First Bank Secured Mastercard®
- Annual fee
- $35
- Recommended credit
- Poor / No Credit Required
- Card network
- Mastercard
- Regular purchase APR
- 27.99% variable based on the Prime Rate
At a glance
The First Bank Secured Mastercard® offers a route towards unsecured credit in as little as seven months, with full graduation in as few as 11 months from account opening. The card from First Bank also features a fixed APR and $35 annual fee.
Our review of the First Bank Secured Mastercard®
If you’re in the market for a secured credit card, the First Bank Secured Mastercard® is worth considering. This card is designed for individuals with less-than-perfect credit who are looking to rebuild their credit history. In this review, we’ll take a closer look at the features and benefits of the First Bank Secured Mastercard® to help you determine if it’s the right choice for you.
Features
- Security Deposit: One of the key features of the First Bank Secured Mastercard® is the security deposit required to open the account. This deposit serves as collateral for the credit line and is typically equal to the credit limit. By making timely payments, cardholders can establish a positive payment history and potentially improve their credit score.
- Credit Reporting: The First Bank Secured Mastercard® reports to all three major credit bureaus, which can help cardholders build credit over time. By using the card responsibly and making on-time payments, individuals may see an increase in their credit score.
- Annual Fee: The First Bank Secured Mastercard® charges an annual fee, which is common for secured credit cards. However, the fee is relatively low compared to other cards in the market.
- Interest Rates: Like most secured credit cards, the First Bank Secured Mastercard® has a higher interest rate than traditional credit cards. It’s important for cardholders to pay off their balance in full each month to avoid accruing interest charges.
Benefits
- Credit Building: The First Bank Secured Mastercard® is a great option for individuals looking to build or rebuild their credit. By using the card responsibly and making on-time payments, cardholders can improve their credit score over time.
- Mastercard Benefits: As a Mastercard® holder, cardholders can enjoy benefits such as purchase protection, extended warranty coverage, and rental car insurance. These perks can provide added value to cardholders.
- Flexibility: The First Bank Secured Mastercard® can be used anywhere Mastercard is accepted, giving cardholders the flexibility to make purchases both online and in-store.
Conclusion
Overall, the First Bank Secured Mastercard® is a solid option for individuals looking to build or rebuild their credit. With features like credit reporting, a security deposit, and Mastercard benefits, this card can help cardholders on their journey to financial health. If you’re in the market for a secured credit card, be sure to consider the First Bank Secured Mastercard® as a viable option.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- Improve your credit rating
- Get unlimited access to your credit score
- Enjoy free 24/7 fraud protectio
Who this card may suit
- You have no credit history or damaged credit
- You plan to use your card responsibly
- You already bank with First Bank or reside in Missouri, Illinois, Kansas, or California
Rates, fees and terms
| Annual Fee | $35 |
|---|---|
| Regular Purchase APR | 27.99% variable based on the Prime Rate |
| Balance Transfer APR | 27.99% variable based on the Prime Rate |
| Balance Transfer Transaction Fee | Either $10 or 5% of the amount of each transfer, whichever is greater |
| Cash Advance APR | 28.99% variable based on the Prime Rate |
| Cash Advance Transaction Fee | Either $10 or 5% of the amount of each transfer, whichever is greater |
| Foreign Transaction Fee | : 3% of each transaction in U.S. dollars |
| Late Payment Penalty Fee | Up to $40 |
| Return Payment Penalty Fee | Up to $35 |
| Minimum Deposit Required | $300 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Poor Credit Limited or No Credit.
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First Bank Secured Mastercard®
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