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$75
Annual fee
for the first year ($48 thereafter)
34.99%
Purchase APR (fixed)
300
Recommended credit score
| Product Name | First Access Visa® Card |
|---|---|
| Card type | Visa |
| 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 | $5 or 5% of the cash advance amount, whichever is greater |
| Cash advance fee description | Intro $0 cash advance fee for first year. After that, either $5 or 5% of the amount of each cash advance, whichever is greater |
| Interest free period | Up to 21 days |
| Late payment fee | Up to $39 |
| Returned payment fee | Up to $39 |
| Additional cardholder fee | $29 |
| Rates & fees | rates & fees |
Review by
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- 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 $89 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.
To apply for the card, you must be at least 18 years old.
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.
Images: First Access
