Watch for the hefty processing fee and fees the first year — consider a secured card instead.
- Get this card if you want a subprime unsecured card.
- Pick something else if you don’t want to pay heavy fees your first year, or if you want a lower APR.
- You can apply for this card if you’re rebuilding credit.
|Product Name||First Access Visa® Card|
|Annual Fee||$75 annual fee for the first year ($48 thereafter)|
|APR (Annual Percentage Rate) for Purchases||29.99% variable|
|Cash Advance Rate||29.99% variable|
|Cash Advance Fee||$5 or 5% of the cash advance amount, whichever is greater|
|Interest Free Period||Up to 21 days|
|Late Payment Fee||Up to $38|
|Returned Payment Fee||Up to $38|
|Additional Cardholder Fee||$29|
|Rates & Fees||Rates & Fees|
|Minimum Age||18 years of age|
The First Access Visa® Card is a subprime credit card, meaning it’s marketed to customers with less-than-perfect credit. It’s also an unsecured card, meaning you don’t have to put down a security deposit to open your account.
Before you apply for the card, however, watch for the fees. Once you’re approved, you’ll pay a processing fee to open your account. After that, you’ll be charged a first-year’s annual fee that’s deducted from your available credit.
Starting the second year, the annual fee drops, but a monthly servicing fee is added.
If you’re not willing to pay the fees for this product, consider a secured card instead. You’ll need to pay a security deposit, usually around $200. However, you’ll get the deposit back after you close your account, and some providers may return your deposit while you continue using your card.
$300 initial credit limit.
Once you are approved for the card, you’ll get a $300 credit limit. However, once the annual fee of $75 is charged, you’ll have $225.
Credit limit increases.
Once your account is open for at least six billing cycles, isn’t over limit and hasn’t been past due for the previous six billing cycles, you can request a credit limit increase. The Bank of Missouri — the card’s managing bank — may approve or deny your request. You can request a credit limit increase every six billing cycles thereafter.
What to watch out for
Very high APR.
You’ll receive a 29.99% variable APR on all balances. That’s nearly double the average credit card APR of around 16%.
Many providers use a 29.99% APR as a penalty rate if you’ve made a late or returned payment. It’s uncommon as a normal interest rate. Consider paying off your balance in full each month to avoid accruing debt at a fast clip.
$89 processing fee.
When you open your account, you’ll pay a one-time processing fee of $89. This is a high fee, though it’s not uncommon among subprime cards.
Annual fee: $75 for the first year, $48 each year thereafter.
This annual fee is deducted from your credit limit. Given a $300 initial credit limit, you’ll be left with $225 in available credit upon opening your account.
Monthly servicing fee: None for the first year, $6.25 each month thereafter.
Starting your second card year, you’ll be charged a $6.25 servicing fee each month. Over one year, that comes out to $75.
Consider other cards if …
You don’t want to pay an annual fee.
Unfortunately, you’ll rarely find an unsecured subprime card that doesn’t charge an annual fee. However, you’ll find great secured cards without annual fees.
Instead of paying the processing and annual fee upon opening a First Access Visa® Card, you could put the money toward your deposit for a secured credit card.
You want a lower APR.
Unsecured subprime cards tend to have very high APRs across the board. However, you can find secured cards with low APRs.
You want a secured card.
Look into the Discover it® Secured Credit Card, which has rewards and no annual fee. Starting at eight months, Discover will evaluate your account and may return your deposit while you continue using your card.
Another great option is the Secured Mastercard® from Capital One®. It has no annual fee, and you may be able to provide only a $49 or $99 security deposit and still receive a $200 credit line. If you make your first five monthly payments on time, you’ll receive a higher credit limit.
Compare secured credit cards
What should I know before I apply?
Before applying for the First Access Visa® Card, read its terms and conditions. Pay special attention to the fee table, which mentions the card’s APR as well as annual and monthly fees.
To apply for the card, you must be at least 18 years old.
Information you’ll need
To apply for the card you’ll need your:
- First and last name.
- Home address.
- Home phone number, cell phone number and email address.
- Home ownership status and number of years at your current residence.
- Social Security number and date of birth.
- Estimated monthly income, employment status and estimated monthly financial obligations.
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 do customers say about the First Access Visa® Card
Reviews are mixed about The Bank of Missouri’s customer service. Some cardholders say they’ve had difficulty getting their disputes resolved, while others say the bank’s customer service has been easy to work with. Some reviewers mention they were approved for credit limit increases between $50 and $200.
First Access Card is not accredited by the Better Business Bureau (BBB); neither is its managing bank, The Bank of Missouri. First Access Card has nearly 30 customer complaints on its BBB profile.
How to apply for the First Access Visa® Card
- Navigate to the First Access Card website and 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.
How long will it take to get my First Access Visa® Card?
Typically, you’ll receive a decision on your application within 60 seconds after you submit your application. If you’re approved, you could receive your card in the mail within seven to 10 days.
I got the card. Now what?
- Avoid interest. The card comes with a very high APR on all balances. To avoid racking up debt, take advantage of the grace period on interest. Paying off your entire balance within this period saves you in interest.
- Avoid fees. Late and returned payments come with fees as high as $38.
- Contact customer service. If you have issues with your account, contact the number on the back of your card. Alternatively, call 888-267-7980 for the general customer service line.
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.
Frequently asked questions
Images: First Access