First Access Visa Card
- Best for: Applicants turned down for every secured card who need a card now
- What Sets It Apart: No security deposit; 1% cash back on payments toward your balance and up to 10% at a limited number of merchants
- Cost: $95 program fee; $50 to $125 annual fee the first year, then $48; $6.25 to $10.25 a month from year two; 35.99% APR
- Features: $200 to $500 starting credit line; monthly reports to Equifax, Experian, and TransUnion; free VantageScore 3.0 credit score from Experian
- Pros: No deposit; no monthly fee the first year; program fee and first annual fee refunded if you back out before using the card or paying a bill
- Cons: $145 to $220 in program and annual fees the first year; 25% fee on credit line increases; no use outside the U.S. or at the gas pump
Get the First Access Visa Card only if you need a card now and have been turned down for every secured card, the kind backed by a refundable deposit. Its required fees come to $145 to $220 the first year, with $95 due before the account opens. If you can spare the deposit, open a no-fee secured card instead.
The Bank of Missouri issues it to applicants with poor credit who have a checking account and live outside New York, with a starting credit line of $200 to $500. The Total Visa, also from The Bank of Missouri, and the Revvi Card charge the same annual and monthly fees at each of those lines.
Key Features
- A $95 one-time program fee, paid before the account opens
- An annual fee of $50 to $125 the first year, a quarter of your credit line, charged when the account opens
- From year two, a $48 annual fee plus a monthly fee of $6.25 to $10.25, depending on your line
- 35.99% interest rate (APR) on purchases and cash advances
- 1% cash back on payments toward your balance, plus up to 10% at a limited number of merchants
Pros
- No security deposit
- Monthly reports to Equifax, Experian, and TransUnion, the three credit bureaus
- Free VantageScore 3.0 credit score from Experian in the app or online
- Program fee and first annual fee refunded if you back out before using the card or paying a bill
Cons
- $145 to $220 in program and annual fees the first year, while a no-fee secured card’s deposit comes back
- No credit line increase for at least 12 billing cycles, then a 25% fee on any increase
- 35.99% interest on any fees you carry past the due date
- Late and returned payment fees of up to $41
- No use outside the U.S., for gambling, or to pay at the gas pump
The First Access Visa Card suits applicants who need a card now and have been turned down for every secured card, since it reports to all three credit bureaus without a deposit. Anyone who can spare a refundable deposit should open a no-fee secured card instead.
Learn more about the First Access Visa Card or see how it compares to the best credit cards for bad credit.
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