Thinking about getting a Premier card and wondering whether the First Premier Bank is even legit or not? Then, this article is for you.
People nowadays search for a bank/card before choosing it, which is the right approach. There are different fraudsters in the market, which can hurt you a lot financially.
But fortunately, First Premier Bank is 100 percent legit. You can open your account and get a card even if you have a low or no credit score.
Furthermore, it supports all the modern ways of transactions, like digital wallets, banking apps, etc.
However, people have complained about First Premier Bank, and their concerns are legit too. So, stick to the end to know whether this bank suits you or not.
Key Takeaways
- First Premier Bank reports to major bureaus, which can help you boost your credit score.
- You can easily sign up for First Premier Bank accounts by visiting the official website or using the app.
- With premier cards, you can make payments in different ways:
| Via Apps | With Digital Wallets | By calling 800-315-6350 | By sending it on: First Premier Bank PO Box 1348 Sioux Falls, SD 57101-1348 |
- The Bank lets you monitor your progress and other details.
- Some people opt out of Premier Bank because of the high APR, hefty fees, and one-time deposits.
Let’s dive into the details!
Why Is First Premier Bank Legit?
First Premier Bank is a reputable financial organization because of a lot of reasons. Here are the major ones.
● Reports to Credit Bureaus
The biggest reason First Premier Bank is credible is that it reports your financial activities to Experian, Equifax, and TransUnion every month. So, if you make payments on time, the Bank can help you improve your credit score.
● Most Major Retailers Accept Its Cards
First Premier Bank offers Credit/Mastercards, which almost every retailer accepts. If the organization was a fraud, you wouldn’t be able to use it anywhere.
● No Need For Security Deposit
Most scam companies demand you to pay a security deposit in return for an unsecured credit card. Some legit companies also have this policy too.
But First Premier Bank does not want you to give a security deposit of any kind.
● Credit Monitoring
First Premier Bank does not hide anything from you. You can monitor your credit-building progress easily on the app and official website.
● Can Get in Touch With Representatives Easily
Dishonest companies discourage people from contacting them. But you can get in touch with First Premier Bank easily by calling 800-501-6535.
In case of any credit card inquiry, dial 800-987-5521.
Furthermore, there is a page called “Locations” on the official website. Visit it and find the nearby Premier Bank branches and ATMs.
● Strong Security and Privacy System
First Premier Bank does not compromise on the privacy and security system. No one can breach the app/website and get access to your sensitive information.
You must also help the bank in securing your account. Don’t share your email, password, social security number, etc with any person. In case of any unknown transaction, get in touch with the bank immediately to resolve any issue.
Now, it’s time to know the advantages of the First Premier Bank.
First Premier Bank Company Profile:
Company Name: First Premier Bank Headquarters: Sioux Falls, South Dakota Founded: 1989 Revenue: $923.4 million (2022) Employees: 1,200 Industry: Financial services CEO: Timothy J. Lane Average Salary: $195,524 (2021) Related Companies: None Website: https://www.firstpremier.com/
First Premier Bank is a prominent financial services institution headquartered in Sioux Falls, South Dakota.
Established in 1989, the bank has built a strong reputation and a loyal customer base.
With a focus on providing exceptional financial solutions, First Premier Bank has experienced impressive growth and achieved a revenue of $923.4 million in 2022.
The bank prides itself on its dedicated staff of 1,200 employees, crucial in delivering top-notch customer service.
First Premier Bank values its employees and ensures their well-being by offering an average salary of $195,524 in 2021, a testament to its commitment to attracting and retaining top talent.
Led by CEO Timothy J. Lane, First Premier Bank demonstrates effective leadership and strategic direction.
Under his guidance, the bank has consistently pursued excellence, resulting in its success and strong market position.
The bank’s commitment to customer satisfaction and employee engagement has been instrumental in its growth and reputation.
First Premier Bank operates exclusively under its brand and has no directly related companies.
This independent approach allows the bank to focus solely on providing its customers with the best financial services and solutions.
First Premier Bank maintains a user-friendly website at https://www.firstpremier.com/ to provide convenient access to its offerings.
The website is a comprehensive platform for customers to explore and access various banking services, including personal and business banking, loans, mortgages, and more.
