Who Is Opensky Secured Visa Best For
The OpenSky Secured Visa Credit Card may be an excellent alternative for those wishing to start developing or restoring their credit. It gives an option for folks who cannot obtain credit because of unfavorable information on their credit report. The application procedure for this card does not include a credit check.
The possibility to set your credit limit depending on the amount of your refundable deposit, subject to approval, will help you stay on top of your credit usage. This, together with on-time payments, may assist you in establishing an excellent credit score.
Review: First Premier Bank Mastercard Credit Card
First PREMIER Credit Card Review Highlights:
- Very expensive. The First PREMIER Bank Mastercard Credit Card charges an application-processing fee, an annual fee and a monthly fee. The exact amounts depend on the credit limit youre assigned, but the processing fee could be anywhere from $25 to $95. The annual fee ranges from $75 to $125 the first year and $45 to $49 each year thereafter. And the monthly fee could be as low as $6.25 or as high as $10.40.Best case, youll have to pay roughly $290 in fees before the second anniversary of account opening. Worst case, youll have to shell out $404. In contrast, the average credit card would cost you about $34.7 over the first two years of use. And the best credit cards for people with the bad credit can be free to use.
- The costs just keep on coming when you use the First PREMIER Bank Card. Balances carried from month to month will accrue interest at a whopping high annual rate. Its by far the highest APR on the market, according to WalletHubs database of 1,000+ credit card offers, and nearly double the 17.75% average among secured cards. Furthermore, as finance charges are added to your minimum monthly payment, youll have less and less borrowing power to work with the longer you carry a balance.
Possibly The Worst Credit Card To Build Credit
We publish unbiased reviews our opinions are our own and are not influenced by payments we receive from our advertising partners. Learn about our independent review process and partners in our advertiser disclosure.
The First PREMIER Bank Mastercard is the epitome of the high-fee, low-value credit card. Its meant for consumers with low credit scores or no credit histories who may not qualify for better cards, and the fees and high interest rate reflect the additional risk the bank assumes. Nevertheless, people who are building credit may have far better options, such as a secured credit card.
Also Check: How Much Can I Overdraft Td Bank
How Much Does Opensky Secured Visa Cost
Lets take a look at the cost! Its a secured type card that will charge annual fees of about $35. Besides this, the valid social security number and security minimum deposit is $200 minimum to $300 maximum.
Secured cards allow you to get a rewards program and refundable security deposit feature with its own credit limit. The credit building and balance transfers include free credit scores with higher credit history and assurance.
Heres something about the interest rate! It has a variable APR of 17.39%. There is a foreign transaction fee of 3% on the whole. Moreover, it comes with a cash advance fee of 5% or a minimum fee of $6. The card features payment information with major credit bureaus to build an effective credit line for assurance.
Opensky Secured Visa Vs Capital One Venture Rewards
OpenSky Secured Visa has a $35 annual fee for this card, and it does not provide credit card rewards or an unsecured card that you may switch to later. However, the Capital Bank credit card includes no annual fee with few benefits like auto rental damage insurance, accident insurance, and warranty protection.
The OpenSky Secured Card comes with several useful features. Still, theyre all geared at helping you manage your account so you can improve your credit score history and eventually qualify for an unsecured card. But wait! Capital banks secure site offers credit utilization and is a Platinum Secured credit card with a credit line limit and recommended credit score record.
Good thing about OpenSky is that, there is no Credit check requirement when you apply. Whereas the Capital Bankcard comes with a higher credit limit with credit scores to make combined purchases.
Also Check: How Do You Verify Bank On Venmo
Should I Enroll In First Premiers Credit Protection Program
The First Premier Bank Credit Card offers optional credit protection, which may pay the minimum payment due on your billing statement if the primary cardholder enrolls and then experiences involuntarily unemployment, disability, unpaid family leave, hospitalization or loss of life. The monthly cost of optional credit protection is $0.89 for each $100 of your outstanding ending monthly balance.
If you enroll in optional credit protection and then need to use this benefit, youll continue to accrue interest and other fees during the benefit period but you will not be able to use your account for any purpose. So, for most cardholders, it will be best to turn down the optional credit protection program and instead work on creating an emergency fund.
Related reading: Which budgeting technique is right for you?
