Having a poor credit score can make it very difficult to get credit when needed. You need access to credit to prove you can manage it responsibly, but low credit scores make it difficult to qualify for new accounts. Premier Bankcard aims to help consumers rebuild credit with their unsecured Premier card, which is accessible regardless of your current credit profile.
With no security deposit required, online tools to monitor your score, and the ability to graduate to better terms, the Premier Bankcard can be a stepping stone for establishing positive financial habits again.
In this post, we’ll look at the key features, fees, and eligibility criteria of the Premier Bankcard to understand how it can help rebuild credit.
How to Get Approval Without a Credit Check
A major barrier for those with poor credit is that applying often requires a hard credit check, which can ding your score further. The Premier Bankcard is different – it uses a soft credit inquiry that does not affect your credit profile.
Approval is based on verifying personal details, not your credit score or history. Here is what’s required:
- Be a U.S. citizen or permanent resident
- Have a government-issued photo ID
- Provide your Social Security Number
- Have a checking or savings account
No minimum income or employment requirements. As long as your details check out, you can be approved for a $300 – $1,000 initial credit limit.
Tips to Use the Card to Establishing Positive History
With an unsecured card and access to a credit line, you can start demonstrating positive habits even with poor credit scores. Using the Premier Bankcard responsibly by:
- Pay in at least the minimum due every month
- Keep the credit utilization low
- Avoid late payments or over limit fees
- Set up autopay for guaranteed on-time payments
This activity will be reported to all three major credit bureaus. On-time payments will help increase your scores over time as you build or rebuild credit history.
Credit Resources to Monitor Your Progress
An important perk of the Premier Bankcard is access to tools that allow you to monitor your credit journey, including:
- Free monthly VantageScore from TransUnion
- Score simulator to see the impact of card usage
- Educational credit resources and tips
- The ability to rack your score progress over time
Having visibility into your credit profile can help motivate sticking to positive financial habits that ultimately rebuild your creditworthiness.
Fees Associated with the Card
While designed for those working to improve their credit, the Premier Bankcard does charge fees that you need to factor in:
- $39 account opening fee
- $6.50 monthly servicing fee
- $75 annual fee after the first year
- Up to $37 for late payments
So expect these ongoing costs associated with access to an unsecured card. The fees can add up but may be worthwhile to build up your credit.
Graduating to Better Card Terms
For consumers who use the Premier Bankcard responsibly for 7-12 months and achieve credit score improvements, you may become eligible for graduation to a lower APR card with more benefits.
This graduated card offers:
- Lower 11.99% variable APR (vs. 23.99% for the standard card)
- $0 annual fee
- Opportunity to get deposit requirement waived
Graduation is not guaranteed but can provide even better terms as you continue to build credit history with the card.
Who Is The Premier Bankcard Good For?
The Premier Bankcard targets consumers who want to proactively rebuild credit with an unsecured card, such as:
- Anyone with poor credit scores below 600
- Those with limited credit history (e.g. young adults)
- People who have experienced financial setbacks
- Immigrants new to U.S. credit looking to establish active history
For qualifying applicants, it can provide a credit line to prove you can manage payments and credit responsibly.
Important Considerations Before Applying
Before pursuing the Premier Bankcard, make sure to consider:
- Your budget for the various fees charged
- Alternatives like secured cards and credit-builder loans
- Whether you have any accounts with past major delinquencies
- Your timeline and plan for improving credit
While a viable option, utilize the Premier Bankcard strategically in the context of your broader credit rebuilding strategy. Don’t rack up debt on the card that leads to high utilization and offsets progress.
How to Apply for the Premier Bankcard
You can submit an application for the Premier Bankcard completely online:
- Go to apply.premiercardbankcard.com and click “Apply Now”
- Provide your personal information including full name, home address, date of birth, Social Security Number.
- Agree to the terms and conditions and submit your application.
- If approved, you should receive your new card within 7-10 business days.
No credit check is required for approval. Just have your government ID, income source, and bank account info available when you apply.
Activating Your New Premier Bankcard
Once you receive your Premier Bankcard in the mail, you’ll need to activate it:
- Locate the sticker on the front of the card showing your activation code.
- Call the number listed on the back of the card or on the sticker.
- When prompted, enter your card number, expiration date, and the 4-digit activation code.
- Follow the steps to create your card PIN number and complete activation.
Your card is now active and ready to use! Be sure to sign the back before making any purchases.
How to Manage Your Account Online
After activation, you can create an online account to manage your Premier Bankcard:
- Visit premiercardbankcard.com and click “Register”
- Provide your card number and details to register your account
- Create your username, password, and security questions
You can now log in anytime to make payments, set up autopay, check transactions, view statements, monitor your credit score, and more!
Accessing active credit with poor credit scores can feel impossible, but the Premier Bankcard aims to help consumers slowly rebuild by reporting to the credit bureaus. Just have a plan to manage the various fees charged and utilization of your credit line.
With good card usage, the opportunity to graduate to improved terms, and credit monitoring tools, the Premier Bankcard can assist your credit rehabilitation journey.