First Access Visa® Review: Very High Fees & APR

Quick Review

The First Access Visa® is designed to help you build your borrowing history if you have no credit, limited credit, or bad credit. Although the card is accessible to holders of less-than-stellar credit scores and also has a couple of notable benefits, we still don’t recommend it.

This roundup of the card’s most important positive and negative points should give you an idea of why it’s a bad choice, overall:

• There’s no security deposit requirement: The First Access Visa® is an unsecured credit card, which means that it doesn’t require a security deposit. However, you’ll still have to pay money upfront to open your card.
• There are high fees: You’ll pay at least $170 in fees in the first year (a $95 fee just to open your account plus a $75 annual fee) and $147 in maintenance fees each year after that (including annual and monthly fees).
• It has very high APRs: In particular, the First Access Visa® purchase APR is alarmingly high at 34.99% (fixed), meaning you’ll pay a lot of interest if you carry a balance on this card.
• It has a low credit limit: The First Access Visa® gives you a paltry initial credit line of $300. There are opportunities to apply for credit line increases after a year, but even these may involve fees.

Pros & Cons

Who Is the First Access Visa® Best For?

Although First Access Visa® has limited appeal, it may be good for the following types of applicants:

• Applicants who want fast approval: The First Access Visa® application is quick and easy. The card issuer claims that they can often approve you in as little as 60 seconds.
• Borrowers who often use their card at ATMs: Although you can’t use your card for ATM withdrawals (known as making a “cash advance”) during your first 90 days as a First Access Visa® cardholder, after this, you’ll get the unusual perk of fee-less withdrawals for the first year. However, you’ll still be charged interest on your cash advance, which could get expensive.
• Borrowers who have been rejected for many other cards: The First Access Visa® is available to people with imperfect credit. If you’re a bad-credit holder and have been rejected for a lot of other cards, you may still qualify for the First Access Visa®. If you’re approved, you can then use it to start building your credit score by paying your monthly bills on time, which will ultimately help you to qualify for better cards.

What the Crowd Says

The First Access Visa® gets a lot of bad reviews, which is reflected in its fairly low aggregate rating of 2.9. Many reviews and comments—by both experts and the general public—compare the First Access Visa® unfavorably to other similar cards, since it’s so expensive and offers such limited benefits.

What Major Publications Say

The First Access Visa® isn’t popular among professional reviewers, and the few positive reviews it gets seem to commend it simply for being an unsecured bad-credit card, without focusing on its downsides. Most experts consider it not to be worthwhile due to its low credit limit, high APRs, and expensive fees.

What Cardholders Say

The consumer reviews for this card mostly agree with the professional reviews, saying it’s overly expensive and best avoided. Among these reviews are complaints about fairly worrying problems customers say they’ve faced.

Here are the good and bad experiences that cardholders report whilst using the First Access Visa®.

Among the many criticisms that the First Access Visa® receives, some of the most notable problems that cardholders describe are:

• Insufficient opportunities for credit limit increases: Many reviews note how long it takes to get a credit limit increase with this card. Some customers say they were able to get increases of $50 within 6–12 months, which many felt was already inadequate; others say that it took even longer to get an increase.
• Long waits for card balance updates: Several customers complain that, after they made payments toward their First Access balance, it didn’t free up more credit for them to use straight away. Instead, funds were held for a long time (around two weeks) before their card balance updated.
• Administrative errors: A few customers say they were charged fees for accounts they tried to close; others say they were charged twice for their application fees.

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Rates & Fees

Fees

• Annual fee: $75 for the first year; $48 after that
• Monthly maintenance fee: None for the first year; then $8.25 per month ($99 per year)
• Program fee (account-opening fee): $95
• Cash advance fee: None in the first year; then $10 or 3% of the amount of each advance (whichever is greater)
• Credit limit increase fee: 20% of the increase amount
• Late payment fee: Up to $41

There’s also an express delivery fee if you want to receive your card faster, but this is optional.

Interest Rates

• Purchase APR: 34.99% (fixed)
• Cash advance APR: 34.99% (fixed)
• Minimum interest charge: $1

If you don’t pay off the balance on your First Access Visa® credit card in full each month, you’ll be charged interest.

Credit card interest is expressed as an APR, which stands for “annual percentage rate.” To estimate the rate of interest you’ll be charged each month, divide your credit card APR by 12.

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Rewards

If rewards are important to you, look for cards with cashback offers for applicants who are building or rebuilding their credit. Be aware that credit card rewards for borrowers with lower credit scores tend to only appear on secured credit cards.