First Premier Bank Credit Card Vs The Competition
Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. Opinions expressed here are the authors alone and have not been approved or otherwise endorsed by any financial institution, including those that are WalletHub advertising partners. Our content is intended for informational purposes only, and we encourage everyone to respect our content guidelines. Please keep in mind that it is not a financial institutions responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offers details page using the designation “Sponsored”, where applicable. Advertising may impact how and where products appear on this site . At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
You May Like: Wells Fargo Expresssend Estimator
First Premier Bank Gold Mastercard
|Up-to $125 first year, $49 annually.|
|Rewards Earning Rate||This card does not offer a rewards program.|
|Foreign transaction fee|
The First PREMIER Bank Gold Mastercard is no longer available. The information contained in this article is accurate as of November 2021.
The First Premier Bank Gold Mastercard is not one of our top-rated credit cards for bad credit. You can review our list of the best credit cards for bad credit for what we think are better options.
Get Closer To The Travel You Want
Join Barclays Avios Rewards for just £12 a month and you can start collecting Avios now to put towards your next trip with British Airways. You could collect at least 20,500 Avios in your first year enough for a peak British Airways return economy flight to Nice3. Eligibility and conditions apply.
You May Like: How To Activate Debit Card Bank Of America
Bankrates Takeis The First Premier Credit Card Worth It
The First Premier credit card is designed for borrowers with bad credit or no credit who are looking to repair or build it. If you have a decent credit score, youll be better off choosing a credit card that has more benefits and lower fees.
But even if you have poor credit, First Premier may not be the cheapest option. There are other cards marketed toward subprime borrowers that have lower APRs and annual fees.
First Premier Bank reviews on the BBB website also tend to be negative, so you may want to find a company that has a higher level of customer satisfaction.
First Premier Bank Credit Card Review Summary
The First PREMIER® Bank Mastercard Credit Card is a bad deal, even for people with bad credit, and its immediately obvious. Youll have to pay First Premier $25-$95 for processing right off the bat should you, for some reason, decide to apply and ultimately get approved. Thats a prerequisite for account opening. Youll then immediately find yourself facing a first-year fee of $75 to $125, depending on whether your starting credit line is $300, $400, $500, $600, $700 or $1000 which reduces your initial spending power.
Such a relatively paltry amount, coupled with such burdensome fees, wont do you much good when it comes to affording emergency medical expenses or car repairs, which might very well be fueling your desire for an unsecured credit line. Neither will the cards 36% regular APR the highest interest rate on the market, according to our latest . For example, a $400 balance paid down over 12 months would generate about $83 in interest charges under these conditions. Whats more, if you keep your account open for longer than a year, you will have to pay $120 to $174 in fees each year, thanks to the combination of an annual fee and a monthly maintenance charge.
In other words, you can basically think of First Premier as your wallets worst fear. Below you can learn more about why thats the case as well as which alternatives are preferable.
Recommended Reading: How To Set Up Zelle Chase
First Premier Bank Gold Mastercard Review
Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.
The First Premier Bank Gold Mastercard is an unsecured card for people who want to establish or rebuild credit. However, the trade-off for not putting down a security deposit is sky-high fees.
How To Use First Premier Bank Mastercard Credit Card
Before applying for the First Premier Bank Mastercard, consider other options for poor credit or no credit history. The Indigo Platinum Mastercard or Capital One Platinum Credit Card are both unsecured options for people with bad or limited credit that will provide a much clearer and less costly path to good credit.
If you still want to apply for this card, or you own it already, make sure you never carry a balance. Not only will you avoid accruing 36% interest on any revolving balances but youll build your credit to qualify for other, better card options. When First Premier reports your card use to the credit bureaus, youll want to show only a positive history of timely payments in full.
If youre using this card to improve your credit, you should also keep your in mind. Experts recommend keeping your utilization under 30% for the best chances of improving your score. If youre issued a $300 credit limit from First Premier, that means you should keep your monthly balances below $90 to maintain an ideal utilization rate and thats including any fees deducted from your limit.
Don’t Miss: Where Is The Closest Pnc Bank
Up To $17380 In Membership Fees Starting Year Two
The cards annual fee will drop to $45 in the second year if you have a credit line of $300 or $400 and to $49 if your limit is $500, $600, $700, or $1,000. But this is deceiving. If you get a $300, $400, or $500 credit limit, monthly fees also come into play, with the lower-credit-limit groups having to shell out $6.25 and the high-end crowd on the hook for $10.40. As a result, cumulative membership fees after the first year can total $120 or $173.80. And, if you get the larger credit limits, you would have to take into consideration that the monthly fees are not waived in the first year.
