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Having poor credit can make it difficult to get approved for a new credit card, but that doesn’t mean someone with a lower credit score can’t get any plastic at all. The cards available to those with poor credit tend to have higher rates and fees, so you’ll want to do your research before signing on any dotted lines.
>>Read More: Best Credit Cards for Bad Credit 2019
The First Premier Bank Mastercard is a perfect example. It’s an unsecured card that offers approval to a wider range of credit profiles than many other credit cards. However, there are some significant drawbacks. Here’s what you need to know if you’re considering the First Premier credit card.
The primary advantage of the First Premier credit card is that applicants with poor credit can still get approved. As a Mastercard, this card is accepted at millions of merchants in the United States and around the world. This card also has a grace period of 27 days, so cardholders have time to pay their monthly statement balances in full to avoid interest charges. You’ll get a free quarterly FICO score included on your monthly bill as well.
Unfortunately, this card has many more cons than pros. This card has very high fees, even for a card that is designed for those with poor or damaged credit.
This card should be considered only by those who have poor credit, don’t qualify for other unsecured credit cards and are unwilling to open a secured credit card account. Unfortunately, the cons outweigh the pros with this card, and it seems to do more harm than good for cardholders with poor credit. Instead of helping them move toward a better score, it saddles them with unnecessary fees and increases the risk of a missed payment of other error.
>>Expert Tip: Want a better credit card? Build good credit in the long term by paying all of your bills on time, keeping your debt levels low and adding a mix of credit accounts. Learn more.
However, if this is the only card you can get approved for, you can likely open up more options after a year of making payments on time and working on your overall credit profile. At that point, you can switch cards and get rid of the monthly servicing fees that happen in the second year.
The First Premier Bank Mastercard is not for everyone. If you need a different card for poor credit, consider one of these options.
>>See even more options: Review our expert guide to Credit Cards for Bad Credit
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The OpenSky Secured Visa is a great alternative for individuals hoping to build or rebuild their credit. This card is secured by a fully refundable security deposit for as low as $200 and up to $3,000. And they won’t pull your credit when you apply, so you don’t have to worry about a negative impact to your credit score.
The Indigo Platinum Mastercard is another option for people seeking to open a credit card with a poor FICO score. Its ongoing APR is 24.90%, and it charges an annual fee of $0 - $99*. It’s also travel-friendly with a foreign transaction fee of only 1%, but the card limit goes up to only $300.
If you have poor to bad credit, the Milestone Unsecured Mastercard might be a better option. It has an easy application process that won’t hurt your credit score. That’s a big difference from your typical credit card, which requires a hard pull. It does have a high ongoing APR at 24.90%, plus an annual fee ranging from $35 – $99.
If you want a better credit card, the best plan of action is to build good credit by paying all your bills on time, keeping your debt levels low and adding a mix of credit accounts as you—and your wallet—can handle it.
At publishing time, the Credit One Bank Unsecured Platinum Visa and Indigo Platinum Mastercard credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
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