First Access Visa® Credit 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
|Annual fee||$75 intro annual fee for the first year ($48 thereafter)|
|Annual fee conditions||$95 one-time fee, $75 first-year annual fee, $48 annual fee after the first year, $8.25 monthly servicing fee ($99 annually)|
|Purchase APR||34.99% fixed|
|Balance transfer APR||N/A|
|Minimum Credit Score||300|
Kevin Joey Chen was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com.
The First Access Visa® Credit 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® Credit 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® Credit Card
To apply for the card, you must be at least 18 years old.
- Select 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.
First Access Visa® Credit Card benefits
- Build credit.
The First Access Visa® Credit 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
If this card isn’t right for you, consider other secured credit cards on the market. Consider if the factors such as annual fees, security deposit requirements and if the card comes with any additional perks you might find useful.
The First Access Visa® Credit 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