Insider Advice: Getting The Most Out Of Your Card
- Improve your credit scores: Build a positive credit history by paying your bill on time, every time.
- Pay your statement balance in full: Be sure to pay your statement balance in full each month to avoid having to pay interest. Additionally, itll help keep your credit utilization low which in turn can help your credit scores.
- Know the facts: Read your card terms, as there are many fees to be aware of. Theres a program fee, monthly fee, annual fee, authorized user fee, copy fee, express delivery fee, and more.
- Avoid the fees: Opt for paperless statements, dont lose your card, and limit the number of authorized users on your account. If you get a credit limit increase but dont want it, you can reject it by contacting customer support.
Looking for more information on rebuilding your credit scores? Heres our in-depth guide!
You May Like: Bankofamerica Overdraft Protection
First Premier Bank Credit Card Overview
The First Premier Bank Credit Card is designed for consumers with low credit scores who may not be approved for most other unsecured credit cards. You shouldnt plan to use this card long term. Instead, this is a card to use for a short time to build your credit before moving on to a more traditional credit card that offers rewards, lower fees, a higher credit limit and lower interest rates. Card rating*: ½
*Card Rating is based on the opinion of TPGs editors and is not influenced by the card issuer.
This page includes information about the Discover it Secured that is not currently available on The Points Guy and may be out of date.
If you have limited credit or are working to repair your credit, you may not have many appealing options when it comes to credit cards. Most rewards credit cards will want to see a higher credit score and stronger credit history before extending credit. So, if you have bad or poor credit, you may need to temporarily rely on a secured credit card or an unsecured credit card with high fees while you work to improve your credit score.
Sioux Falls South Dakota
|Best Little City in America, Queen City of the West, The Heart of America|
|Location within Minnehaha County|
|Show map of South DakotaSioux FallsLocation within the United StatesShow map of the United StatesSioux FallsShow map of North AmericaSioux FallsShow map of North AtlanticSioux Falls|
|79.93 sq mi|
|Land||79.39 sq mi|
|Water||0.54 sq mi|
|in the United States in South Dakota|
Sioux Falls is the in the of and the in the United States. It is the of and also extends into to the south, proximate with the state line. As of 2020, Sioux Falls had a population of 192,517. The Sioux Falls metro area accounts for more than 30% of the state’s entire population. Chartered in 1856 on the banks of the , the city is situated in the rolling hills at the junction of and .
According to , Sioux Falls is the healthiest city in the United States and is often considered one of the healthiest cities in the US by many other organizations.
Recommended Reading: Is Jp Morgan And Chase The Same
Other Things To Consider About The First Premier Bank Credit Card
- 5% Cash Advance Fee: : If your emergency expense can only be paid in cash, you will have to pay a fee equal to 5% of the amount withdrawn to tap into your cards credit line at an ATM. Interest will immediately begin accruing at a market-worst 36% rate as well.
- 3% Foreign Transaction Fee: If your financial emergency for some reason involves international travel or spending, its important for you to note this cards 3% fee for transactions processed outside the U.S. Such a charge bucks the market-wide trend away from geographic nickel-and-diming, as the average foreign transaction fee has fallen by 38% since 2014, according to WalletHub data.
- Premier Credit Protection: You can pay $0.89 per $100 in end-of-month balances for a service that First Premier calls Premier Credit Protection, which promises to make payments for you in the event of certain covered events, such as disability, unemployment and unpaid family leave. However, such deals typically arent worthwhile given the myriad exclusions that apply. But you can peruse the contract to make up your own mind.
Best Cards To Pair The First Premier Credit Card With
If youre trying to improve your credit, its a good idea to have more than one well-managed credit card as it can help to build your credit faster.
You may want to pair your First Premier card with a secured credit card, like the OpenSky Secured card mentioned above. The APR and annual fee are competitive and the deposit is refundable so it may help you keep costs down. Browse the rates and terms of the best secured cards on the market to see if one may be the right fit for you.
Once you begin to build your credit, you will qualify for more cards with better rates, terms and perks. Look for cards that offer rewards so you can earn money as you use the card versus paying to have it. For example, the Capital One® QuicksilverOne® Cash Rewards Credit Card approves users with less-than-perfect credit and offers unlimited 1.5 percent back on all purchases at an annual fee of $39.
Don’t Miss: How Much Can I Overdraft Td Bank
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.