How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The First Access VISA® Credit Card just isn’t worth the high interest rates and fees. The card does have some benefits: It offers rewards, doesn’t require a deposit and can help you build your credit because it reports to all three credit bureaus.
That said, you’re better off paying the deposit for a secured credit card, most of which come with lower fees and interest rates. With a secured credit card your money is tied up while you have the card, but it’s fully refundable upon closing your account or graduating to an unsecured card.
*Based on LendingTree’s value methodology
Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
---|---|---|---|---|---|
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First Access VISA® Credit Card*
|
See Terms* | 1% cash back
1% Cash Back
| Poor / Fair | ||
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Upgrade Cash Rewards Visa®
on Upgrade's secure site Rates & Fees |
$0 | 1.5% cash back
| Fair |
on Upgrade's secure site Rates & Fees |
|
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Capital One Platinum Credit Card
on Capital One's secure site Rates & Fees |
$0 | N/A | Limited / Fair |
on Capital One's secure site Rates & Fees |
|
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Discover it® Secured Credit Card
on Discover's secure site Rates & Fees |
$0 | 1% - 2% cash back
| Limited / Poor |
on Discover's secure site Rates & Fees |
Accepts applicants with lower credit scores
The First Access VISA® Credit Card is available to applicants with poor / fair credit, which is a major plus if you’ve had a hard time qualifying for a credit card in the past. The application and approval process is quick — you’ll know whether you’re approved within 60 seconds of submitting your application.
No security deposit
The First Access VISA® Credit Card is technically an unsecured card, meaning that it doesn’t require a security deposit. However, you will have to cough up a one-time $95 program fee to open an account, and unlike a security deposit, this fee is not refundable.
Cash back rewards
The First Access VISA® Credit Card offers 1% cash back, which is a rare feature for a credit card for poor / fair credit. You’ll earn rewards when you’ve paid your credit card bill. You can only redeem your points after your account has been active and in good standing for six months. Note that such limitations are rare for cash back credit cards, and you can generally redeem cash back at any time for statement credit.
Free credit-building tools
Like any good credit-building card, the First Access VISA® Credit Card offers free access to your credit score via their mobile app. Plus, First Access reports payments to the three major credit bureaus. That means making your monthly payments on time with your First Access VISA® Credit Card will improve your credit score.
→ Check your credit score for free with LendingTree Spring
Long list of ongoing fees
The First Access VISA® Credit Card is a really expensive option for building credit, with a lot of fees hidden in the fine print, including:
To illustrate how expensive the First Access VISA® Credit Card is, we’ve compared the card’s mandatory first-year fees and rewards to those of similar cards below:
First-year fees | Estimated first-year rewards* | |
---|---|---|
First Access VISA® Credit Card | $170 | $36 |
Upgrade Cash Rewards Visa® | $67 (estimated interest payments) | $254 |
Capital One Platinum Credit Card | $0 (see rates & fees) | $0 |
Discover it® Secured Credit Card | $0 (requires a minimum $200 refundable security deposit) | $90 |
Extremely high interest rates
The First Access VISA® Credit Card has a 35.99%* variable APR, which is one of the highest interest rates on the market. The typical APR for cards for poor / fair credit is currently around 30%, and you can find even better rates if you’re willing to submit a refundable security deposit for a secured credit card.
You have to pay to increase your credit limit
If you need access to more credit than the initial $300 limit, you’ll have to pony up 25% of the amount of the increase. For instance, if you want a $500 credit limit, you’ll pay a $50 fee. The fees get worse the higher your limit — you’ll be charged $1,175 to increase your credit line to $5,000.
Most credit card issuers allow you to increase your credit limit for free. You’d be better off starting with a secured card, to build your credit with a credit card and get your security deposit back once you’ve upgraded to an unsecured card.
There are no annual or account servicing fees. Additionally, the Upgrade Cash Rewards Visa® may be beneficial to your credit score since it’s reported as an installment loan. However, a downside is that there is no grace period — meaning, you immediately accrue interest when you make charges on the card. Also, since each month’s purchases are bundled and put on their own payment plan, it could be easy to get deep in debt if you are not following a budget.
Plus, Capital One will automatically consider you for a credit limit increase after six months. The APR is also significantly lower, meaning it’ll cost less to carry a balance with the Capital One Platinum Credit Card if you need to. Additionally, you may be able to upgrade your Capital One card as your credit score increases.
You won’t have to pay annual, account servicing or authorized user fees to carry the Discover it® Secured Credit Card, and the interest rate is much lower at 27.24% Variable APR. You also earn cash back rewards on all purchases.
The First Access VISA® Credit Card may be a viable option if your score is so low that you can’t get approved for better offers. Since it reports to the three major credit bureaus, it can help you build credit as long as you keep your account in good standing.
However, we don’t recommend the First Access VISA® Credit Card unless you’ve tried and failed to be approved for better secured credit cards and credit-building cards. The extremely high interest rates and ongoing fees make the card a poor choice for most consumers.
We devote a large part of the score for credit-building cards to features that help build credit — we want to help you locate cards that don’t cost a lot to own and get help you upgrade to better card offers.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the First Access VISA® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.