How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
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 the Discover it® Secured Credit Card.
Intro Purchase APR
N/A
Regular Purchase APR
See Provider Website
Intro BT APR
N/A
Regular BT APR
See Provider Website
Annual Fee
See Provider Website
Cash Advance Fee
See Provider Website
Foreign Transaction Fee
See Provider Website
Balance Transfer Fee
N/A
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.
Typically, secured credit cards require a deposit of at least $200, which serves as the cardholder’s line of credit, but which will be refunded (minus any balance owed) once the account is closed or moved to an unsecured card.
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).
High APR
If you are considering applying for a PREMIER Bankcard® Grey Credit Card, know that you will be subject to a high annual percentage rate (APR). For that reason, 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 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.
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.
The card requires a minimum security deposit of $200 to open your account, and your credit limit will be determined by your income and ability to pay (up to $2,500). Then, starting at seven months, Discover will automatically review your account to see if you qualify to receive your security deposit back and convert to an unsecured card.
The Discover it® Secured Credit Card also comes with a $0 annual fee and waives your first late payment fee.
Unlike typical secured credit cards, the Discover it® Secured Credit Card offers rewards on every purchase you make.
Cardholders 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 Additionally, for new card members only, Discover will match all the cash back you’ve earned at the end of your first year.
Keep in mind that it’s best to focus on demonstrating responsible card usage by paying your card balance in full and on time each month to build up your credit score.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
|
PREMIER Bankcard® Grey Credit Card*
|
None | Non-rewards card | See Provider Website | ||
|
Discover it® Secured Credit Card*
|
Discover will match all the cash back you’ve earned at the end of your first year. | 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 | 27.74% Variable APR | ||
Capital One Platinum Secured Credit Card*
|
N/A | Non-rewards Card | 29.99% (Variable) | ||
Capital One Platinum Credit Card*
|
N/A | Non-rewards Card | 29.99% (Variable) |
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 the PREMIER Bankcard® Grey Credit Card, 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.
Or, if you don’t mind submitting a security deposit, consider a credit card with considerably lower fees and interest rates, such as the Discover it® Secured Credit Card.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the PREMIER Bankcard® Grey Credit Card, Discover it® Secured Credit Card, Capital One Platinum Secured Credit Card and Capital One Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
