What the 1st Premier Bank Credit Card Is
The 1st Premier Bank Credit Card is a secured credit card issued by 1st Global Inc., a bank based in South Dakota. You put down a cash deposit, and that deposit becomes your credit limit — so a $500 deposit gives you a $500 limit. The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your payment history builds a credit record you can use later to move to an unsecured card.
This card is designed for people rebuilding credit or starting from scratch. It does not require a credit check in the traditional sense, and approval decisions happen quickly. You will pay an annual fee and interest on any balance you carry, so the real cost depends on how you use it.
Key Takeaways
- Your cash deposit becomes your credit limit, so you control how much you want to risk upfront.
- The card charges an annual fee (the exact amount varies by the deposit tier you choose) plus interest on balances you do not pay in full each month.
- On-time payments are reported to all three credit bureaus, which is the main reason to use this card instead of a prepaid card.
- After a period of responsible use — typically 18 to 24 months — you may be able to move to an unsecured card or have your deposit returned.
- The interest rate is higher than cards for people with good credit, so carrying a balance costs more than it would elsewhere.
How to Get the Card and What It Costs
You can request the card online through 1st Premier Bank's website or by phone. The process is straightforward: you provide basic personal information, choose your deposit amount, and arrange payment. Deposits typically range from $200 to $2,500, though the exact minimum and maximum may change. Once your deposit clears, your account opens and your card ships within a few business days.
The annual fee depends on your deposit tier. A smaller deposit usually means a lower annual fee, but the fee is charged regardless of whether you use the card. Interest rates are also higher than standard credit cards — 1st Premier's rates typically fall in the 19% to 22% range, though the exact rate you receive depends on your individual situation. If you carry a balance, you will pay interest monthly on whatever you owe.
There are no foreign transaction fees, which is useful if you travel internationally. However, there is no rewards program or cash back, so you do not earn anything extra for spending.
How Payments and Credit Reporting Work
You make payments the same way you would with any credit card: online through your account, by phone, by mail, or through automatic payments. The payment due date is listed on your statement. What matters most is that on-time payments are reported to Equifax, Experian, and TransUnion, which means they show up on your credit report and help build your credit score over time.
Late payments are also reported, so missing a due date hurts your score. If you miss a payment by 30 days or more, the card issuer may charge a late fee and your interest rate may increase. Staying current is the entire point of using this card, so set up automatic payments if you can.
Your credit limit is your deposit amount, and you cannot exceed it. If you try to charge more than your limit, the transaction will be declined. This is actually a safety feature — it prevents you from going into debt beyond what you have already set aside.
When to Move Away From This Card
After 18 to 24 months of on-time payments, 1st Premier may offer to convert your account to an unsecured card, return your deposit, or both. This is not automatic — the bank reviews your account and decides whether to upgrade you. If you are approved for conversion, your deposit is returned to you and you keep the card with a higher credit limit based on your creditworthiness.
Even if 1st Premier does not offer conversion, other card issuers may be willing to extend unsecured credit to you once your credit score improves. At that point, you can close the 1st Premier account and move to a card with lower fees and better terms. You do not have to wait for the bank to upgrade you — you can close the account whenever you want, though closing it does not hurt your score as much as it used to.
What Happens If You Cannot Pay Your Deposit Back
Your deposit is held in a separate account and is not at risk if you miss credit card payments. However, if you default on the card itself — meaning you stop paying and the account goes to collections — the bank may eventually use your deposit to cover what you owe. This is spelled out in the cardholder agreement, so read it before you open the account.
If you fall behind on payments, contact the bank as soon as possible. Many issuers will work with you on a payment plan rather than sending your account to collections. The longer you wait, the worse the damage to your credit report.
Alternatives to Consider
A secured card is not the only option for rebuilding credit. Some credit unions offer secured cards with lower fees and interest rates than 1st Premier, so it is worth checking what your local credit union offers. Becoming an authorized user on someone else's account (usually a family member with good credit) can also help your score without requiring a deposit, though this depends on the other person's willingness and the card issuer's policies.
A credit-builder loan from a credit union is another path: you borrow a small amount, make payments on it, and the payments are reported to the credit bureaus. The interest rate is usually lower than a secured card, and you build credit without carrying a balance. However, credit-builder loans take longer and require a commitment to a fixed payment schedule.
If you straightforward need a card you can use without a credit check, a prepaid card is cheaper upfront — no annual fee, no interest — but it does not build credit because prepaid cards are not reported to the bureaus. Use a prepaid card for spending control, and use a secured card like 1st Premier's if building credit is your goal.
Frequently Asked Questions
Do I need good credit to get this card?
No. The card is designed for people with no credit history or poor credit. There is no traditional credit check, and approval is based mainly on your ability to make the deposit. Most people are approved within a few days.
Can I increase my credit limit without adding more money?
Not automatically. Your limit is tied to your deposit. Some issuers will increase your limit after a period of on-time payments, but you would need to contact the bank and ask. You cannot increase your limit by adding more to your deposit after the account opens.
What if I close the account — do I get my deposit back?
Yes. When you close the account in good standing (no outstanding balance or late payments), your deposit is returned to you, usually within a few weeks. If you have an unpaid balance, the bank may hold the deposit until the balance is paid.
How long does it take to build credit with this card?
You will see your credit score start to move within three to six months of on-time payments. Significant improvement typically takes 12 to 18 months. The longer your payment history, the more it helps your score.
Is the interest rate locked in, or can it change?
The rate you receive at opening is your starting rate, but it can change if you miss payments or if the bank adjusts rates across its portfolio. Always read your cardholder agreement for details on when and how the rate can change.