The First Entry bank card claims it is going to enable you to construct credit score. Must you go for it if you happen to don’t have good credit score and need assistance constructing credit score?
Discover out about this card and the way it provides up in our First Entry bank card assessment[1].
First Entry Credit score Card Highlights
- $95 set-up charge
- $75 annual charge that drops to $48 in subsequent years
- Excessive APR of 35.99%
- Low credit score restrict of $300 that you simply can not improve for no less than 12 months
- Pays 1% money again rewards on funds solely, not purchases
Apply for the First Entry Card
First Entry Credit score Card Essential Advantages & Perks
If you wish to rebuild your credit score, you might come throughout the First Entry bank card. Whereas it doesn’t have probably the most optimistic opinions, there are some advantages to think about.
Simple Utility Course of
The First Entry bank card utility is on-line, and you’ll have a solution inside minutes. It takes just a few minutes to enter your info and decide if you happen to’re authorised.
If First Entry can’t approve your utility immediately, they’ll ship you an electronic mail or letter telling you what they should proceed processing your utility or why they couldn’t approve it.
Accepted Anyplace Visa® is Accepted
Although the First Entry bank card is for folks with bad credit report who must construct credit score, it’s an ordinary Visa® bank card. This implies you should use it on the 1000’s of shops that settle for Visa®.
Earn Rewards for Making Funds
To encourage cardholders to construct optimistic credit score, First Entry pays 1% money again on all funds made towards your invoice. This implies for each $100 you pay, you earn $1. Whereas it’s not a ton, it’s free cash, and also you construct your credit score.
Experiences to All Three Credit score Bureaus
First Entry reviews your bank card exercise to all three credit score bureaus. In the event you use your card correctly, pay your invoice on time, and don’t overextend your credit score line, you might improve your credit score rating with common use of this card.
No Safety Deposit
The First Entry bank card doesn’t require a safety deposit. Whereas the credit score line is low for brand spanking new cardholders, you don’t need to give you cash to place down on the cardboard simply to have a credit score line.
Provides Free Entry to VantageScore® and Credit score Schooling
First Entry presents free entry to your VantageScore®[2] credit score rating and credit score training to proceed credit score constructing. With common monitoring and seeing your progress, you might proceed to make good credit score and spending habits to enhance your credit score rating.
First Entry Credit score Card Essential Drawbacks
Understanding the drawbacks of the First Entry bank card is necessary that can assist you determine if it’s best for you.
Excessive Charges
The most important draw back we wish to point out within the First Entry bank card assessment is the charges (see Charges & Charges). They’re extreme and never typical for many bank cards. They embrace:
- $95 set-up charge
- $75 annual charge initially, then $48
- $8.25 month-to-month charge after the primary 12 months
- $10 or 3% of every money advance after the primary 12 months
- As much as $41 late or returned cost charge
- Further card charge of $29 per licensed person
- Premium card design charge of $10
- Credit score restrict improve charge equal to 25% of the rise
Hold Studying: Are Annual Charge Credit score Playing cards Price It?
You Should Wait Six Months to Redeem Rewards
In the event you earn cashback by paying your invoice, you can’t redeem it for six months. As well as, you need to wait till you’ve accrued 500 factors (you earn 1 level for every greenback paid). So, the minimal reward you’ll be able to redeem is $5.
Excessive-Curiosity Charge
The First Entry bank card rate of interest is far larger than most bank cards. At 35.99%, your purchases will shortly add up, and staying on prime of your invoice could possibly be laborious. The debt can accumulate shortly if you happen to cost greater than you’ll be able to afford to repay.
You Should Have a Checking Account
First Entry doesn’t require good credit score, however you need to have an lively checking account to get authorised. You’ll have to look elsewhere if you happen to don’t have a checking account and are attempting to construct credit score.
Who Is First Entry Credit score Card Finest For?
Few folks would profit from the First Entry bank card due to its extreme charges and rates of interest. The one upside is that you simply don’t want a safety deposit.
So, if you happen to don’t have cash to place down on a card (even $200), this can be a viable possibility however don’t maintain it for multiple 12 months.
It should price you $95 to set it up and one other $75 in an annual charge, but when it helps you construct credit score with out making a safety deposit, it may be value it if you happen to use the cardboard appropriately.
Finest Alternate options to First Entry Credit score Card
There are a number of options to the First Entry bank card to think about, together with the next.
Capital One Platinum Secured Credit score Card
You don’t want nice credit score for the Capital One Platinum Secured bank card, because it’s a credit-building card. Relying in your {qualifications}, you might solely want $49, $99, or $200 right down to get a $200 credit score line.
The safety deposit is refundable with correct use, and you might get the next credit score restrict or unsecured card mechanically in as little as six months.
