This card makes First Premier's Secured Card look positively cheap by comparison.
Who the First Premier Bank Gold MasterCard Is For
- People with bad credit who are desperate to get a credit card.
Credit Rating Required
- Bad (below 620)
About the First Premier Bank Gold MasterCard
- Annual fee is waived the first year.
- Outrageously high interest rates.
- High annual fee.
- High processing fee.
- Tiny credit limits.
- 59.9 percent on purchases and cash advances.
- Annual fee: $75 (waived the first year).
- Processing fee: $75.
- Late payment fee: Up to $35.
- Returned item fee: Up to $35.
- Credit limit increase fee: 25% of credit limit increase.
First Premier Bank Gold MasterCard Review
When I first saw the terms on the First Premier Bank Gold MasterCard, I thought I was seeing things. But it's all true: A 59.9% APR, a $75 processing set-up fee (which is the maximum fee allowed by credit card laws for this type of card), plus a $75 annual fee starting in the second year. And for that you get a paltry $300 credit limit.
As you read the fine print, it gets even worse. Each time your account is eligible and approved for a credit limit increase, First Premier will charge you a credit limit increase fee equal to 25% of the increase. For example, if you're approved for a $100.00 increase, you will be charged $25.00, which gets added to your balance. That means your credit limit increase will actually be $75, not $100. And of course that balance will be incurring that 60% APR the entire time.
The maximum credit limit increase is $100, and you won't be eligible to get one for at least 13 months after you open your account.
If you stick with the card that long, you'll begin paying the $75 annual fee, which First Premier charges you at the rate of $6.25 a month.
Buyer Beware: This card also goes under the names Centennial Gold and Aventium Gold.