The First Access Visa® is an unsecured credit card meant to help new borrowers or those with bad credit build their borrowing histories. However, it comes with high fees (including annual, program, and monthly fees), a high APR, and a low credit limit.
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Quick Review
Unlike many credit cards for bad credit, the First Access Visa® credit card is unsecured. This means that you don’t have to put down a security deposit, and the amount of credit you get isn’t contingent on the deposit you pay. This may seem like a good deal, but the flipside is that the card comes with excessive fees and a very high APR of 34.99% (fixed).
The First Access Visa® gives you a paltry initial credit line of $300. This is further limited when you pay your annual fee, which comes out of your credit line. There are opportunities to apply for credit line increases after a year, but even credit line increases have fees attached.
Although the First Access Visa® credit card is relatively accessible and works fine for building credit (it reports to all three credit bureaus), it isn’t a particularly good credit card option. Overall, we recommend against this card in favor of shopping around for better deals.
First Access Visa® Credit Card Important Details
Basic Card Details
- Credit card issuer: The Bank of Missouri
- Regular APR: 34.99% (fixed)
- Annual fee: $75 for the first year; $48 after that.
- Security deposit: None
- Grace period: 21 days
- Initial credit limit: $300
- Potential for credit limit increase: Yes, after one year.
- Credit limit increase fee: 20% of the amount of increase
Additional Information
- Cash advances are available after 3 months (subject to limitations)
- Credit reporting to all three major credit bureaus
- Foreign transactions and balance transfers are not available
First Access Visa® Credit Card Feature Breakdown
In this section, we’ll inspect some of the most important features of the First Access Visa® credit card.
Fees
The First Access Visa® credit card comes with a lot of fees, including:
- Annual fee: $75 for the first year; $48 after that
- Monthly maintenance fee: None for the first year; then $8.25 per month ($99.00 per year)
- Program fee (account-opening fee): $95
- Cash advance transaction 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 amount of increase
- Late payment fee: Up to $41
Interest Rates
- Regular 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 how much interest you’ll be charged monthly, divide your credit card APR by 12.
The First Access Visa® has a very high APR, meaning interest charges can quickly add up if you leave a balance on the card. If you’re someone who’s likely to carry a balance, we highly recommend looking for an alternative borrowing option.
Grace Period
The First Access Visa® credit card gives you a 21-day grace period (beginning on the first day of the new billing cycle). The grace period allows you time to pay your bills in full without racking up any interest charges.
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 in the grace period.
Rewards
The First Access Visa® credit card doesn’t give you any rewards.
Rewards cards aren’t usually available to applicants with poor credit or limited credit histories. However, there are cards out there with cashback offers for holders of lower credit scores. So if rewards are important to you, check out other credit cards on the market.
Cash Advances
A cash advance is when you use your credit card to withdraw money from an ATM. Cash advances are allowed on the First Access Visa® credit card, but only after 3 months of card ownership.
There are no cash advance fees in the first year. In the second year, the fee for a cash advance is either $10 or 3% of the amount of each cash advance—whichever is greater.
You can only get a cash advance if:
- Your account has been open for at least 3 months.
- Your account isn’t past due.
- You have available credit for cash advances.
- Your unpaid cash advances don’t exceed half your credit limit.
Balance Transfers
A balance transfer is when you move debt from one credit card to another (which is a common form of debt consolidation). Unfortunately, the First Access Visa® credit card doesn’t offer balance transfers. If you need a balance transfer, look for other credit cards that include this function.
Credit Limit
Initially, the First Access Visa® credit card will give you a low credit limit of $300. However, the card issuer also deducts your annual fee from your credit limit. As such, when you first get your First Access Visa® credit card, your line of credit will only be $225.
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 a credit limit increase, your card issuer 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.
However, as with the annual fee, the credit limit increase fee is taken from the credit limit on your card. This means that you’d only get $80 of additional credit on your card (assuming the $100 example increase), once the $20 fee is taken. Once you pay your balance, your full credit limit will be restored.
Credit Reporting
Credit reporting is an important part of building credit, as your credit report is based on the information your lenders send to the credit bureaus.
Lenders aren’t legally required to report your credit history; many lenders report to just one or two of the major credit bureaus, if any. Fortunately, the First Access Visa® credit card reports to all three bureaus. This is a significant perk, because the more bureaus your credit card issuer reports to, the better you’ll be able to use the card to build your credit.
Credit Building
Because the First Access Visa® reports to all three credit bureaus, it’s good for credit building. However, you must keep up with your monthly payments to benefit your credit score; your credit will suffer if your payments are late.
Credit Score Requirements
The First Access Visa® credit card says that you can qualify with “less-than-perfect” credit. This means that you are likely eligible if you have poor or fair credit.
Application and Approval
To get a First Access Visa® credit card, you can apply online.
The First Access website says that, if you apply by phone or online, they might give you an answer in as little as 60 seconds.
