First Access Credit Card Review 2023: Pros & Cons

• $95 set-up price
• $75 annual price that drops to $48 in subsequent years
• Excessive APR of 35.99%
• Low credit score restrict of $300 that you simply can’t improve for a minimum of 12 months
• Pays 1% money again rewards on funds solely, not purchases

Apply for the First Entry Card

If you wish to rebuild your credit score, it’s possible you’ll come throughout the First Entry bank card. Whereas it doesn’t have essentially the most optimistic evaluations, there are some advantages to contemplate.

The First Entry bank card software is on-line, and you’ll have a solution inside minutes. It takes just a few minutes to enter your info and decide if you happen to’re authorised.

If First Entry can’t approve your software immediately, they’ll ship you an e mail or letter telling you what they should proceed processing your software or why they couldn’t approve it.

Though the First Entry bank card is for folks with adverse credit who have to construct credit score, it’s a typical Visa® bank card. This implies you need to use it on the hundreds of shops that settle for Visa®.

To encourage cardholders to construct optimistic credit score, First Entry pays 1% money again on all funds made towards your invoice. This implies for each $100 you pay, you earn $1. Whereas it’s not a ton, it’s free cash, and also you construct your credit score.

First Entry experiences your bank card exercise to all three credit score bureaus. If you happen to use your card correctly, pay your invoice on time, and don’t overextend your credit score line, it’s possible you’ll improve your credit score rating with common use of this card.

The First Entry bank card doesn’t require a safety deposit. Whereas the credit score line is low for brand new cardholders, you don’t need to give you cash to place down on the cardboard simply to have a credit score line.

First Entry provides free entry to your VantageScore®^[2] credit score rating and credit score training to proceed credit score constructing. With common monitoring and seeing your progress, it’s possible you’ll proceed to make good credit score and spending habits to enhance your credit score rating.

Understanding the drawbacks of the First Entry bank card is essential that will help you resolve if it’s best for you.

The most important draw back we need to point out within the First Entry bank card evaluation is the charges (see Charges & Charges). They’re extreme and never typical for many bank cards. They embody:

• $95 set-up price
• $75 annual price initially, then $48
• $8.25 month-to-month price after the primary 12 months
• $10 or 3% of every money advance after the primary 12 months
• As much as $41 late or returned fee price
• Extra card price of $29 per approved consumer
• Premium card design price of $10
• Credit score restrict improve price equal to 25% of the rise

Preserve Studying: Are Annual Charge Credit score Playing cards Value It?

If you happen to earn cashback by paying your invoice, you can not redeem it for six months. As well as, you have to wait till you’ve collected 500 factors (you earn 1 level for every greenback paid). So, the minimal reward you possibly can redeem is $5.

Excessive-Curiosity Charge

The First Entry bank card rate of interest is way greater than most bank cards. At 35.99%, your purchases will shortly add up, and staying on high of your invoice may very well be laborious. The debt can accumulate shortly if you happen to cost greater than you possibly can afford to repay.

First Entry doesn’t require good credit score, however you have to have an energetic checking account to get authorised. You will have to look elsewhere if you happen to don’t have a checking account and are attempting to construct credit score.

Few folks would profit from the First Entry bank card due to its extreme charges and rates of interest. The one upside is that you simply don’t want a safety deposit.

So, if you happen to don’t have cash to place down on a card (even $200), this can be a viable choice however don’t preserve it for multiple 12 months.

It’ll value you $95 to set it up and one other $75 in an annual price, but when it helps you construct credit score with out making a safety deposit, it may be value it if you happen to use the cardboard accurately.

There are a number of alternate options to the First Entry bank card to contemplate, together with the next.

You don’t want nice credit score for the Capital One Platinum Secured bank card, because it’s a credit-building card. Relying in your {qualifications}, it’s possible you’ll solely want $49, $99, or $200 all the way down to get a $200 credit score line.

The safety deposit is refundable with correct use, and it’s possible you’ll get a better credit score restrict or unsecured card routinely in as little as six months.

