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For individuals who do not have established credit or who have bad credit, the First Premier Bank Secured MasterCard could be a good option. If you are considering this card, you should be aware that it is not a prepaid card or a debit card. It is a genuine secured credit card, which makes it ideal if you are trying to rebuild your credit. This card provides the opportunity to build your credit card limit over time. You can do this by adding funds to your initial security deposit. When you make a security deposit, it is placed in a FDIC-insured account, which can give you significant peace of mind.

first-premier-secured-credit-card-1The required secured deposit for the First Premier Secured MasterCard is $200. This amount is used as collateral. You should be aware that the credit limit for your card is the amount that you deposit. With that said, during the first month, you are charged an annual fee of $50, which reduces your initial credit limit to $150.

The fact that reports are made monthly to all of the major consumer reporting agencies helps you to build your credit. This is something that is not typical with most prepaid cards. You do not need a credit history in order to apply for this card, which can be good if you do not have established credit in your own name. It should be noted that credit scores or FICO scores are used for determining your creditworthiness and therefore may impact the type of credit for which you are eligible. Be aware that your credit score alone will not guarantee approval for this card.

The First Premier Bank Secured MasterCard features an annual percentage rate of 19.9 percent. This is also the APR for all cash advances made using this card. To avoid paying interest on charges, you will need to pay off the balance on your card by the due date. The due date is at least 25 days after the close of each billing cycle. If you are charged interest, there is a minimum interest charge of $0.50.

credit-card-security-code-1When considering applying for this card, you should be aware of the set-up and maintenance fees. There is an annual fee of $50.00. In addition, there is a $36.00 annual account maintenance fee for all closed accounts. This fee is not assessed during the first 12 months that your account is open.

For all cash advances, there is a $5.00 fee or 3% of the amount of the cash advance, whichever amount is great, up to a $10 minimum charge. No fees are charged for cash advances made during the first 12 months that your account is open.

There is a $29 late payment fee for balances up to $500 and a $35 late payment fee for balances greater than $500. In addition, there is a $29 return item charge fee.

For individuals who are need to build credit or who need to rebuild their credit because they had poor or bad credit, the First Premier Bank Secured MasterCard could be a good option.