Managing Your Account
You can log in and manage your First Access Visa® credit card online—including checking your balance, your available credit, and your transaction history.
To make payments, you can also send a check or money order (along with the coupon from your billing statement) to:
PO Box 5220
Sioux Falls
SD 57117-5220
If you do this, take a copy of your First Access Visa® credit card statement so that you can provide relevant information for the payment (i.e., the payee name, “First Access Card”, your account number, and the remittance address).
Customer Service
If you need help with your First Access Visa®, the customer service phone number is (888) 267-7980.
For email correspondence, use the email [email protected].
For mail correspondence, use the following postal address:
First Access Card
PO Box 89028
Sioux Falls, SD 57109-9028
Call us toll-free at (888) 267-7980
Lost or Stolen Cards
If your First Access Visa® card is lost, stolen, or used without your permission, call (877) 259-3755 (available 24 hours a day) and report the issue immediately.
Should You Get the First Access Visa® Credit Card?
FinanceJar Verdict
The First Access Visa® Credit Card has no rewards or benefits, a small credit limit, a high APR, and unreasonable fees. All in all, it’s not a very good credit card, so it’s only worth considering if you’re completely out of other options.
Who is this card for?
- Credit card applicants who want speedy processing: The main advantage of the First Access Visa® credit card is that it’s quick and easy to apply for. The card issuer claims that approval can take as little as 60 seconds.
- Holders of lower credit scores who want a credit boost: The other advantage of the First Access Visa® credit card is that it’s available to people with imperfect credit. If you’re a bad credit holder and have been rejected for other cards, you may still qualify for the First Access Visa®, so you can use it to start building your credit score by paying your monthly bills on time.
Comparable Cards
To decide whether the First Access Visa® credit card is right for you, see how it measures up against other similar credit cards on the market.
First Access Visa® Credit Card vs. Capital One Platinum Mastercard®
The First Access Visa® credit card and the Capital One Platinum Mastercard® are both unsecured credit cards. Both come without rewards, intro offers, or welcome bonuses. However, this is to be expected from cards that don’t require good or excellent credit scores.
Capital One gives a more exact idea of its credit criteria for the Capital One Platinum Mastercard®, specifying that it’s for people with fair credit. Capital One defines fair credit as meaning either of the following:
- Negative credit history on your recent credit report: You’ve defaulted on a loan in the past 5 years (but not more than once).
- A limited credit history: You’ve had your own credit card or other types of credit for less than 3 years (borrowers in this category include students and other young people, and people new to the US).
The First Access Visa® sells itself as being suitable for applicants with “less-than-perfect credit,” so it may be available to people with lower credit scores.
The Capital One Platinum Mastercard® has several notable advantages over the First Access Visa® credit card:
- There’s a lower regular APR of 26.49% (variable)
- There’s no annual fee
- There are no monthly fees
- There are no account-opening fees
- You can get more credit within 6 months
- You can make foreign transactions
- Balance transfers are available
As such, if you’re eligible for the Capital One Platinum Mastercard®, then it’s the decidedly better option.
First Access Visa® Credit Card vs. Total Visa® Credit Card
The First Access Visa® and the Total Visa® credit card are both unsecured cards for people with limited credit. The two cards are remarkably similar in many ways:
- They have the same APR
- They have an initial credit limit of $300
- They charge the same annual fees
- They charge the same credit limit increase fees
- They charge the same cash advance fees
The Total Visa® credit card has a couple of minor advantages:
- Lower monthly fees of $6.25/month
- Lower program fee of $89
Although both cards are not recommendable, the Total Visa® credit card is the better of the two.
First Access Visa® Credit Card vs. Discover it® Secured Credit Card
If you’re willing to pay a security deposit, we highly recommend the Discover it® Secured credit card. Like the First Access Visa®, it’s great for building or repairing credit because it’s available to bad credit holders and reports to the three credit bureaus.
Apart from the fact that the Discover it® Secured card is secured—whereas the First Access Visa® card is unsecured—there are a few other important features that distinguish the Discover it® Secured credit card from the First Access Visa®:
- The Discover it® Secured card’s initial limit is equivalent to the refundable security deposit (a minimum of $200).
- The Discover it® Secured credit card has a much lower variable APR of 25.99% (variable).
- The Discover it® Secured credit card doesn’t have annual fees, monthly fees, or account-opening fees.
- The Discover it® Secured credit card offers cashback rewards.
- You can use the Discover it® Secured credit card abroad.
If you get a Discover it® Secured credit card, you’ll have to pay a refundable deposit of at least $200 for $200 worth of credit. If you get a First Access Visa® credit card, you’ll pay $170 in fees (program fee plus annual fee) for $225 of credit, but you won’t get your money back, plus you’ll have to pay more fees the following year.
In the short term, the First Access Visa® credit card gives you more credit for less money, but in the long term, the Discover it® Secured card is a much better deal.
