The First Premier Bank Mastercard was designed for those people with severely damaged credit who are ready to get their financial house in order. However, this card is really designed to help rebuild your poor credit, not a subprime purchase. Even though there is a basic credit check involved, even less-than-best credit scores are usually no problem at all to qualify for this card.
The First Premier Bank Mastercard is perfect for those who want to rebuild their credit rating, and it is very different from other unsecured card offers. Unlike most other credit cards out there, this one actually helps you build credit. The First Premier Bank Mastercard allows you to earn points instead of cash back just by using your card to make purchases. You can also earn rewards points that can be redeemed for air miles or other things. The upside here is that you can earn higher points/rewards at practically no risk.
Now, let me quickly go over the qualifications for First Premier Bank Mastercard. To get approved for this first premier bank mastercard, you will have to have a poor credit rating. If you have been declared bankrupt or have filed for bankruptcy, you will have to wait two years before your account is opened again. In addition to this, if you have made any default payments in the past three years, you will automatically have an “excessive” interest rate charged on your new credit card.
Now, this poor credit rating thing can be a turn off for some people. But remember, it is a necessity to get approved for a first bank card if you have been declared bankrupt or have filed for bankruptcy in the past. So what does this actually do? It forces you to pay high fees and APR (Annual Percentage Rate). If you are going to pay high fees and APR anyway, why not avail of this credit card?
First Premier Bank offers this card to people with a low FICO score. There is an excessive annual fee that you will be obliged to pay. There is also a high annual fee that is separate from the regular fees and interest rates. This high annual fee is for the credit bureaus' service, which helps you maintain your payments. The credit bureaus, in return, collect the high annual fee as their fee. The difference between the regular fees and the high annual fee is the APR.
There are several ways in which First Premier Bank increases your interest rate. One is by increasing your credit limit increase by $500 every year. The second way by increasing your interest rate on your loan for 3 years. The third way by increasing your fee on the account every 6 months.
This credit card has some restrictions when it comes to using the services of First Premier Bank. The first restriction is that you cannot get First Premier Bank MasterCard until you have attained at least a good credit score of 725. The second restriction is that you can only use the First Premier Bank MasterCard for online purchases. The third restriction is that you can only use this credit card to purchase merchandise and services that you really need. And finally, you have to maintain a good credit score or else you will not qualify for any other bank loans.
A First Premier Bank MasterCard may be your answer if you need some extra money and want to start rebuilding your credit score. However, you should know that there are a lot of scam artists on the Internet who are just waiting for you to fall into their hands. Do not be lured by their offers promising you a lot of things in exchange of your precious first bank MasterCard. If you are asked to give your personal information, then better contact authorities immediately.
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