PREMIER Bankcard^® Grey Credit Card: Is It Worth It?

If you have poor credit, and have few credit card options for which you can be approved that don’t require a security deposit, you may want to take a look at the PREMIER Bankcard^® Grey Credit Card.

The PREMIER Bankcard^® Grey Credit Card is an unsecured credit card — meaning, it does not require a security deposit to access your line of credit. However, due to the card’s numerous fees and extremely high interest rates (See Provider Website for full Terms & Conditions), we think it makes more sense to look at alternative credit card options, such as the Discover it^® Secured Credit Card.

We break down the pros and cons of the PREMIER Bankcard^® Grey Credit Card and show how it compares to other credit cards for building credit.

• Intro purchase APR: N/A
• Regular purchase APR: See Provider Website
• Intro balance transfer: N/A
• Regular BT APR: See Provider Website
• Foreign transaction fee: See Provider Website
• Sign-up bonus: None
• Rewards: Non-rewards card
• Other benefits: No security deposit required
• Credit needed: Poor

• No security deposit

  If you have poor credit, and are interested in an usecured credit card that doesn’t require a security deposit, the PREMIER Bankcard^® Grey Credit Card is an option.

  However, while avoiding a security deposit may seem like a plus, you could easily incur fees higher than that amount simply by opening your PREMIER Bankcard^® Grey Credit Card account (more on that below).

  Secured credit cards typically require a deposit of at least $200, which serves as the cardholder’s line of credit. This amount is usually refunded (minus any balance owed) once the account is closed or you move to an unsecured card.

• High APR

  The PREMIER Bankcard^® Grey Credit Card, has a high annual percentage rate (APR). This isn’t a card you want to carry a balance on, as the interest charges will considerably inflate what you owe.

• Fees

  Much like some other credit cards designed for individuals with poor credit, the PREMIER Bankcard^® Grey Credit Card is laden with credit card fees. For example, the card requires a one-time program fee, as well as monthly and annual fees, which vary depending on your credit limit.

• Automatic credit limit increase fees

  Once your account has been open for 12 months, PREMIER Bankcard® may check to see if you’re eligible for a credit limit increase. If you are, you will be charged a fee that’s 25% of the amount of the credit limit increase. For example, if approved for a $100 credit limit increase, you’ll incur a $25 credit limit increase fee, which will result in an increased available credit of $75.

  If you have been granted a credit limit increase you don’t want, you can request a refund within 30 days after the date of the billing statement on which the fee is billed.

PREMIER Bankcard^® Grey Credit Card vs. Chase Freedom Rise℠ Credit Card

The Chase Freedom Rise℠ Credit Card is a great option for building credit, as it’s open to people with good / excellent credit, including students. It also has a $0 annual fee and doesn’t require a security deposit.

With Chase Freedom Rise℠, you can start building credit while earning 1.5% cash back on all purchases. Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. The card also comes with a modest bonus if you enroll in automatic payments.

You can increase your chances of being approved for the Chase Freedom Rise℠ Credit Card by having a balance of at least $250 in a Chase checking or savings account. It’s not a guarantee that you’ll be approved, but it does help establish a relationship if you want to open this or another Chase credit card in the future.

PREMIER Bankcard^® Grey Credit Card vs. Upgrade Cash Rewards Visa^®

The Upgrade Cash Rewards Visa^® is another unsecured credit card that offers 1.5% unlimited cash back on card purchases every time you make a payment and a $0 annual fee. It can be a more affordable option than the PREMIER Bankcard^® Grey Credit Card, but you’ll have to juggle a payment structure that resembles a personal loan.

Each month, your purchases are bundled into a new installment loan with its own fixed monthly payment and payoff date. You can pay it off early, but there’s no grace period. Interest accrues from the date of purchase, so you’ll pay interest even if you pay your statement balance in full. Each month’s charges are reported as unique loans, which helps diversify your credit mix.

Some Upgrade Cash Rewards Visa^® cardholders are able to get lines of credit up to $25,000 and lower-than-average credit card interest rates. However, your credit score determines the exact credit limit and interest rate, and you may need to enroll in auto payment to receive a lower APR.

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

Unlike the previous cards, the Discover it^® Secured Credit Card is a secured credit card that requires you to put down your own money to create your line of credit. Though you’ll have to pay a minimum $200 deposit upfront, it’s a more affordable option than the PREMIER Bankcard^® Grey Credit Card in the long run. The deposit is refundable, and you won’t have to pay ongoing fees just to keep your account open.

It’s a cash back credit card that lets you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.

The Discover it^® Secured Credit Card also offers a path to upgrade to an unsecured card. You’ll get automatic reviews starting at seven months to see if you can transition to an unsecured line of credit and have your deposit refunded.

The PREMIER Bankcard^® Grey Credit Card could work for you if you’re in the market for an unsecured credit card that accepts applicants with poor credit and don’t mind paying the fees (See Provider Website for full Terms & Conditions) associated with it. However, our advice is to only keep this card open for as short a period of time as possible to establish an acceptable credit profile. Once your credit rises to a point where you can qualify for a card with fewer fees, then you should do so.

However, you can find cards for building credit with considerably lower fees and interest rates, like the Chase Freedom Rise℠ Credit Card. Or, if you don’t mind submitting a security deposit, a secured card like the Discover it^® Secured Credit Card can be a much better deal.