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Kevin Joey Chen is a credit cards writer at finder.com. He's passionate about helping you get your finances in order and travel the world like a pro. He's taken an extended trip around Europe as a digital nomad, gaining firsthand experience with exchange rates, ideal (and not-so-ideal) credit and debit cards, foreign transactions and budgeting strategies. He earned his BA from UC Davis and has written across many niches at Finder, including cryptocurrency, personal loans, car insurance, real estate and money transfers.
The First Access Visa® Card is an unsecured credit card for building credit. But this card doesn’t come cheap — expect to pay a program fee to open your account, and then an annual and a monthly servicing fee. You could run the risk of running up debt, making it harder to build credit. Consider looking at other, less expensive credit-building options.
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 $89 — 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
How to apply for the First Access Visa® Card
To apply for the card, you must be at least 18 years old.
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.
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
Credit card companies charge higher APRs to high-risk card holders. These companies look at people with less-than-perfect credit as more likely to miss payments and overspend with their credit cards. By charging a high APR, the card provider makes money on risky customers.
Secured cards are there to help those with poor credit create a positive credit history. These cards come with an initial deposit that sets your spending limit — and alleviates some of the risk credit companies take on lending you money.
There’s less risk of creating more debt, and after six months of regular on-time payments you could upgrade to an unsecured card with a better APR and no deposit. Once you close your account, you get your initial deposit back as long as you’ve fully paid your balance.
There are a variety of factors that contribute to a low credit score. The two most likely culprits are spotty payment history and high debt. To improve your credit, work on paying down your debt and making monthly credit card payments on time.
Images: First Access
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