First Premier Bank Vision Statement: “To be the premier financial services provider for consumers and businesses in our markets.”
The vision statement of First Premier Bank outlines its aspiration to become the leading financial services provider in the markets it serves.
Using the term “premier,” the bank emphasizes its commitment to excellence, implying that it aims to set the standard for quality and customer satisfaction in the industry.
First Premier Bank envisions itself as a preferred choice for individuals and businesses seeking financial services, highlighting its ambition to stand out among competitors and offer exceptional value to its customers.
First Premier Bank Mission Statement: “To provide our customers with innovative financial products and services that help them achieve their financial goals.”
The mission statement of First Premier Bank centers around the customer and their financial well-being.
The bank commits to delivering innovative and customer-centric financial products and services.
By emphasizing the importance of helping customers achieve their financial goals, First Premier Bank underscores its dedication to providing tailored solutions and support.
The mission statement reflects the bank’s desire to be a trusted partner and a catalyst for customers’ financial success.
First Premier Bank Core Values:
- Customer Focus: First Premier Bank prioritizes the needs and satisfaction of its customers. It strives to understand their financial requirements and deliver personalized solutions that meet their goals.
- Excellence: First Premier Bank aims for excellence in its operations. It sets high standards for its products, services, and customer experiences, seeking to surpass expectations and continually improve.
- Innovation: First Premier Bank values innovation and embraces new ideas and technologies to enhance its offerings and provide cutting-edge financial solutions. The bank strives to stay ahead of market trends and adapt to changing customer needs.
- Integrity: First Premier Bank upholds strong ethical standards, transparency, and honesty in all its dealings. The bank fosters trust and reliability by adhering to the highest levels of integrity and maintaining solid relationships with its customers, employees, and stakeholders.
- Teamwork: First Premier Bank recognizes the importance of collaboration and teamwork. The bank encourages a supportive and inclusive work environment where employees work together to achieve common goals and deliver exceptional results.
These core values shape the culture and guide the actions of First Premier Bank, aligning with its vision and mission.
By embracing these values, the bank aims to create a positive impact on its customers, employees, and the communities it serves.
First Premier Bank Business Executive:
First Premier Bank, headquartered in Sioux Falls, South Dakota, is a leading financial services company.
Founded in 1989, the bank has established a strong presence in the industry, generating annual revenues between $500 million to $1 billion.
With a dedicated workforce of 1,000 to 3,000 employees, First Premier Bank plays a significant role in the regional job market.
Under the guidance of CEO Timothy J. Lane, First Premier Bank excels in delivering high-quality financial services.
The bank values its employees and ensures their satisfaction by offering an average salary of $227,207.
This commitment to employee well-being fosters a positive work culture and contributes to the bank’s success.
First, Premier Bank operates in the competitive financial services industry.
It is associated with renowned companies such as First Interstate Bancsystem Inc., Berkshire Hills Bancorp Inc., Columbia Banking System Inc., Bank of Hawaii, Great Western Bancorp Inc., Home Bancshares Inc., Bright Rock Capital Management, Cathay Bank, Glacier Bancorp Inc., Atlantic Union Bankshares Corporation, Heartland Financial USA Inc., and Banner Bank.
Despite this competitive landscape, First Premier Bank has managed to carve out a niche and maintains a strong market presence.
To provide customers with a seamless banking experience, First Premier Bank maintains a well-designed and user-friendly website at https://www.firstpremier.com/.
The website is a gateway to a wide range of banking services and information, reflecting the bank’s commitment to customer satisfaction.
What Are the Benefits of First Premier Bank?
If you choose First Premier Bank, you will then be able to enjoy lots of benefits, which are:
● Perfect for Those With Low Credit Scores
Banks decline traditional cards to those that have low or no credit scores. For such people, First Premier Bank offers its own cards, which they can use to build their credit.
● Wide Range of Account Options
When you visit the First Premier Bank official website, you will see the “Account Type” option. Click on it to open your account.
The bank offers eight types of accounts:
- Credit card
- Personal Banking
- Business Banking
- ACH Online
- Business rewards credit card
- Trust online
- Trust 401K Online
- Brokerage Account
- Mortgage application
However, note that you must have some documents before applying for a bank account. According to the First Premier, you will need the following:
- Social Security/TIN
- Phone number
- Address
After approving your request, First Premier Bank’s representative will give you a follow-up call.