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Credit Limit

With unsecured cards, the amount of credit you get isn’t contingent on the deposit you pay. However, with cards like the First Access Visa®, this means you’re stuck with whatever limit is offered to you.

If you’re using your card to build credit, it’s best to aim for a higher credit limit. A higher credit limit can benefit your credit score, as your score is based partly on your credit utilization rate—a metric that represents how much of your available credit you’re using.

A low credit utilization rate is better for your credit, which is why a higher credit limit can help your credit score, by making it easier to maintain a low credit utilization rate. Unfortunately, the First Access Visa® has a very low credit limit for everyone—at least initially—making it difficult to maintain low (good) credit utilization, unless you borrow very very little on the card.

Credit Limit Increases

You can only get credit limit increases once you’ve had your First Access Visa® account open for a year.

If you qualify for an increase, First Access may charge you a fee equivalent to 20% of the amount your limit is increased. For example, if you get a $100 increase to your credit limit, the credit limit increase fee will be $20.

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Benefits

The First Access Visa® doesn’t boast many benefits. Here’s what you’ll get:

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How to Get a First Access Visa®

Credit Score Required

The First Access Visa® credit card website says that you can qualify with “less-than-perfect” credit. This means you’ll likely qualify if you have fair credit—or possibly if you have poor credit. The threshold for poor credit is anything under 580, so you may be eligible even if your score is lower than this.

How to Apply

You can get a First Access Visa® credit card by applying online. If you’ve already received a prescreened mail offer, you can also respond to this online.

The First Access website says that they’ll usually give you an answer in as little as 60 seconds to tell you whether you’re approved. They’ll then send your card within 3–7 business days.

According to the First Access website, you should normally allow 14 business days in total for your card to arrive. However, you have the option of paying $35 for express delivery (although it’s not mentioned exactly how long delivery will take if you pay for this service).

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Building Credit

Credit Reporting

Credit reporting is important for building credit, since your credit report is made up of the information your creditors pass on to the credit bureaus. If you’re trying to repair a damaged credit score or to build on a very scant credit history, look for lenders who promise they’ll report to the major credit bureaus (i.e., Experian, TransUnion, and Equifax).

Tips for Credit Building

Although the First Access Visa® is suitable for credit building, you must use your card responsibly to improve your credit. Here’s how you can use the First Access Visa® to get better credit:

• Pay your bills on time: You must keep up with your monthly payments to boost your credit score. If you don’t pay on time, you may get late payments on your credit report, and your credit score can suffer.
• Keep your spending low: Because the credit limit on this card is so low, it’s particularly important to monitor your credit utilization rate (i.e., the proportion of your available credit you’re using) and try to get it as low as possible by spending as little of your available credit as you can.
• Monitor your credit score: Since the First Access Visa® gives you free access to your VantageScore credit score, it’s a good idea to keep an eye on this score and make sure it keeps moving in the right direction.

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FAQs

Who issues the First Access Visa® card?

The First Access Visa® is issued by the Bank of Missouri.

Does the First Access Visa® have a grace period?

Yes, the First Access Visa® credit card gives you a 21-day grace period (beginning on the first day of the new billing cycle).

If you pay your bills in full by the due date, your purchases during the grace period won’t accumulate interest. However, if you carry a balance from previous billing cycles, you’ll have to pay interest on any charges you make to your card during the grace period.

Where can I use my First Access Visa®?

Within the US, you can use your First Access Visa® card anywhere that Visa is accepted—almost anywhere that accepts credit cards. However, you can’t use your card outside the US, as it doesn’t allow foreign transactions.

Will my First Access Visa® allow cash advances?

Yes, the First Access Visa® allows credit card cash advances (when you use your card to withdraw money from an ATM or to make cash-like transactions), but only if:

• You’ve had your card for 3 months or more.
• You have enough credit available.
• You don’t have unpaid cash advances equivalent to more than half your credit limit.

The First Access Visa® is a good card for cash advances because it doesn’t charge cash advance fees in the first year. From the second year, the fee is either $10 or 3% of the amount of each cash advance (whichever is greater).

Will my First Access Visa® allow balance transfers?

A credit card balance transfer is when you move debt from one card to another. Unfortunately, the First Access Visa® credit card doesn’t offer balance transfers. If you need a balance transfer, look for other cards that include this function.

What is the First Access Visa® customer service phone number?

You can contact First Access Visa® at their customer service phone number (877) 259-3755.

For email correspondence, use the email [email protected].

For mail correspondence, use the following address:

First Access Card

PO Box 89028

Sioux Falls, SD 57109-9028

How do I close my First Access Visa®?

To close your First Access Visa®, contact their customer service team at (877) 259-3755.