First Access Visa® Credit Card Review

First Access Visa® Credit Card Review

In this article, we’ll discuss the pros and cons of the First Access Visa® Credit Card, a card aimed at those with low credit scores.

The First Access Visa® Credit Card is intended for customers with bad credit, who have struggled financially in the past. They can use it to build credit, but be aware of the many fees it has. The high rates and fees are used to even out the risk that is carried by the target audience - individuals with less-than-perfect credit scores. For the first year only you’ll have to pay an annual fee of $75. Afterward, the payment is reduced to $48. There is an APR of 35.99% on both purchases and cash advances. The $8.25 monthly servicing fee (after the first year) is also noteworthy. Keeping in mind that it is still a credit building card, let’s review it in more detail.

First Access Visa®: pros and cons

Who can benefit from getting the First Access Visa® Credit Card?

It’s clear by far that this credit card is designed for people with bad credit. But, can they benefit from it? These are usually people who have already found themselves in a challenging financial situation. They could use some credit building, but with the many high fees and the low credit limit this card has, it will really drag down their credit utilization ratio (needs to be under 30%).

The initial credit limit is $300, the $75 annual fee reduces this to $225. Then if you get a second card, it will go to $196. So, you have to be extra careful, not spend too much and make every payment on time. You could get a credit line increase, but it will cost you 20% of the amount of the increase.

We hardly think that anyone can benefit from this card, even those with low credit scores have better options. So we’ll suggest some alternatives.

First Access Visa®: alternatives

Although there are limited options for subprime users, there are still some credit cards they can use to build their credit. We’ll focus on a few, that we believe are better offers than the First Access Visa®.

• Secured Mastercard® from Capital One® – there is a security deposit, but no annual fee. The APR is lower and you can get a credit limit increase within 5 months if you make all your payments on time.
• Credit One Bank®. Platinum Rewards Visa® – similarly to the First Access Visa®, it has a starting credit limit of $300 and an initial fee of $95. However, it offers 1% cash back rewards on eligible purchases.
• Discover it® Secured Credit Card – one of the best credit-building cards. It is secured, but there is no annual fee and it offers 2% cash back rewards and a sign-up bonus.

Do a careful analysis of all your options and weigh in each card’s pros and cons. Take your time to decide, because a wrong credit card choice could potentially damage your credit.

Are there any other benefits of the First Access Visa® Credit Card?

Unfortunately, no.

Conclusion

Our verdict is that the First Access Visa® is not a good credit card. Even people with bad credit scores can qualify for better cards. We understand that these credit cards must come with high fees, as they are meant for people who are likely to fail to pay their debts. But, it’s too much. For example, you have to pay a processing fee of $95, the program fee, just to initiate your application.

If you can afford a security deposit, go for a secured credit card. The annual fee is a sunk cost, but you can always get back your security deposit if you manage your credit card responsibly. This means timely payments of debt every month, low debt balances, and be moderate with the amount of new credit you create. Actually, that is the key to building good credit too.

If you are still considering the First Access Visa®, our advice is to use it strictly as a credit-building tool. It is not a card that is worth sticking to it. As soon as you have the chance, opt for a better credit card.