● Supports Online and Mobile Banking
You can access your Premier accounts anytime you want via online and mobile banking. With it, you can do the following:
- Receive and Transfer funds
- Pay bills
- Deposit checks
- Plan your budget
- Check your spendings
- Report stolen or lost cards
- Configure multiple mobile wallets
Fortunately, you can easily enroll in First Premier Bank’s online and mobile banking.
- Go to First Premier’s online banking page.
- Fill in details, like Account type, social security number, username, etc.
- Follow the prompts.
You will shortly receive an email from the Bank when it enables online banking.
You can then download the Premier app from Google Play Store or App Store. It’s that simple!
In addition, First Premier Bank has now made checkout secure by launching the mobile wallet.
● Bank By Phone
First Premier Bank has also offered the “Bank by Phone” feature for those who are hesitant to use apps. They can simply call 800-315-6350 to send money, make loan payments, check current balance, etc.
● Up To $1000 Credit Limit
When you sign up for a First Premier Bank account, you will be assigned a credit limit depending on your creditworthiness. It can be as low as $300 and up to $1000. Even if you start from low, the bank can increase it gradually with time.
However, it is crucial to note that First Premier sends credit after cutting the annual fee. So, if your account says $700 credit limit, the annual fee of $79 will already be deducted.
● Applying For a Credit Card is Easy
You can have your own Premier card by following simple steps.
- Open the official website and click on “Apply Now.”
- Fill in your information correctly. You will be asked to type your cell phone, income, etc.
- Confirm the application.
● Access to 37000 + ATMs
You can withdraw money from over 37000 ATMs nationwide with your First Premier card. To know about the nearby ATM location, visit the location page on the official website, scroll down, and enter your city, state, or zip code. Simple!
So, that’s all about First Premier Bank benefits.
But wait. There’s another side too.
There are some issues with First Premier Bank which you should also know.
Problems with First Premier Bank
First Premier Bank stays under criticism because of different reasons. These are:
● High APR
First Premier Bank cards have one of the highest APRs in the US, which is 36 percent. Many experts have called it unjustified because it is almost double what many other lenders charge.
● High Fees
First Premier Bank charges hefty monthly, annual, and other fees. Let’s start with the monthly one. You won’t be charged in your first year. However, starting next year, you will have to pay $6.25 to $10.40 every month.
Similarly, the annual fees are higher than you think. Even if your credit limit is $200, you will have to pay $145 in the first year. In the next year, it will go down to $120 (which is still a lot).
Furthermore, the foreign transaction fee is 3 percent of what you pay.
Some of the other fees include:
- Late payment fee, in which you will be charged up to $39.
- $8 cash advance fees. If it is high, the bank charges 5 percent of the total amount.
- $29 card fee.
- $5 wire transfer fee.
- $3 copying fees.
● One-Time Deposit Fee
Although First Premier Bank does not charge a security deposit, it still wants you to pay a one-time deposit.
The thing about security deposits is that the companies usually return them when you close the accounts (or according to their policies).
But the one-time deposit fee is non-returnable. First Premier Bank keeps it even if you close the account.
● Others Offer Much Better Benefits
There are better alternatives available from First Premier Bank. For example, the Petal One Visa card has no annual fee at all. Plus, its credit limit is $5000, which is $4000 more than the Premier cards.
Similarly, the Capital One Platinum card has a $0 annual fee and 29 percent APR. However, it may require a security deposit. Plus, many cards offer cash backs, while Premier cards don’t.
Therefore, comparing the benefits of cards is always recommended.
Top 10 Competitors of Elan Financial Services
Here are the top 10 competitors of First Premier Bank:
First Premier Bank faces competition from several financial institutions in the industry. Here’s a review of each of these competitors as they relate to First Premier Bank:
Credit One Bank:
Credit One Bank is a competitor to First Premier Bank, specializing in providing credit cards to individuals with less-than-perfect credit.
They offer credit card options to help customers build or rebuild their credit history.
