example, a $49 security deposit gives you access to a $200 credit line. As with most secure cards, your deposit will be refunded if you upgrade to a non-secure card.
Like the Premier BankCard Mastercard, the Capital One Secure card earns no rewards, but there are also no annual, monthly, or program fees to worry about.
Check out the full review of Capital One Platinum Secure Credit Card.
Frequently Asked Questions
Need to get a secure credit card?
If you’re just getting started with credit cards or working on fixing your credit score, a secure credit card can help. A secure card allows you to fund your line of credit with a security deposit. In return, your card provider will report your usage to credit bureaus, so you can gradually improve your credit score by making payments on time.
How long will it take to restore my credit?
It can take months or even years for your credit score to improve significantly. Keep your credit usage low and pay your bills on time each month, and your credit score should start to improve.
Which credit card should I get to improve my credit score?
The best credit cards to improve your credit score are those with the lowest fees and lowest approval hurdles. Premier Bankcard has high fees, but credit scores as low as 500 can be approved.
It’s important to compare cards based on fees, limits, and even rewards. Not all secure or credit-building cards offer perks, but some do. Compare different cards in your credit range before completing your application.
*All information regarding the Premier BankCard Mastercard, Discover it Secured Card and Capital One Platinum Secured Credit Card is independently collected by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on the objective and independent evaluation of our writers and is not influenced by any advertising or partnership. It is not provided or commissioned by any third party. However, we may receive compensation for clicking links to products or services offered by our partners.
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