Reviews

PREMIER Bankcard® Mastercard® credit card full review: should you get it?

Rebuild your credit with monthly reports to the country's top credit bureaus and get a great card without having to make a down payment. Discover the PREMIER Bankcard® Mastercard® credit card.

by José Gonçalo

05/15/2022 | Updated on 06/13/2022

PREMIER Bankcard® Mastercard® credit card: rebuild your credit without having to make an initial deposit

Rebuild your credit with the PREMIER Bankcard® Mastercard® credit card. Source: PREMIER Bankcard®

When rebuilding (or building) credit, it is necessary to have a card that trusts our potential. In fact, the PREMIER Bankcard® Mastercard® credit card could be that card. With it, you don’t have to shell out money on initial deposits.

Below, check out a complete analysis of this credit access product.

PREMIER Bankcard® Mastercard® card: check out how to apply!

With the PREMIER Bankcard® Mastercard® card you can recover your credit with an initial limit of up to $700 without having to deposit any down payment! Find out how to apply for this card.

Keep Reading

Credit Score	From Average to excellent (over 500)
Annual Fee	In the first year, from $50 to $125. In subsequent years, from $45 to $49
Regular APR	36%
Welcome bonus	None
Rewards	None

PREMIER Bankcard® Mastercard® credit card: learn more about this financial product

First, keep in mind that this is an option for anyone looking to build credit. For this audience, the PREMIER Bankcard® Mastercard® has the advantage of not requiring a deposit when opening an account.

In fact, this can be a big help for anyone who doesn’t have an immediate cash reserve. In addition, when you receive your card, you will have an initial limit of $200 to $700.

From your initial credit limit amount, you will have a deduction equal to your annual fee. That way, if you go over the $500 starting limit, you’ll get a $125 reduction. So your actual starting limit will be $375.

So don’t be surprised at the difference in amounts. In addition, in just one year, your card will be subject to an inquiry that may increase your limit. If an increase is approved, you must pay a fee equivalent to 25% of the increase.

So if your limit jumps from $500 to $700, you must pay 25% of the additional $200.

So, in our example, you will have to pay $50 for the raise. In addition, the PREMIER Bankcard® Mastercard® sends monthly reports to the main credit agencies in the country.

In fact, this is essential for building credit! This card also offers a free monthly check of your credit score so you can track your progress. Finally, it can be used at any Cirrus ATM and managed via its mobile app.

PREMIER Bankcard® Mastercard® credit card features

Smiling woman holding smartphone and credit card while lying on sofa (PREMIER Bankcard® Mastercard® credit card) — Learn more about the card’s pros and cons! Source: Adobe Stock.

An aid to increase your credit as quickly as possible, this is the PREMIER Bankcard® Mastercard®. Before ordering, take a look at these lists of the main advantages and disadvantages of this card:

What are the benefits?

Monthly reporting of your payments to the main credit agencies in the country;
Possibility to have a higher credit limit in just 12 months;
Great for anyone looking to rebuild credit;
No initial deposit required.

What are the drawbacks?

Monthly fee charge. In the first year, from $0 to $8. In the following years, from US$ 6.25 to US$ 10.40;
The program fee is charged upon account opening in an amount ranging from $55 to $95;
3% fee on transactions abroad;
Extremely High APR!

What credit score do you need to get the PREMIER Bankcard® Mastercard® credit card?

This card is for anyone who wants to build credit. Therefore, it accepts clients who have an average/fair score in advance. So, to have it, it is important that you have a score of at least 500 points.

How does the PREMIER Bankcard® Mastercard® credit card application process work?

Decided that this will be the card that will get you higher credit scores? Great. Then click on the link below and learn how the step-by-step application process works:

PREMIER Bankcard® Mastercard® card: check out how to apply!

With the PREMIER Bankcard® Mastercard® card you can recover your credit with an initial limit of up to $700 without having to deposit any down payment! Find out how to apply for this card.

Keep Reading

About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.