Premier Visa: A Subprime Credit Card

If you're struggling with bad credit, you might encounter credit card offers that seem like a lifeline. However, it's crucial to proceed with caution, as some cards can do more harm than good. Premier Bankcard, particularly the Premier Visa, is one such card that warrants careful consideration due to its high costs and numerous consumer complaints.

The Premier Visa: A Costly Option for Bad Credit

Premier Visa is a credit card marketed towards individuals with poor credit. While it can offer access to credit when other options are limited, it comes with a steep price. Here's a breakdown of the concerns:

• Excessive APR: The Annual Percentage Rate (APR) on Premier Visa cards can be a staggering 36%. This is significantly higher than the average credit card interest rate, meaning you'll pay a lot in interest charges, especially if you carry a balance.

• Upfront Fees: Be prepared for fees right from the start. Consumers have reported a substantial annual membership fee that's often applied to the initial credit limit.

• Low Credit Limits: The initial credit limits are typically very low, sometimes as low as $300.

• Fee Impact on Credit Utilization: The high fees can negatively impact your credit utilization ratio. For example, if you're given a $300 limit and have a $150 annual fee added to the account, you only have $150 of available credit. This means your credit utilization is immediately at 50%, which is detrimental to your credit score. Experts recommend keeping credit utilization below 30%.

• Monthly Maintenance Fees: In addition to the annual fee, Premier Visa may also charge a monthly maintenance fee, further adding to the cost of the card.

• Short Grace Periods: Some users have reported shorter grace periods for payments, increasing the risk of late fees.

• Poor Customer Service: Numerous complaints cite poor customer service, making it difficult to resolve issues or get assistance.

The Promise vs. Reality

Premier Visa often advertises that responsible use (on-time payments) can improve your credit score and lead to credit limit increases. While making on-time payments does contribute to positive credit history, many consumers feel that the high fees, interest, and low limits outweigh any potential benefit.

A Better Path to Credit Rebuilding

Instead of relying solely on cards like Premier Visa, consider these alternatives:

• Secured Credit Cards: Apply for a secured credit card at your local credit union. Secured cards require a deposit, which acts as your credit limit, but they can be a good way to build credit responsibly.

• Credit Repair: The most effective long-term solution is to address the underlying issues affecting your credit score. Our eBook provides strategies and resources to help you fix your credit and qualify for better credit products in the future.

The Bottom Line

While Premier Visa may seem like a solution for bad credit, the high costs and potential drawbacks should give you pause. Explore all your options carefully, and prioritize credit repair to access more affordable and beneficial credit products.

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