By Bryce Casson, Founder · Cardocrat · Updated June 2026
The short answer: Credit One and First Premier are fee-harvester cards aimed at people with poor or no credit. They charge annual fees, and First Premier adds monthly fees, on top of high APRs and tiny limits, so a chunk of your credit line is eaten by fees before you spend a dollar. For building credit, a secured card with a refundable deposit and little or no fee does the same job for far less.
How fee-harvester cards work
Credit One and First Premier market to subprime borrowers who feel they have no other option, and they monetize that. First Premier can charge an annual fee of roughly 50 to 125 dollars the first year plus a monthly fee on top, and an APR around 36 percent, so by some estimates you can pay a few hundred dollars in fees over the first two years on a card with a small limit. Credit One commonly charges up to 99 dollars a year, often billed immediately, which eats into a 300-dollar limit before your first purchase and spikes your utilization.
Why they are a poor way to build credit
These cards do report to the credit bureaus, so they can technically build credit, but they do it expensively and with traps. The upfront fee that lowers your available credit also raises your utilization ratio, which can hold your score down, the very thing you are trying to fix. High APRs punish any carried balance, and the low limits make utilization hard to manage. You are paying premium prices for a basic service. See how to build credit.
The secured-card alternative
A secured credit card is the better tool for almost everyone in this situation. You put down a refundable deposit that becomes your credit line, pay little or no annual fee, and the card reports to all three bureaus just like any other, building your score without the fee drain. Many secured cards even refund the deposit and graduate you to a regular card after responsible use. Choose a secured card or a no-fee starter card instead of a fee-harvester. See secured cards explained and choosing your first card.
Frequently asked questions
Are Credit One and First Premier cards worth it?
Rarely. Both charge annual fees, First Premier adds monthly fees, and both carry high APRs and small limits, so fees eat into your credit line immediately. A secured card builds credit just as effectively for far less cost.
Do Credit One and First Premier build credit?
They report to the credit bureaus, so they can build credit, but expensively. The upfront annual fee lowers your available credit and raises your utilization, which can suppress the score you are trying to build, while high APRs punish any balance.
What is the difference between these and a secured card?
A secured card uses a refundable deposit as your credit line with little or no fee, while Credit One and First Premier are unsecured but charge annual and sometimes monthly fees. Both report to the bureaus, but the secured card builds credit without the fee drain.
What card should I get to rebuild credit instead?
A secured credit card with a refundable deposit and low or no annual fee, or a no-fee starter card if you qualify. Both report to all three bureaus and build credit without the fees that define cards like Credit One and First Premier.
Bryce Casson, Founder of Cardocrat. Every card is ranked by what it actually returns, with all points valued at a flat 1 cent and offers verified against issuer sources. About the author.
