1. Money

First Premier Bank Gold MasterCard Review

Outrageous Fees, a 60 Percent APR, and Measly Credit Lines.

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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

Pros

  • Annual fee is waived the first year.

Cons

  • Outrageously high interest rates.
  • High annual fee.
  • High processing fee.
  • Tiny credit limits.

Rewards

  • None.

APRs

  • 59.9 percent on purchases and cash advances.

Fees

  • 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.

Recommendation

First Premier's Secured MasterCard ranked as one of the worst secured cards. The First Premier Gold MasterCard card makes the secured card look like a bargain.

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