First Access Visa® Credit Card Review

The First Access Visa® Credit Card is one of those credit cards that captures your attention, especially if you fall into the category of individuals with no credit history to fair credit scores. Whether you’re looking to build your credit from scratch or improve a less-than-stellar credit score, this card presents itself as a viable option. However, as with any financial tool, it is essential to examine both the benefits and the drawbacks thoroughly. In this comprehensive review, we will delve into various aspects of the First Access Visa® Credit Card, and by the end, you should have a clear understanding of whether this card aligns with your financial goals.

First Access Visa® Credit Card Key Takeaways

Before diving deep into the pros, cons, and features of the First Access Visa® Credit Card, let’s highlight some of the key takeaways:
– Cashback Rewards: Earn 1% cash back on payments made to your First Access Credit Card.
– Annual Fee: $75.00 for the first year, reducing to $48.00 after the first year.
– APR: A high APR of 35.99% on purchases and cash advances.
– No Introductory Offers: No introductory APR for purchases or balance transfers.
– Credit Requirement: Suitable for individuals with no credit history to fair credit scores (0-669).
– Issuer: The Bank of Missouri.

First Access Visa® Credit Card Pros and Cons

No financial product is without its advantages and disadvantages, and the First Access Visa® Credit Card is no exception. Let’s break down the pros and cons.

Pros

Available to Those with Bad Credit

One of the standout features of the First Access Visa® Credit Card is its accessibility to individuals with bad credit or no credit history. Many credit cards in the market require good to excellent credit scores, making it challenging for those with lower scores to qualify. This card offers a pathway for such individuals to build or rebuild their credit.

Reports to Three Major Credit Bureaus

The card issuer reports your payment activity to the three major credit bureaus: Experian, Equifax, and TransUnion. This is crucial for improving your credit score over time, provided you make timely payments and manage your account responsibly.

Easy Application Process

The application process for the First Access Visa® Credit Card is straightforward and user-friendly. You can complete the application online, and the approval process is relatively quick. This ease of application makes it accessible to a broader audience.

No Security Deposit

Unlike secured credit cards that require an upfront security deposit, the First Access Visa® Credit Card does not require any such deposit. This can be a significant advantage for those who may not have the funds available for a deposit but still wish to build their credit.

Cons

High APR

One of the major drawbacks of this credit card is its high Annual Percentage Rate (APR) of 35.99%. This is considerably higher than the average APR for credit cards, making it less than ideal for carrying a balance. High-interest rates can quickly lead to mounting debt if not managed carefully.

Several Fees

The First Access Visa® Credit Card comes with various fees, including a high annual fee of $75 for the first year, which drops to $48 in subsequent years. Additionally, there are fees for late payments, returned payments, and cash advances. These fees can add up and negate some of the benefits of having the card.

Low Credit Limit

The credit limit on the First Access Visa® Credit Card tends to be lower compared to other credit cards. This can be restrictive for those who need a higher credit limit for larger purchases or emergencies.

First Access Visa® Credit Card Benefits

While the card has its drawbacks, it also offers several benefits that can be advantageous, particularly for those looking to build or rebuild their credit.

Cashback Rewards

One of the unique features of the First Access Visa® Credit Card is its cashback rewards program. Cardholders can earn 1% cash back on payments made to their First Access Credit Card. While this may not seem like a lot, it can add up over time and provide some financial relief.

Payment Flexibility

The card offers flexibility in making payments, which can be beneficial for those who may not have a steady income or who need to manage their finances carefully. Being able to make payments that fit your financial situation can help in avoiding late fees and improving your credit score.

No Security Deposit

As mentioned earlier, the absence of a security deposit requirement is a significant benefit. This makes the card accessible to a broader audience, particularly those who may not have the funds available for a deposit.

Credit Building

The primary benefit of the First Access Visa® Credit Card is its ability to help you build or rebuild your credit. By making timely payments and managing your account responsibly, you can gradually improve your credit score. The fact that the issuer reports to the three major credit bureaus enhances this benefit.

Rate and Fee Information

Understanding the rates and fees associated with the First Access Visa® Credit Card is crucial for managing your finances effectively. Below, we break down the key rate and fee information.

Purchase APR

The card comes with a high purchase APR of 35.99%. This is one of the highest APRs in the market, making it essential to pay off your balance in full each month to avoid accruing significant interest charges.

Intro Balance Transfer APR

There is no introductory APR for balance transfers. In fact, the card does not offer balance transfer options, which can be a disadvantage if you are looking to consolidate debt from other credit cards.

APR for Cash Advances

The APR for cash advances is also 35.99%, and interest on cash advances starts accruing from the transaction date. This makes cash advances an expensive option and should be avoided if possible.

Annual Fee

The annual fee for the First Access Visa® Credit Card is $75 for the first year, which reduces to $48 in subsequent years. While this fee is relatively high, it is somewhat justified by the card’s accessibility to those with poor credit.

Fees for Cash Advances

There is no fee for cash advances for the first year. After the first year, the fee is either $10 or 3% of the amount of each cash advance, whichever is greater. This fee, combined with the high APR, makes cash advances a costly option.

Return Payment and Late Payment Fees

Both return payment and late payment fees can go up to $41. These fees can add up quickly, so it is crucial to make timely payments and ensure that your account has sufficient funds to cover your payments.

How to Avoid Paying Interest

One of the most effective ways to avoid paying interest on your First Access Visa® Credit Card is to pay your entire balance by the due date each month. Your due date will be a minimum of 21 days after the close of each billing cycle. By paying off your balance in full, you can avoid interest charges on new purchases. However, it is important to note that you will be charged interest on cash advances from the transaction date, so it is best to avoid using your card for cash advances.

About the Issuer: The Bank of Missouri

The First Access Visa® Credit Card is issued by The Bank of Missouri. The Bank of Missouri offers several types of credit cards to meet various financial needs. They have a reputation for providing accessible credit options to individuals with lower credit scores, making them a popular choice for those looking to build or rebuild their credit.

Manage Your Account and Pay Your Bill

Managing your account and paying your bill is straightforward with the First Access Visa® Credit Card. You can usually pay your bill online through the credit card issuer’s website. Additionally, you can call customer service for assistance with any account-related issues. The convenience of online account management and customer service support adds to the overall usability of the card.

Conclusion

The First Access Visa® Credit Card can be a valuable tool for individuals looking to build or rebuild their credit. Its accessibility to those with no credit history to fair credit scores, along with the ability to earn cashback rewards, makes it an attractive option. However, the high APR, various fees, and low credit limit are significant drawbacks that must be carefully considered.
If you decide to apply for the First Access Visa® Credit Card, it is crucial to use it responsibly. Make timely payments, avoid carrying a balance, and steer clear of cash advances to maximize the benefits of the card and improve your credit score. Ultimately, the First Access Visa® Credit Card can serve as a stepping stone towards better credit and more favorable financial opportunities in the future.
By understanding the key features, benefits, and drawbacks of the First Access Visa® Credit Card, you can make an informed decision that aligns with your financial goals. Remember, the goal is to use the card as a tool for credit improvement while minimizing the costs associated with its high APR and fees. With responsible use, the First Access Visa® Credit Card can be a valuable asset on your journey to better credit.