Credit One Bank’s cards may come with various fees and interest rates, so customers need to review the terms and conditions carefully.
While some customers have reported challenges with customer service and high fees, others have found Credit One Bank a helpful tool for rebuilding credit.
Merrick Bank:
Merrick Bank is another competitor that focuses on offering credit cards to individuals with lower credit scores.
They provide credit cards specifically tailored for credit-building purposes.
Merrick Bank’s cards often come with reasonable fees and competitive interest rates, making them attractive for those looking to establish or improve their credit.
Customers have generally appreciated Merrick Bank’s customer service, though some have reported billing or payment processing issues.
First National Bank of Omaha:
First National Bank of Omaha is a financial institution that offers a range of banking services, including credit cards.
They provide credit card options with various rewards programs and benefits, appealing to customer needs.
First National Bank of Omaha’s online and mobile banking platforms are user-friendly, and their customer service is typically regarded as responsive and helpful.
While they may have stricter approval requirements than some competitors, they offer a solid option for individuals seeking credit card solutions.
US Bank:
US Bank is a major financial institution that offers credit cards, banking services, and investment solutions.
They provide diverse credit card options with rewards programs and benefits tailored to different spending preferences.
US Bank’s online and mobile banking platforms are highly regarded for their convenience and features.
They have a broad network of branches and ATMs, providing customers with easy access to in-person services.
US Bank is generally recognized for its customer service, although some customers have reported occasional issues or concerns about certain fees.
Capital One:
Capital One is a well-known competitor in the credit card market, offering a wide range of options and innovative features.
They provide various credit cards with rewards programs, including cashback rewards, travel rewards, and balance transfer options.
Capital One’s technology platforms, such as their mobile app and online banking, are user-friendly and intuitive.
Their customer service is often praised for its responsiveness and willingness to resolve issues promptly. Capital One’s widespread acceptance network is also a notable advantage.
Discover Financial Services:
Discover Financial Services offers credit cards, personal loans, and banking services.
They are particularly known for their cashback rewards program, which is highly regarded by cardholders.
Discover provides excellent customer service, with a U.S.-based call center available 24/7, and their technology platforms are user-friendly.
Discover credit cards are widely accepted, and their focus on rewards programs and customer-friendly features makes them a strong competitor to First Premier Bank.
Bank of America:
Bank of America is a leading financial institution that provides credit cards, banking services, and investment solutions.
They offer a range of credit card options with various rewards programs and benefits.
Bank of America’s online and mobile banking platforms are highly regarded for their functionality and convenience.
They have an extensive network of branches and ATMs, providing customers with easy access to in-person services.
Bank of America’s customer service is generally responsive and helpful, although wait times may vary.
Citibank:
Citibank is a global financial institution that offers credit cards, banking services, and investment solutions.
They provide a range of credit card options with different rewards programs and benefits.
Citibank’s online and mobile banking platforms are user-friendly and offer convenient features.
They have a widespread network of ATMs and branches, ensuring customers can access in-person services.
Citibank’s customer service is generally responsive and helpful, although experiences may vary.
Wells Fargo:
Wells Fargo is a prominent financial institution offering credit cards, banking services, and investment solutions.
They provide a range of credit card options with various rewards programs and benefits.
Wells Fargo’s online and mobile banking platforms are user-friendly and have a widespread network of ATMs and branches.
While they have faced some controversies in recent years, they still compete with First Premier Bank by offering credit card solutions to customers.
Synchrony Financial:
Synchrony Financial is a provider of credit cards and financing solutions. They specialize in private-label credit cards and partner with various retailers to offer card products.
Synchrony Financial’s customer service and technology platforms may vary depending on the partnering retailer.
They offer credit card options that align with specific retail brands, providing customers with tailored rewards and benefits.
Final Words
All-inclusive, First Premier Bank is, without a doubt, a legit financial organization. It even issues credit cards to those with low or no credit scores, which they can use to perform transactions.
Furthermore, the premier bank reports to credit bureaus, so it can also help in improving credit scores as well.
It has already made transactions easy by launching different services, like apps, digital wallets, phone payments, etc.
However, its APR and fees are higher than its competitors.
That’s why it is better to compare the fees, APR, and benefits with the competitors before deciding which is best for you.
