First PREMIER Bank

First PREMIER Bank is a Sioux Falls, South Dakota bank that issues credit cards specifically for consumers with bad credit, very limited credit history, or past financial problems such as bankruptcies or collections. The bank has been in the credit card business for decades and is known as one of the few issuers willing to approve applicants that most other lenders decline.

Because First PREMIER serves a higher-risk segment of borrowers, its credit cards carry costs that are significantly higher than mainstream credit cards. These can include high annual fees, monthly maintenance fees, account processing fees, and annual percentage rates well above the national average. In some cases, the combined fees charged in the first year can represent a substantial portion of the initial credit limit, leaving less available credit than the stated limit suggests.

Before applying for a First PREMIER credit card, read every section of the terms and conditions, including the Schumer Box fee disclosure. Calculate the total annual cost of holding the card relative to the credit limit offered. Compare this against alternatives such as secured credit cards from credit unions or community banks, which typically require a security deposit but often carry lower fees and rates.

First PREMIER does report account activity to all three major credit bureaus. Consistent on-time payments and keeping your balance low can contribute positively to your credit profile over time.

These cards are best treated as a short-term credit-building tool rather than a long-term borrowing product. Paying the full balance every month avoids interest charges and limits costs to whatever fees apply. If your credit improves, look to graduate to a card with lower fees and a better rate as soon as you qualify.