PREMIER Bankcard® Secured Credit Card Review | LendingTree (2024)

Our take: The PREMIER Bankcard^® Secured Credit Card might be good to consider if you have bad credit, but there are other cards with no annual fees that are likely a better fit.

If you have poor or non-existent credit and are limited on which credit cards you qualify for, the PREMIER Bankcard^® Secured Credit Card might be worth considering. However, since it charges an annual fee (See Provider Website for full Terms & Conditions) and has limited benefits, it shouldn’t be your first choice.

The card, which gives you an instant decision upon submitting your application, requires a $200 refundable deposit that will serve as your credit limit. The card’s annual fee is deducted from your initial available credit limit.

While it does offer the opportunity to increase your credit line with responsible card usage, beware that it’ll cost you 25% of the increased amount.

If you want to use a secured card to help rebuild or establish your credit, you may be better off with one that charges a $0 annual fee and doesn’t assess additional fees for credit line increases, like the Capital One Platinum Secured Credit Card.

*To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

• Ability to build credit history

  The PREMIER Bankcard^® Secured Credit Card reports your account activity and payment history to the major credit bureaus (Experian, Equifax and Transunion) each month. This means that you can build or rebuild your credit history with responsible card usage. If you keep your balance low and pay your bills on time each month, you should see your credit score improve with this card.

• Opportunity to increase credit limit

  If you keep your account in good standing for 12 months (making on-time payments and remaining within your credit limit), you may be able to request a credit limit increase.

  Just know, you will be assessed a fee that’s 25% of the amount of the credit limit increase each time your limit is increased (See Provider Website for full Terms & Conditions). For example, if you’re approved for a $100 credit limit increase, a $25 fee will be applied to your account.

• Refundable security deposit

  You can receive your security deposit back if you have a $0 balance and your account is closed.

• Low APR

  The PREMIER Bankcard^® Secured Credit Card has a low APR (See Provider Website for full Terms & Conditions) compared to many other secured credit cards. If you think you may carry a balance some months, then this card may be a good option to save on interest charges.

  However, keep in mind that paying your balance on time and in full is key to improving or building your credit.

• Annual fee

  The PREMIER Bankcard^® Secured Credit Card charges an annual fee (See Provider Website for full Terms & Conditions), which is deducted from the initial amount of credit you have available. For example, if you have a credit limit of $200, your initial available credit will be $150. It makes little sense to apply for a secured credit card with an annual fee, unless it’s your last resort. You can find many no-annual-fee secured credit cards, like the Capital One Platinum Secured Credit Card.

  *To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

• Limited card benefits

  Other than offering free monthly access to your credit score, the PREMIER Bankcard^® Secured Credit Card doesn’t come with many perks. It does not offer a sign-up bonus or rewards for the purchases you make.

  The Discover it® Secured Credit Card is a great option for a secured card with rewards. You’ll earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

PREMIER Bankcard^® Secured Credit Card vs. Capital One Platinum Secured Credit Card

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

|Disclosures

Capital One Platinum Secured Credit Card

Apply Now

on Capital One's secure site

Rates & Fees

Capital One Platinum Secured Credit Card

Intro Purchase APRN/A

Regular Purchase APR29.99% (Variable)

Annual Fee $0

Rewards RateNon-rewards Card

Highlights

• No annual or hidden fees. See if you're approved in seconds
• Building your credit? Using the Capital One Platinum Secured card responsibly could help
• Put down a refundable security deposit starting at $49 to get a $200 initial credit line
• You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
• Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
• Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
• Monitor your credit score with CreditWise from Capital One. It's free for everyone
• Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
• For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply

Recommended Credit

Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion

300600

Limited / Poor

Get my free score

If you’d prefer a secured credit card that doesn’t charge an annual fee and offers the opportunity to pay a lower security deposit, you should look at the Capital One Platinum Secured Credit Card.

