The First Access Card by Visa is a credit card that is targeted towards the market segment of people who don’t have that great of a credit score or history. The company is fairly laid back when it comes to getting people approved – the application only takes a few short minutes to fill out online and you can be approved for an account within just 60 seconds.
The card can be used to make purchases both online and in physical stores, and it’s accepted at ATMs and available for use all across America. There are a few costs associated with being a cardholder, so you need to look at all of the details to really decide if the card is right for you and your spending needs. This article helps to outline the facts about the card so potential customers have a good understanding of what to expect before filling out an application and seeking out approval.
Looking At the First Access Card’s Fees and Rates
To become a user of this card you should get a good grasp on what the numbers for being a customer are for the First Access Card – there are monthly fees, annual fees, and processing fees.
Starting with the program fee or processing fee, however, you want to refer to it, there is an initial fee of $89 before your account is opened and you are able to make your first purchase. Next comes the annual fee, and in the case of this particular card you can expect to pay $75 for the first year of use – then starting in year two and beyond the cost for being a cardholder is $48 on a 12-month basis. Your initial credit limit is $300, then in your first month, your limit will be actually $225 as the annual fee is added right away as a transactional fee to your card. There’s also a monthly servicing fee that you need to be aware of, but the first year the cost of $6.25 per month is waived – after year one though, the monthly fee will show up on your statements. There are a couple of penalty fees to keep in the back of your mind – they can be up to $39 and occur when a monthly payment is made late after the specified due date, or when there’s a returned payment against your account. There’s one transaction fee and that’s the cash advance fee – there are none in your first year as a customer but starting in year two you will pay either $5 for each cash advance you take or 5%, whichever is the higher amount of the two. To get an additional card for your wife or husband, for example, you will need to pay an additional $29 per year. Your card can be rush delivered to you, but you will pay a $35 fee for the express delivery of it. If you request a copy of a previous monthly statement, you will be charged a $3 fee for the printing and processing of the request.
The annual percentage rate (APR) for purchases and cash advances is 34.99%. If you pay your balance off in full each month when using your card for purchases then you won’t have any interest charges on your statement, but when you make a cash advance then you incur interest charges starting on that same day. The minimum interest charge that you will see on a monthly statement if there is one, is at least $0.50.
Other Information To Know Before Making Your Decision
All cardholders start with a $300 credit limit but it can be increased if you qualify based on certain conditions and if the account has been open for at least six billing cycles – a request can be made with the goal of having your credit limit raised. Your odds of getting an increased credit limit is further enhanced if your account hasn’t gone over its limit or if payments have been made on time over the past six months. Be aware that every time you get an increase to your credit limit though that you approve, a 20% one-time-fee will be charged to your account. So, for example, if your credit limit is increased by $200 then you will be charged a fee of $40 and during the first month of the increase, you will have $160 of credit to use and not the full $200 due to the $40 fee reducing it.
As previously mentioned, the approval decision can come within a minute, and there’s just a short online application to fill out – some fields include your name, address, email address, telephone number, and social security number. You have to be a United States resident and be over the age of 18 to apply.
Account information and details are regularly reported to the credit bureaus which is a positive aspect as long as you make consistent payments – helping you to raise your credit score and improve your credit history status.
Is the First Access Card Right For You?
Ideal customers of this financial instrument are ones who have weak to less than average credit scores and histories and are encountering difficulties for trying to be approved for an unsecured card – meaning ones that you don’t need to put down a cash deposit for. If you want to avoid lots of fees and charges then this card may not appeal to you as there are a few that come baked in and can add up, especially in relation to the initial credit limit that you are given. The good aspect about this card is that it allows you to build up your credit score and history so that you can leverage the experience to be in a better position to get more favorable credit cards that have fewer fees and provide you with tangible rewards on purchases you make.