First Access Visa® Card review
This card could help build your credit, but be wary of high APR and annual fees.
- Get this card if you want a subprime unsecured card.
- Pick something else if you don’t want to pay heavy fees or if you want a lower APR.
- You can apply for this card if you’re rebuilding credit.
for the first year ($48 thereafter)
Purchase APR (fixed)
Recommended credit score
|Product Name||First Access Visa® Card|
|Annual fee||$75 intro annual fee for the first year ($48 thereafter)|
|Purchase APR||34.99% fixed|
|Balance transfer APR||N/A|
|Cash advance rate||34.99% variable|
|Cash advance fee||$10 or 3% of the cash advance amount, whichever is greater|
|Cash advance fee description||Intro $0 cash advance fee for first year. After that, either $10 or 3% of the amount of each cash advance, whichever is greater|
|Interest free period||Up to 21 days|
|Late payment fee||Up to $40|
|Returned payment fee||Up to $40|
|Additional cardholder fee||$29|
|Rates & fees||rates & fees|
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
The First Access Visa® Card is an unsecured credit card for building credit. But it’s expensive: You’ll pay an $95 one-time program fee, plus a $75 first-year annual fee and $48 for each following year. On top of that, you’ll pay a $6.25 monthly servicing fee starting the second year, which comes out to $75 annually.
Also, note that carrying a balance can hurt, as the card has a sky-high 34.99% fixed purchase and cash advance APR.
Most of these costs aren’t necessary to get a credit card. That’s why it’s wise to avoid the First Access Visa® Card in the vast majority of circumstances. In most cases, you’d be better off opening a secured card instead. This requires you to put down a security deposit, but you can get this deposit back when you close your card.
By using a secured card responsibly and diligently making payments, you can steadily increase your credit score and later qualify for better cards — ones without eye-watering fees.
How to apply for the First Access Visa® Card
To apply for the card, you must be at least 18 years old.
- Click Apply now.
- Fill out the application with details like your name, contact information, financial information and residential status.
- Review your application and submit it.
What credit score do I need?
The Bank of Missouri doesn’t specify a minimum credit score to qualify for this card. However, it states the card “does not require perfect credit for approval.” It aims for consumers with average and below-average credit scores.
What to watch out for
- Checking account required.
You need to have an active checking account if you want to apply for this card.
- Very high APR.
You’ll receive a high fixed 34.99% variable APR on all balances. The card already comes with many fees, so try paying off your balance in full monthly to avoid accruing debt.
- Program fee.
When you open your account, you’ll pay a one-time program fee of $95 — not uncommon among subprime unsecured cards.
- Annual fee.
You’ll pay an annual fee of $75 for the first year and $48 from the second year onward. Once the annual fee of $75 is charged, you’ll have $225 available credit limit. Make sure to pay off your annual fee as soon as possible to free up your credit limit.
- Monthly servicing fee.
For the first year, you won’t pay any monthly servicing fees, but starting from your second year, expect to pay $6.25 servicing fee monthly. Over one year, that comes out to $75. Add in the annual fee of $48 and your total fees to own the card from the second year climb to $123 annually.
- Build credit.
The First Access Visa® Card reports to all three major credit bureaus, helping you build credit when you use your card and pay your bill on time.
- $300 initial credit limit.
Once you’re approved for the card, you’ll get an unsecured credit limit of $300. After six months of responsible card use, you can request a higher credit limit, though approval is not guaranteed.
Compare secured credit cards
The First Access Visa® Card comes with a significant price tag. Before shelling out the money for it, consider opening a secured credit card instead. You’ll need to put an upfront deposit of $200 or more, but you’ll avoid many of the fees associated with subprime unsecured cards, including the annual fee.
Frequently asked questions
Images: First Access