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

Meet a secured card that accepts applicants with less-than-perfect credit scores and gives you up to a $5,000 limit! Discover the PREMIER Bankcard® Secured credit card.

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PREMIER Bankcard® Secured card: have your provision capped at $5,000 to build your credit

PREMIER Bankcard® Secured credit card
Learn all about the PREMIER Bankcard® Secured credit card. Source: PREMIER Bankcard®

In fact, a feature of the cards for those who do not have credit or are new to credit is the reduced limit. Thus, those who have not yet been able to build credit are stuck with buying low value on the card. In this regard, the PREMIER Bankcard® Secured credit card leaves behind all other secured cards.

Indeed, with this card, you can have a limit of up to $5,000! Learn more about this PREMIER Bankcard® option and how it can be helpful on your journey towards a good credit score.

PREMIER Bankcard® logo

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

A secured credit card that could be your way to higher credit scores. Meet the PREMIER Bankcard® Secured card and its incredible limit of $5,000.

Credit ScoreVery poor (less than 500)
Annual Fee$50
Regular APR19.9% (fixed)
Welcome bonusNone
RewardsNone

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

The PREMIER Bankcard® Secured credit card is an entry-level product for many people in the card world. Thus, the barrier to entry is extremely low. With a credit score of less than 500, you can now apply and will likely be accepted.

Like any secured card, the PREMIER Bankcard® Secured credit card requires an initial security threshold. So, to start using this card, you need to make a minimum deposit of $200. In effect, the amount you deposited is equal to the “limit” of your card.

To expand this limit, simply make deposits of larger amounts. Thus, the PREMIER Bankcard® card allows you to accumulate up to $5,000 in the form of a deposit. In addition, it is one of the few secured cards that allows transfers abroad. For transactions of this type, this card charges the basic market rate: 3%.

Also, you can withdraw from ATMs in cash advance mode. After receiving the card, you can request cash advances of up to 10% of the deposited amount. After 90 days, if you do not accumulate debts or delay your payments, you can withdraw up to 50% of the deposited amount. To request this type of withdrawal, you must pay a fee of $8 or 5%, whichever is greater.

Add another cardholder to your PREMIER Bankcard® Secured card, you will incur an additional annual fee of US$29. To apply for it, you do not need to open an account.

PREMIER Bankcard® Secured credit card features

Person shopping on notebook with credit card in hand
Learn more about the card’s pros and cons! Source: Pixabay

Before deciding if the PREMIER Bankcard® Secured card is for you, take a look at the lists below. In fact, we have separated the main advantages from the disadvantages of having this card. Check it out below:

What are the benefits? 

Find out what are the main advantages of this card:

  • Limit of up to US$5,000, considered high for secured cards;
  • Fixed and relatively low APR compared to other options on the market;
  • No monthly fee;
  • You can have your initial limit increased in as little as 13 months.

What are the drawbacks?

  • $50 annual fee charged from the first year;
  • Each time your card is eligible for an increase, you will be required to pay a 25% fee on the amount of the increase. So, for a $1,000 raise, you need to pay $250;
  • To add an authorized user, your annual fee will increase by $29;
  • Requires minimum initial security deposit of at least $200.

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

The PREMIER Bankcard® card is designed for people new to credit or those who don’t have credit. For this reason, your credit score is not a barrier. Even with a bad score (below 500) you may be approved for this card.

In addition, it is a card that informs your credit usage to the main agencies in the country. So, with smart usage, you can see your score grow.

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

The application process for the PREMIER Bankcard® Secured card is simple and can be done entirely online. However, there are some criteria you need to meet before applying. That way, you’ll be sure you’re maximizing your chances of being approved.

Want to know what these requirements are? Then click on the link below and read a full article on the application process for this card.

PREMIER Bankcard® Secured credit card

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

A secured credit card that could be your way to higher credit scores. Meet the PREMIER Bankcard® Secured card and its incredible limit of $5,000.

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.

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