The Credit score One Financial institution® Platinum Visa® bank card is supposed for constructing credit score, nevertheless it pays cash-back rewards. You possibly can earn 1% again on purchases, plus extra rewards for purchases from accomplice retailers.

This card has a $75 annual price ($99 after the primary 12 months) however doesn’t require a safety deposit.

The First Progress Platinum Elite Mastercard® secured bank card doesn’t require a minimal credit score rating, and its annual price is barely $29; nonetheless, you have to put down a safety deposit, which is your credit score line.

The Uncover it® secured bank card requires a safety deposit beginning at $200, which is then your credit score line. Uncover will evaluation your account historical past beginning at seven months. If you happen to use the cardboard responsibly, they are going to refund your safety deposit.

They’ll then improve you to an unsecured card with typical Uncover advantages, together with cash-back rewards. Within the meantime, you possibly can earn 2% again on fuel and restaurant purchases as much as $1,000 per quarter and 1% again on the whole lot else with the secured card.

Our First Entry bank card evaluation uncovered the whole lot to know concerning the card that will help you decide if it’s a very good match. Listed here are another questions folks have about it.

There are numerous different choices than the First Entry bank card for a primary bank card. Even if you happen to don’t have credit score but, there are secured bank card choices with a lot decrease APRs and annual charges that make them higher playing cards, such because the Uncover it® bank card.

First Entry advertises its card as a credit-building bank card. They report your exercise to all three credit score bureaus, so if you happen to pay your invoice on time and don’t max out your card, it’s possible you’ll improve your credit score rating utilizing it.

The First Entry bank card begins everybody with a $300 credit score restrict for the primary 12 months. You possibly can request a credit score line improve after 12 months, however they cost a price equal to 25% of the rise, so contemplate your choices.

The First Entry bank card prefers a credit standing between 550 to 620. They are saying the cardboard is for credit score constructing and is supposed for folks with no or adverse credit.

Sure, one of many few stipulations First Entry has to get authorised is you have to have an energetic checking account in good standing.

You possibly can request a credit score line improve after 12 months by calling the customer support quantity on the again of your card. Not everyone seems to be eligible for a credit score line improve, however that’s frequent for any bank card.

No, the First Entry bank card shouldn’t be secured. They make up for the danger this poses by charging an excessively excessive APR.

To keep away from it, you have to cancel the First Entry bank card earlier than your annual price is assessed. If you happen to cancel after the price is assessed, you’ll not obtain a refund even if you happen to didn’t use the cardboard.

You may get a money advance in your First Entry bank card. It’s topic to the 35.99% APR, however there aren’t any money advance charges for the primary 12 months. After the primary 12 months, they cost $10 or 3% of the money advance.  The price you’re charged is the higher of the 2.

The cellular app is the simplest method to pay on your First Entry card. You may also pay on-line.

You possibly can apply for the First Entry bank card on-line. Finishing the applying takes a couple of minutes, and you need to have a solution immediately. You should utilize the cardboard after you’ve paid your $95 program price and obtain your card within the mail.

The query this First Entry bank card evaluation solutions: is the First Entry bank card finest for you?

Actually, there are higher choices, even if in case you have adverse credit or no credit score. You’d be higher off with a secured bank card with a low credit score restrict to construct your credit score.

[1] Editorial Content material Disclosure: The editorial content material on this web page (together with, however not restricted to Professionals and Cons) shouldn’t be supplied by any bank card issuer. Any opinions, analyses, evaluations, or suggestions expressed listed below are the creator’s alone, not these of any bank card issuer, and haven’t been reviewed, authorised, or in any other case endorsed by any bank card issuer.
[2] Calculated on the VantageScore 3.0 mannequin. Your VantageScore 3.0 from Experian® signifies your credit score threat degree and isn’t utilized by all lenders, so don’t be shocked in case your lender makes use of a rating that’s completely different out of your VantageScore 3.0.