Because the First National Bank of Omaha (FNBO) Secured Visa® is a secured credit card, you’ll have to pay money upfront—between $300 and $5,000—as a security deposit. However, the flipside is that you don’t have to pay annual fees, monthly fees, account-opening fees, or many of the other fees that tend to come with credit cards for bad credit.
Overall, it’s a fairly typical card for its league. However, it may be a good short-to-medium-term option for some borrowers, as you can get your deposit back quicker than with comparable cards.
Table of Contents
Quick Review
Like many credit cards for establishing and rebuilding credit, the FNBO Secured Visa® requires a security deposit when you open an account. This must be between $300–$5,000, and the amount you pay will determine your credit limit.
A maximum initial credit limit of $5,000 is better than you’d get with a lot of credit cards for less-than-stellar credit scores. But if you want to get a worthwhile credit line, you’ll need to put down a lot of money when you open your account. Fortunately, you won’t have to pay any annual fees in addition—nor any other fees for maintenance or account opening.
Another plus point of the FNBO Secured Visa® credit card is that it allows balance transfers, cash advances, and foreign transactions, which aren’t always included with credit cards for bad credit. As such, it’s relatively flexible. And you can get credit limit increases or even an upgrade to an unsecured card within a matter of months.
However, on the downside, this card has an above-average APR (at 23.24% (variable)), fees for foreign transactions, and an unusually expensive minimum cash advance fee of $15.
Drawbacks like these—as well as the lack of rewards and limited benefits—are fairly normal with cards for holders of lower credit scores. So the FNBO Secured Visa® is a reasonable option for borrowers seeking a credit boost. All the same, we recommend shopping around before you sign up, as you may be eligible for cards that include one or more of the following features:
- Cashback rewards
- Welcome bonuses (e.g., cashback bonuses)
- No foreign transaction fees
- Premium benefits (e.g., cell phone insurance, exclusive discounts, concierge services)
FNBO Secured Visa® Credit Card Important Details
Basic Card Details
- Credit card issuer: First National Bank of Omaha
- Regular APR: 23.24% (variable)
- Annual fee: $0
- Security deposit: $300–$5,000
- Credit limit: $300–$5,000
- Grace period: 21 days
Additional Information
- Credit limit from $300 to $5,000 and dependent on your deposit.
- Credit limit increases in as little as 7 months.
- Upgrade to unsecured credit in as little as 11 months.
- Cash advances are available.
- Foreign transactions are available.
- Balance transfers are available.
- You can add authorized users to your account.
- Credit reporting to all three bureaus.
- Access to free FICO credit scores.
- Visa® benefits (e.g., Fraud and identity theft protection; zero fraud liability; and pay-per-use emergency roadside assistance with services like towing, fuel delivery, and more).
FNBO Secured Visa® Credit Card Feature Breakdown
In this section, we’ll check out some of the most important features of the FNBO Secured Visa® credit card.
Fees
- Annual fee: $0
- Cash advance fee: $15 or 5% (whichever is greater)
- Balance transfer fee: $10 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late fee: Up to $40
- Returned payment fee: Up to $35
Interest Rates
- Regular APR: 23.24% (variable)
- Cash advance APR: 26.74% (variable)
- Balance transfer APR: 21.74% (variable)
- Minimum interest charge: $1.75
- Penalty APR: None
If you don’t pay your FNBO Secured Visa® credit card balance in full each month, you’ll be charged interest. The interest you’ll be charged each year depends on your APR (“annual percentage rate”).
Notably, the FNBO Secured Visa® doesn’t have a penalty APR (an increased APR that credit cards often charge if you miss payments).
Grace Period
The FNBO Secured Visa® credit card gives you a grace period of 21 days (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.
As long as you pay off your balance 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 incur interest on any charges you make to your card during the grace period.
Rewards
The FNBO Secured Visa® doesn’t offer any rewards.
This is the case for many credit cards that accept borrowers with less-than-perfect credit. However, you can find exceptions. For example, Petal credit cards offer cashback rewards to borrowers without credit histories, and the Discover It® Secured credit card has a rewards program for bad-credit borrowers.
Benefits
In terms of benefits, the FNBO Secured Visa® Credit Card includes the following:
- Free credit scores: You’ll get free access to your FICO® Bankcard Score 9 through the FNBO website and mobile app. This can help you better understand your credit history and make well-informed financial decisions in the future.
- Roadside dispatch: This gives you access to a pay-per-use emergency roadside assistance program (e.g., for towing or fuel delivery).
- Emergency card replacement: This service gives you a phone number you can call to block your card and get an emergency card replacement or arrange to collect cash from a location near you.
- $0 fraud liability: This means you’ll get reimbursed for any fraud losses that result from unauthorized use of your account.
- Fraud protection: This service detects any abnormal spending patterns or other unusual activity on your credit card account and then alerts you.
Cash Advances
Various types of cash advances are allowed on the FNBO Secured Visa® credit card, but there are also cash advance fees. The fees are as follows:
- Cash advance/cash advance ATM: This type of cash advance is when you use your credit card to withdraw money from an ATM or bank. The fee is either 5% of the amount of each advance or $15 (whichever is greater).
- Cash equivalent advance: Cash equivalent items include anything that you can easily use like actual cash (e.g., cryptocurrency, money orders, or traveler’s checks). The fee for cash-like transactions is the same—either 5% of the amount of each advance or $15 (whichever is greater).
