Is the First Savings Mastercard® Worth It?
The First Savings Mastercard® won’t be worth it for most borrowers—while this isn’t the worst credit card out there, there isn’t much to recommend it. Here are the best and worst features of the First Savings Mastercard®:
- Slow approval: It apparently takes First Savings Credit Card (the card issuer) 2–4 weeks to process applications for this card, which is very slow. In contrast, some cards automatically process applications in seconds or minutes.
- High annual fees: Your First Savings credit card will cost you $49–$75 a year, even if you’re not using it. An annual fee on the high end of the range is hard to justify when there are other, similar cards that have lower annual fees or no annual fees at all.
- No foreign transaction fees: On the plus side, this card doesn’t charge foreign transaction fees. If you frequently travel outside the US, this card could be a handy resource.
If you received an offer for this card in the mail, you’ll probably be better served by applying for an alternative. There are other unsecured cards for bad credit out there, some of which have lower fees and even perks like cashback rewards.
First Savings Mastercard® Pros & Cons
Who Is the First Savings Mastercard® Best For?
Although the First Savings Mastercard® isn’t a very good card, its features make it somewhat more appealing to:
- Frequent travelers: Because the First Savings Mastercard® has no foreign transaction fees, it’s a decent choice if you regularly travel abroad (or shop on non-US websites).
- People with damaged credit: If you have a bad credit score, this might be one of the only cards you can qualify for (although you should still shop around for other options). Fortunately, the First Savings Mastercard® reports to all three major credit bureaus, so it’s a decent tool for rebuilding your credit.
Rates & Fees
Interest Rates
- Purchase APR: 17.90%–29.90% (variable)
- Cash advance APR: 26.90%–29.90% (variable)
- Penalty APR: None
- Minimum interest charge: None
Fees
- Annual fee: $49–$75
- Cash advance fee: 2%
- Foreign transaction fees: None
- Authorized user fee: $20 per year per additional cardholder
- Late/returned payment fee: Up to $25
Rewards
Credit Limit
Depending on how much you borrow each month, having a higher credit limit can help you improve your credit score, as one of the scoring metrics is how much credit you borrow compared to how much total credit you have. The First Savings Mastercard® offers a somewhat limited range of credit lines, which could make building credit more difficult if you aren’t cautious about how you borrow on the card.
Credit Limit Increases
According to the First Savings Mastercard® credit card agreement, you can get a credit limit increase in as little as 6 months if you:
- Make all your payments on time
- Meet their debt-to-income ratio requirement (i.e., your income must be high enough that First Savings considers you capable of repaying your debts)
According to the First Savings customer service team, if you qualify for a credit increase, they may send you a letter letting you know. They also said you can take the initiative and request a credit increase by calling them.
Either way, if you’re eligible, they’ll give you instructions on how to formally apply online.
You can boost your credit limit on the First Savings Mastercard® up to a maximum of $5,000.
Benefits
The First Savings Mastercard® offers several benefits:
| Benefit | What It Means |
|---|---|
| Zero fraud liability | The credit card issuer won’t hold you responsible for transactions you haven’t authorized. |
| Mastercard ID theft protection | This includes TransUnion credit report monitoring and dark web monitoring to check for misuse of your personal information (e.g., your Social Security number and your credit or debit card information). |
| 24-hour assistance if your card is lost or stolen | This gives you an emergency phone number to report your card lost or stolen. You can also request emergency card replacements, as well as emergency cash advances. |
| Discounted airport concierge services | You can get a 15% discount on Mastercard airport meet-and-greet services. |
| Optional PREMIUM Club Membership | For $4.95 per month, get exclusive discounts on various products and services (e.g., hotels, dining, car rentals, entertainment, and even filling up prescriptions). |
These types of benefits are fairly common, so they aren’t a strong selling point for this card, but they’re still a nice perk.
Payment Protection Plan
The First Savings Mastercard®’s most notable benefit is its payment protection plan. This is an optional service that you can join by paying $0.89 for every $100 you have in credit card debt.
The program will cover some of your payments on your card (a maximum of $5,000, for a period of up to 18 months) if you:
- Lose your job
- Become disabled
- Need hospital treatment
- Are called to jury duty
- Take military leave
- Take certified family medical leave (to care for children, or for a family member with a serious medical condition)
Certain caveats apply to this protection. For instance, you can only use it once per 120-day period. On the flip side, it may cover other events, too, so if you opt into it, read the terms and conditions thoroughly.