Credit score One Financial institution® Platinum Visa® for Rebuilding Credit score
The Credit score One Financial institution® Platinum Visa® bank card is supposed for constructing credit score, however it pays cash-back rewards. You possibly can earn 1% again on purchases, plus extra rewards for purchases from associate retailers.
This card has a $75 annual charge ($99 after the primary 12 months) however doesn’t require a safety deposit.
First Progress Platinum Elite Mastercard® Secured Credit score Card
The First Progress Platinum Elite Mastercard® secured bank card doesn’t require a minimal credit score rating, and its annual charge is simply $29; nevertheless, you need to put down a safety deposit, which is your credit score line.
Uncover it® Secured Credit score Card
The Uncover it® secured bank card requires a safety deposit beginning at $200, which is then your credit score line. Uncover will assessment your account historical past beginning at seven months. In the event you use the cardboard responsibly, they’ll refund your safety deposit.
They may then improve you to an unsecured card with typical Uncover advantages, together with cash-back rewards. Within the meantime, you’ll be able to earn 2% again on gasoline and restaurant purchases as much as $1,000 per quarter and 1% again on the whole lot else with the secured card.
Ceaselessly Requested Questions
Our First Entry bank card assessment uncovered the whole lot to know in regards to the card that can assist you decide if it’s a great match. Listed below are another questions folks have about it.
Is the First Entry Credit score Card a Good First-Time Credit score Card?
There are various different choices than the First Entry bank card for a primary bank card. Even if you happen to don’t have credit score but, there are secured bank card choices with a lot decrease APRs and annual charges that make them higher playing cards, such because the Uncover it® bank card.
Does the First Entry Credit score Card Assist Construct Credit score?
First Entry advertises its card as a credit-building bank card. They report your exercise to all three credit score bureaus, so if you happen to pay your invoice on time and don’t max out your card, you might improve your credit score rating utilizing it.
What’s the Credit score Restrict With a First Entry Credit score Card?
The First Entry bank card begins everybody with a $300 credit score restrict for the primary 12 months. You possibly can request a credit score line improve after 12 months, however they cost a charge equal to 25% of the rise, so think about your choices.
What Credit score Rating Do You Want for the First Entry Credit score Card?
The First Entry bank card prefers a credit standing between 550 to 620. They are saying the cardboard is for credit score constructing and is supposed for folks with no or bad credit report.
Do I Want a Checking Account To Get a First Entry Credit score Card?
Sure, one of many few stipulations First Entry has to get authorised is you need to have an lively checking account in good standing.
Does the First Entry Credit score Card Give Credit score Will increase?
You possibly can request a credit score line improve after 12 months by calling the customer support quantity on the again of your card. Not everyone seems to be eligible for a credit score line improve, however that’s frequent for any bank card.
Is the First Entry Credit score Card Secured?
No, the First Entry bank card shouldn’t be secured. They make up for the danger this poses by charging an excessively excessive APR.
Do I Have To Pay the First Entry Credit score Card Annual Charge if I Cancel the Card With out Utilizing It?
To keep away from it, you need to cancel the First Entry bank card earlier than your annual charge is assessed. In the event you cancel after the charge is assessed, you’ll not obtain a refund even if you happen to didn’t use the cardboard.
Can I Get a Money Advance for My First Entry Credit score Card?
You will get a money advance in your First Entry bank card. It’s topic to the 35.99% APR, however there aren’t any money advance charges for the primary 12 months. After the primary 12 months, they cost $10 or 3% of the money advance. The charge you’re charged is the larger of the 2.
How Do I Pay My First Entry Credit score Card?
The cell app is the best strategy to pay in your First Entry card. You too can pay on-line.
How Do I Apply for the First Entry Credit score Card?
You possibly can apply for the First Entry bank card on-line. Finishing the appliance takes a couple of minutes, and it’s best to have a solution immediately. You need to use the cardboard after you’ve paid your $95 program charge and obtain your card within the mail.
Is the First Entry Credit score Card Finest for You?
The query this First Entry bank card assessment solutions: is the First Entry bank card finest for you?
Truthfully, there are higher choices, even when you’ve got bad credit report or no credit score. You’d be higher off with a secured bank card with a low credit score restrict to construct your credit score.
[1] Editorial Content material Disclosure: The editorial content material on this web page (together with, however not restricted to Execs and Cons) shouldn’t be offered by any bank card issuer. Any opinions, analyses, opinions, or suggestions expressed listed below are the creator’s alone, not these of any bank card issuer, and haven’t been reviewed, authorised, or in any other case endorsed by any bank card issuer.
[2] Calculated on the VantageScore 3.0 mannequin. Your VantageScore 3.0 from Experian® signifies your credit score threat stage and isn’t utilized by all lenders, so don’t be stunned in case your lender makes use of a rating that’s completely different out of your VantageScore 3.0.