Balance Transfers
A balance transfer is when you move debt from one credit card to another (which is a common form of debt consolidation). The FNBO allows balance transfers. However, because of the high APR, it’s not a great card to use for this purpose.
- Balance transfer APR: 21.74% (variable)
- Balance transfer fee: 5% or $10 (whichever is greater)
Foreign Transactions
Foreign transactions are available on the FNBO credit card. However, there’s a fee equivalent to 3% of the transaction amount.
Many credit cards that allow foreign transactions charge fees equivalent to 1%–3% of the transaction amount, whereas others don’t charge a foreign transaction fee at all. If you plan to use your credit card abroad on a frequent basis, consider looking for a credit card that will guarantee fee-less foreign transactions. For example, secured credit cards from Capital One all come with no foreign transaction fees.
Security Deposit
Secured credit cards require a security deposit that will usually determine your credit limit.
To open an FNBO Secured Visa® credit card, you’ll have to make a minimum deposit of $300 into an FNBO deposit account. They’ll use this money to ensure that you pay the secured card balance.
Getting your deposit back
FNBO will return your deposit if they decide to let you upgrade to an unsecured credit card or if you close your account.
You may be able to upgrade to an unsecured credit card once you’ve had your FNBO Secured Visa® credit card for 11 months. To maximize your chances of an upgrade, make sure you pay all your credit card bills on time, and also look for ways to improve your credit score.
Credit Limit
The FNBO Secured Visa® credit card will give you a credit limit of $300–$5,000, depending on the security deposit you pay.
Credit Limit Increases
After you open your account, you may be able to increase your credit limit without an additional deposit if you consistently pay your bills on time. According to FNBO, you may be eligible for an unsecured credit limit increase in as little as 7 months (although increases are subject to credit approval); this means you can get a higher credit limit without having to pay more deposit money.
You can also increase your credit limit by supplementing your credit limit. To do this, send additional deposit money (which must be $50 or more) to the following address:
First National Bank Omaha
Secured Card Group
Stop Code 3214
PO Box 2978
Omaha, Nebraska 68103-2978
Be sure to specify that the money is for your deposit and not a payment on your credit card account.
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 only one or two of the major credit bureaus, if any. Fortunately, the FNBO Secured Visa® reports to all three credit bureaus.
Credit Building
Because the FNBO Secured Visa® credit card reports to all three credit bureaus, it’s great for building or rebuilding credit. 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
FNBO advertises its secured Visa® card as a way to establish or rebuild credit. Cards for establishing and rebuilding credit are more likely to be suitable for poor credit (or even no credit). FICO scores under 580 are considered to be “bad” or “poor,” so even if your score is lower than this, you may still be eligible for the FNBO Secured Visa® credit card. 1
Application and Approval
You can apply for an FNBO Secured Visa® credit card on the FNBO website. If you’re worried about your credit status, there’s also a prequalification option that allows you to apply without affecting your credit score.
Managing Your Account
You can enroll in online banking to manage your FNBO credit card account online—including making payments. There are also iOS or Android apps you can download for this.
Alternatively, you can mail payments to the following address:
Bankcard Payment Processing
P.O. Box 2557
Omaha, NE 68103
Customer Service
If you need help with your FNBO Secured Visa®, call the Credit Card Customer Service team at (888) 530-3626. Alternatively, if you already have an account, you can log into online banking and send a secure email through the message center.
Lost or Stolen Cards
If your FNBO Secured Visa® card is lost or stolen, call (800) 444-6938 to report it.
Adding Authorized Users
You can put in a request to add an authorized user (e.g., family members or other persons) to your FNBO Secured Visa® card account. However, it’s subject to approval by the FNBO credit department.
Should You Get the FNBO Secured Visa® Credit Card?
FinanceJar Verdict
Overall, the FNBO Secured Visa® is a reasonable choice for borrowers with poor or limited credit. It gives you the same flexibility you’d get with credit cards for higher scores, including balance transfers, cash advances, and a potentially respectable credit limit. Even better, there’s potential for unsecured credit limit increases and upgrades to unsecured credit further down the line.
Although the FNBO card lacks rewards and exceptional cardholder benefits, this is expected for credit cards available to borrowers with lower credit scores. We’ve also seen much worse APRs for cards in this tier. The FNBO Secured Visa® isn’t our top credit card choice, but it’s adequate for borrowers who need a short-term solution to boost their credit.
Who is this card for?
- Holders of lower credit scores who want to build credit: The FNBO Secured Visa® card is suitable for rebuilding credit. If you’re a bad credit holder with some black marks on your credit report, or if you’ve had rejections for other credit cards, it’s worth going through the preapproval for this one. If you’re eligible, you can use the FNBO Secured Visa® to start building better credit by making timely payments on a regular basis.
- Holders of limited credit: The FNBO Secured Visa® credit card is suitable for establishing credit. This means that you may be eligible if you have limited credit or even no credit (e.g., if you’re a recent graduate or started working in the US relatively recently). Again, if you’re eligible, you can start establishing a positive credit history by making timely payments.
Comparable Cards
To decide whether the FNBO Secured Visa® credit card is right for you, let’s see how it measures up against other secured credit cards on the market.