How to Get a First Savings Mastercard®
Credit Score Required
The First Savings Mastercard® website doesn’t specify what credit score you need to qualify for the card, but the issuer mainly offers credit cards for building credit, and these kinds of cards are aimed at borrowers with poor or limited credit scores.
We suggest only applying for this card if you have a credit score that’s between 300–580. If your score is higher than 580, give this card a pass. You can probably qualify for a better one.
How to Apply
If you’ve received a First Savings Mastercard® offer in the mail, you can respond online by going to the website and entering your reservation number and access code (which you’ll find on the acceptance form you received from First Savings Credit Card).
If you haven’t received an offer in the mail, you can’t apply.
Building Credit with a First Savings Mastercard®
Credit Reporting
Credit reporting is an important part of credit building, as your credit report is based on the information your lenders send to the three main credit bureaus in the US (Experian, Equifax, and TransUnion).
If you’re interested in building or repairing your credit, you want a card that reports to all three. Since the First Savings Mastercard® does, using this card responsibly will benefit all of your credit scores.
Tips for Credit Building
To build your credit with the First Savings Mastercard®, be sure to:
- Always pay on time: Late payments are black marks on your credit report, so be sure to make at least your minimum monthly payment on time. Also, remember to keep paying your annual fees, even if you stop using your credit card.
- Keep your card balance low: Maxing out your credit card can hurt your credit score. In general, the lower you can keep your balance on your card and the faster you can pay it off, the better your score will be.
- Increase your credit limit: For the same reason, increasing your credit limit can improve your credit score, because it means you’re likely to use a smaller proportion of your available credit. If you keep your First Savings Mastercard® account in good standing, you can increase your limit in 6 months.
Comparable Cards
To decide whether the First Savings Mastercard® Credit Card is right for you, take a look at how it measures up against other cards for less-than-perfect credit.
First Savings Mastercard® Credit Card FAQs
Which bank issues the First Savings Mastercard® credit card?
The First Savings Mastercard® is issued by First Savings Credit Card.
Can I use the First Savings Mastercard® for cash advances?
Yes, you can use the First Savings Mastercard® to take out cash advances. There’s a $500 daily limit, but you can ultimately borrow an amount equal to your credit limit.
Although there’s a cash advance fee of 2%, this is relatively low—many cards charge 3%–5%. Moreover, the First Savings Mastercard®’s cash advance APR is the same as its purchase APR at 26.90%–29.90% (variable).
However, unlike normal purchases on your credit card, cash advances start to accumulate interest right away. Be careful about using a First Savings Mastercard® to get cash—it can get expensive, and it’s best reserved for emergencies.
Can I make foreign transactions with the First Savings Mastercard®?
Yes, the First Savings Credit Card customer service team told us that the First Savings Mastercard® offers foreign transactions.
They also said that there are no fees for this service. Many similar cards have foreign transaction fees equivalent to 1%–3% of the transaction amount, so the First Savings Mastercard® is particularly good for borrowers who use their cards abroad or who shop on non-US websites.
Can I add authorized users to the First Savings Mastercard®
Yes, you can add authorized users to your First Savings Mastercard® account so that other people can use it (e.g., family members or your partner). This will cost $20 per year for each additional cardholder.
Can I perform balance transfers with the First Savings Mastercard®?
No, the First Savings Mastercard® doesn’t let you perform balance transfers (a transaction where you move debt from one credit card to another). This means it isn’t a good card for consolidating credit card debt.
Does the First Savings Mastercard® have a grace period?
The First Savings Mastercard® has a grace period of 25 days. If you pay off your purchases from your most recent billing cycle by the end of your grace period, you won’t have to pay interest on them.
However, any purchases that you fail to fully pay off by that date will accumulate interest at the card’s usual APR.
What’s the First Savings Mastercard® customer service phone number?
The First Savings Mastercard® customer service phone number is (888) 469-0291.
You can also reach the customer service team by writing to:
First Savings Credit Card
PO Box 5019
Sioux Falls, SD 57117-5019
How can I pay my First Savings Mastercard® credit card bill?
The easiest way to pay your credit card bill is to deposit money from your checking account, which you can do via the First Savings Credit Card website. To pay online, log in to your First Savings Mastercard® account and follow the instructions. You can also download the Android app or iOS app.
You can also pay your First Savings bill with a debit card by calling (888) 469-0291. However, there’s a processing fee of $3.95 if you use this method.
Alternatively, you can pay through MoneyGram (using code 3890) or Western Union (using Code City/State: FSCC/SD).
