Top perks
Although the First Access Visa® Credit Card doesn't have many features, it offers a couple of minor perks.
Lenient approval requirements
Most applicants, regardless of their credit history, can expect to get approved for the First Access Visa® Credit Card. It's an option if you're rebuilding your credit after problems in your credit history, or if you don't yet have any credit history and want to start building credit.
It's worth noting that First Access has a good reason to be so lenient about approvals -- it charges new cardholders $170 in total fees upfront. If you're looking for the easiest credit card to get, there are other options out there that aren't so expensive.
$300 starting credit limit
The starting credit limit for the First Access Visa® Credit Card is typically $300. Considering this is an unsecured credit card (one that doesn't require a security deposit to open), that's not a bad starting credit limit.
LEARN MORE: Secured vs. Unsecured Credit Cards: Which Should You Get?
Cash rewards as a statement credit
Cardholders will earn 1% cash rewards points on purchases. But you can only apply those rewards as a statement credit to pay down your balance -- they're not redeemable as cash.
What could be improved
The First Access Visa® Credit Card has some serious drawbacks -- the main one being all the fees it charges for just carrying it in your wallet.
Predatory fees
When you're shopping for a card to build credit or rebuild credit, one of the most important things to look for is minimal fees. With this credit card, First Access tacks on several fees:
- $95 one-time program fee to open the credit card account upon approval
- An annual fee ($75 first year, $48 thereafter)
- An $8.25 monthly servicing fee starting in the second year
- A credit limit increase fee of 25% of the increase amount if you accept a higher credit limit (if you accept a credit limit increase of $100, the fee would be $25)
Right off the bat, you're looking at $170 in upfront costs. The program fee is due when your application is approved, and First Access takes the $75 annual fee from your card's credit line. Since the credit line is $300, you start with $225 in available credit after that $75 charge.
Considering how much this card costs, you'd be better off with a secured card. Most secured credit cards require a deposit of $200 or less, so you'd be paying practically the same amount. The difference is that you can get your security deposit back eventually, whereas you won't get any of your fees back from First Access.
After the first year, you pay both a $48 annual fee and an $8.25 monthly servicing fee, for a total annual cost of $147.
To top it off, First Access charges you if you accept a credit limit increase. This is at least a fee you can avoid, but a credit limit increase is something reputable card issuers don't charge for.
High APR
The First Access Visa® Credit Card charges a fixed purchase and cash advance APR that is far higher than credit cards for bad credit.
You can avoid credit card interest charges entirely if you pay your full balance every month and use your card only for purchases, not cash advances. It's good to follow this approach with any credit card, but it's especially important with this First Access card because of its high APR.
LEARN MORE: What Is APR and What Does It Mean for Your Credit Cards?
Can't be used for foreign transactions
Some credit cards charge an extra fee, typically 3%, on foreign transactions made outside the U.S. Many of the best credit cards don't charge a foreign transaction fee at all. The First Access Visa® Credit Card is the rare card that doesn't even allow foreign purchases. It prohibits any purchase outside the U.S. or in a foreign currency.
Suggested credit score
There's no minimum credit score recommended for the First Access Visa® Credit Card. It's possible to get approved with a FICO® Score of 500 or under, which falls into the poor credit range. First Access may also approve your application even if you have no activity on your credit file yet.
LEARN MORE: Best Starter Credit Cards for No Credit