First Premier Bank and New Millennium Bank are 2 of the best known bank bad credit card issuers. These institutions specialize in providing secured credit cards to individuals with bad no or bad credit. The cards that they offer are secured with money that the applicant must deposit in a secured account. As the account establishes a satisfactory payment history, the amount deposited in the account is refunded to the applicant and they are eligible to have their credit balances increased.
First Premier Bank
First Premier Bank is based in Sioux Falls, South Dakota and issues secured MasterCard and VISA credit cards to individuals with bad credit. The cards offered have balances that begin at $250 and have the following associated fees:
- Annual fee = $48.00
- Account Set-Up fee = $29.00
- Program fee = $95.00
- Monthly Servicing fee = $7.00
Additionally the card assesses a late payment and over limit fee of $29.00 and other charges and assessments with a minimum annual percentage rate (APR) of 9.9 percent, although the effective APR will be much higher when taking into account the fees listed above.
New Millennium Bank
New Millennium Bank of New Brunswick, New Jersey is another popular provider of secured credit cards to individuals with bad credit. The bank is an internet based bank that provides the same type of MasterCard and VISA credit cards that are available from other credit card issuers.