The $0 annual fee card requires a refundable security deposit of $49, $99 or $200 for an initial credit line of $200. Note, you have to apply and be approved before your minimum deposit is determined, and you’re not guaranteed to get one of the lower deposits.

Capital One will also automatically consider your account for a higher credit line in as little as six months.

The Capital One Platinum Secured Credit Card does come with a considerably higher interest rate on purchases than the PREMIER Bankcard^® Secured Credit Card: If you don’t pay your balance in full each month, you will be assessed interest at an APR of 29.99% (Variable).

*To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

PREMIER Bankcard^® Secured Credit Card vs. Discover it^® Secured Credit Card

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

|Disclosures

Discover it^® Secured Credit Card

Apply Now

on Discover's secure site

Discover it^® Secured Credit Card

Intro Purchase APRN/A

Regular Purchase APR28.24% Variable APR

Annual Fee $0

Rewards RateEarn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

Highlights

• No credit score required to apply.
• No Annual Fee, earn cash back, and build your credit history.
• Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
• Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
• Terms and conditions apply.

Recommended Credit

Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion

300600

Limited / Poor

Get my free score

The Discover it® Secured Credit Card is one of the best credit cards to build credit. It offers the opportunity to increase your credit limit, graduate to an unsecured credit card and offers rewards — which is rare for a secured credit card.

You’ll earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

Plus, it has a $0 annual fee, while the PREMIER Bankcard^® Secured Credit Card has an annual fee. Overall, the Discover it^® Secured Credit Card is the better card for building credit because of its lower fees and better benefits.

PREMIER Bankcard^® Secured Credit Card vs. PREMIER Bankcard^® Mastercard^® Credit Card

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

|Disclosures

PREMIER Bankcard^® Mastercard^® Credit Card

Apply Now

on PREMIER Bankcard®'s secure site

PREMIER Bankcard^® Mastercard^® Credit Card

Intro Purchase APRN/A

Regular Purchase APRSee Provider Website

Annual Fee See Provider Website

Rewards RateNon-rewards card

Highlights

• PREMIER Bankcard credit cards are for building credit.
• Start building credit by keeping your balance low and paying all your bills on time each month.
• When you need assistance our award-winning US-based Customer Service agents are there to help.
• Credit Limit Increase Eligible after 12 months of consistent responsible account management.
• We report monthly to the Consumer Reporting Agencies to help you build your credit.

Recommended Credit

Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion

300600660

Limited / Poor / Fair

Get my free score

The PREMIER Bankcard® Mastercard® Credit Card is a credit card for limited / poor / fair credit that doesn’t require a security deposit, unlike the PREMIER Bankcard^® Secured Credit Card. It’s designed for people who are trying to improve their credit, rather than people who are new to credit.

This card comes with a very high APR and very expensive setup and maintenance fees (See Provider Website for full Terms & Conditions), based on your credit limit. These fees can amount to more than $100 per year, depending on your credit limit, and the card doesn’t come with rewards or a sign-up bonus. The main benefit to this card is that it can help you build credit if you make your payments on time, but the fees outweigh that.

Between these two cards, the PREMIER Bankcard^® Secured Credit Card is likely the better option to build your credit — but you may want to try applying for other secured credit cards first.

Overall, the PREMIER Bankcard^® Secured Credit Card is a satisfactory option if you’re trying to rebuild or establish your credit history. But to really make this card worthwhile, it’s best to keep your balance low and pay your bill on time and in full each month. Also, because credit limits are so pricey, you should avoid them.

But if you want the opportunity to pay less upfront, the Capital One Platinum Secured Credit Card may be a better choice. Unlike the PREMIER Bankcard^® Secured Credit Card, the Capital One Platinum Secured Credit Card gives you the chance to qualify for a lower security deposit. Additionally, the card does not deduct an annual fee from your initial line of credit.

*To see rates & fees for Capital One Platinum Secured Credit Card, please click here.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.