Typically unsecured credit cards for bad credit are hard to find. The First Premier Bank Platinum credit card is one in this category of bad credit credit cards. This is actually one of a limited amount of cards that fall into the unsecured category for people with bad credit.
Most of the time when you have bad credit and are looking for a good credit card you might think of a secured credit card.
This card is actually a mixed bag of pros and cons. People that have bad credit of course don’t like the high fees or the initial low credit amount.
But, considering this is a bad credit credit card and that it is also unsecured, it should not be a surprise. This category of credit card should be used as a tool to rebuild a persons credit score through responsible credit card usage.
What is the First Premier Bank Platinum Credit Card Offer?
The First Premier bank platinum offer is for those that were pre screened and received an invitation letter.
You will find on the letter the invitation number and website www.platinumoffer.com to visit to get approved.
What is the Interest Rate and Fees on the First Premier Bank Platinum Credit Card?
First off, always make sure you visit the actual website as these rates and fees change. These are just estimates.
The interest rate or the annual percentage rate for the First PREMIER Bank Mastercard is 36%. This is a hefty amount, but remember this is to help rebuild your credit. The credit limit or line of credit for these credit cards is $300 ,$400 and a $500 line of credit.
You get hit with fees that correspond with you credit limits in the amounts of $75, $100 and $125. After the first year the fees are $45,$45 and $49.
Are these fees high? Sure, but you have a low credit score and these kind of fees should be expected. Just make sure you do understand all the fees and details. Use the credit card like a tool to bump up your credit score through on time regular payments. Once your credit score is at a good enough level you can apply for better lower interest credit card offers.
This credit card is mainly for those that have a steady job and that are going to pay off the balance each month. The person that gets this credit card may have poor credit, but can use the card to get back on track.
What are the requirements for the First Premier Bank Platinum Credit Card?
The main requirement to apply for the First Premier bank credit card is that you are a legal resident of the United States who is eighteen years or older.
You will also want to verify that you have a steady job and proof of income.
Of course you will not need good credit to get this credit card.
If you got a pre approved offer in the mail it just means you were pre screened.
You will still need to go through the process of logging into the website at www.platinumoffer.com and applying.
First Premier Bank Platinum Credit Card Summary:
The conclusion on this First Premier bank platinum credit card as well as the offer is summarized below.
Just remember, this is an unsecured credit card for those with really low credit scores. It is to help those with bad credit, rebuild it.
This credit card should be paid off frequently. If you cannot afford to pay the balance and high fees associated with this credit card, you may want to look at another option such as a secured credit card.
You start out with a very low credit limit, which means any running balance could hurt your credit score when looking at your debt to credit ratio.
If you only have say a $400 credit limit on this credit card, but continue to run a $200 balance, you are not was a 50% debt to credit ratio. This could actually ding your credit score.
Just remember, your debt-to-credit ratio and how much debt you carry together account for 30% of your FICO® score. You will want to keep this debt to credit ration below 20%.
This means that any charges or fees put on this card should be paid off quickly.
Make sure all your payments are on time or ahead of schedule.
This credit card is for those with a steady income that allows them the cash flow to pay off the card each month.
I hope this summary helps you to make a decision. Always read the fine details and compare all your options.