Are you interested in learning more about the Premier Bankcard Secured credit card? Responsible Economy can help. We provide a comprehensive overview of the card’s key features, including fees, interest rates, minimum deposit requirements, and more. We also compare the card to other leading secured credit cards on the market. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
Fees are an important consideration when evaluating financial products, including credit cards. The Premier Bankcard Secured credit card has an annual fee of $50, which makes it less attractive than other secured credit cards that offer no fees.
We also show you other credit card fees:
| Fee | Description |
|---|---|
| Annual Fee | $50.00 annually |
| Cash Advance Fee | Either $8.00 or 5% of the amount of each Cash Advance, whichever is greater. |
| Foreign Transaction Fee | 3% of each transaction amount in U.S. dollars. |
| Late Payment Fee | Up to $39.00 |
| Return Item Fee | Up to $39.00 |
APR
If you make late payments on your Premier Bankcard Secured credit card, you will be charged a higher interest rate. The Annual Percentage Rate (APR) for purchases is 19.9%, which is a relatively high rate. It is important to keep this in mind when making your payments.
Some credit cards offer an initial 0% interest rate, but the Premier Bankcard Secured credit card does not. This means that you will start accruing interest on your purchases immediately.
Cash back
The Premier Bankcard Secured credit card does not offer any cash back, and this is certainly another very negative point.
Minimum deposit
The minimum deposit for the Premier Bankcard Secured credit card is $200. After 12 months and if you’ve been a good payer, the deposit can be increased.
Welcome bonus
The Premier Bankcard Secured credit card does not offer any welcome bonuses, unlike many other credit cards that offer sign-up bonuses of up to $1,200 or more. This means that you will not earn any rewards for making purchases with your card in the first few months.
While the lack of a welcome bonus may be a drawback for some people, it is important to remember that the Premier Bankcard Secured credit card is designed for people with bad credit or no credit history. These individuals may not qualify for cards with welcome bonuses, so the Premier Bankcard Secured credit card can be a good option for them to start building their credit.
Summary table
We have created a table summarizing all the features:
| Features | Premier Bankcard Secured credit card |
|---|---|
| Fees | $50 |
| APR | 19.9% on balance for deferred payments |
| Cash Back | 0% |
| Initial Deposit | $200 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of Premier Bankcard Secured credit with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the Premier Bankcard Secured credit:
| Advantages | Disadvantages |
|---|---|
| Opportunity to build credit responsibly | No welcome bonus incentives |
| Higher interest rates when deferring payments | |
| No initial 0% interest rate period | |
| Foreign transaction fees |
Requirements
Here are the minimum requirements to be eligible for the Premier Bankcard Secured credit:
- Reside in the United States: This card is exclusively available for individuals living within the United States.
- Age Requirement: You need to be at least 18 years old to be eligible to apply for this credit card.
- Employment Verification: Providing evidence of your employment is essential to demonstrate your capability to responsibly manage the credit card.
- Social Security Number: A valid Social Security Number is required for identity verification and evaluating your credit history.
- Minimum Deposit: You’ll need to make a minimum deposit of $200.
Frequent questions
Now we’re here to address any questions you might have about the Premier Bankcard Secured credit:
Conclusion and opinions
After the conducted analysis, our opinion is that the PREMIER Bankcard Secured Credit Card is not a competitive secured credit card because it has an annual fee of $50, does not offer cash back on purchases, the interest rate for deferred payments is high, it does not have an introductory APR offer nor a welcome bonus. The upside is that it is very easy to obtain.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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