First PREMIER Bank Credit Cards

The current credit crunch and slow economy has affected millions of people across the nation. In fact, this slow economy is being felt around the world. More and more people are dealing with a bad credit rating. This fact becomes evident when people are denied financing for car purchases, home loans, and credit cards. In order to get people back on their feet with their credit rating, companies have developed programs to help reestablish people’s credit rating. One of the most prominent figures that specialize in providing credit cards for people with bad credit is First PREMIER Bank.

First PREMIER Bank credit cards are designed for people with less than perfect credit ratings. First PREMIER Bank provides a unique way of approving individuals with bad credit for a credit card. Their system works by providing a certain amount to the card holder after the customer presents a security deposit. In other words, the First PREMIER Bank credit card system is known as a secured credit card. However, traditional secure credit card companies require their customers to provide 100% of the credit card’s funds, while First PREMIER Bank credit cards only require a certain percentage to be funded by the card holder.

For example, once the applicant is approved, First PREMIER Bank will require the account holder to deposit $95.00 or more in order to use the credit card. $95.00 will give the customer $300.00 of credit that they can use. Traditional secured credit companies will require their customers to deposit $300.00 in order for the customer to use $300.00. This unique system that is provided by the First PREMIER Bank is a more appealing option to those who are attempting to reestablish their credit rating. There is an annual fee that is charged as well. The fee for First PREMIER Bank credit cards are typically $75 a year.

The annual fee will be deducted from the total $300.00 limit if the customer deposits $95.00. This means the customer will have access to $225.00 on their credit card, which $95.00 of that amount is funded by the customer. Another way of looking at First PREMIER Bank credit cards are that they are only partial secured credit cards. Customers will have an annual percentage rate of 49%, which is higher than traditional credit cards. However, customers can avoid paying interest on their purchases if they pay off their debt within the 27 day period.

Not only will First PREMIER Bank customers avoid paying the interest rate on their purchases when paying off their debt before the monthly billing cycle, they will also avoid late fees as well. Late fees are typically $35.00, which can add up quickly making it difficult to pay off the credit card. If the customer uses the credit card right, and takes the time to pay off their debt, they will reestablish their credit rating. This will allow the individual to qualify for more traditional credit cards that are associated with having a lower interest rate.

Applying for a First PREMIER Bank credit card only takes a few minutes online. The applicant will receive a response within a minute after they have completed their application. Individuals with excellent credit are advised not to use this credit card because they have already established their credit rating. First PREMIER Bank credit cards are used by hundreds of thousands of people across the nation to achieve a better credit rating. More information about First PREMIER credit cards can be found online at their website. Individuals should take the time to read and understand the information provided before they decide to apply for this type of credit card.