You can capture using your TV card but only with the software that came with it. I doubt Premiere can edit the stuff though and even if it could, the resulting quality would be poor. Your card is a toy.
Most DV camcorders can take an analog signal from your VHS player and convert it on the fly to DV, using Premiere’s capture window via firewire.
Then you can edit and export with better results.
If you dont have a DV camcorder, then an A/D converter like ADS Pyro ($150 @ B@H)can do the same job within Premiere.