The First Entry bank card claims it’ll make it easier to construct credit score. Do you have to 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’t enhance for at the least 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, it’s possible you’ll come throughout the First Entry bank card. Whereas it doesn’t have essentially the most optimistic evaluations, there are some advantages to contemplate.
Simple Utility Course of
The First Entry bank card software is on-line, and you may have a solution inside minutes. It takes only some minutes to enter your info and decide if you happen to’re accredited.
If First Entry can’t approve your software immediately, they’ll ship you an e-mail or letter telling you what they should proceed processing your software or why they couldn’t approve it.
Accepted Wherever Visa® is Accepted
Though the First Entry bank card is for individuals with low credit who have to construct credit score, it’s a typical Visa® bank card. This implies you need to use it on the hundreds 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.
Reviews to All Three Credit score Bureaus
First Entry studies your bank card exercise to all three credit score bureaus. Should you use your card correctly, pay your invoice on time, and don’t overextend your credit score line, it’s possible you’ll enhance 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 new cardholders, you don’t need to provide you with cash to place down on the cardboard simply to have a credit score line.
Affords Free Entry to VantageScore® and Credit score Training
First Entry presents free entry to your VantageScore®[2] credit score rating and credit score schooling to proceed credit score constructing. With common monitoring and seeing your progress, it’s possible you’ll 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 vital that will help you determine if it’s best for you.
Excessive Charges
The most important draw back we need 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 enhance charge equal to 25% of the rise
Maintain Studying: Are Annual Payment Credit score Playing cards Price It?
You Should Wait Six Months to Redeem Rewards
Should you earn cashback by paying your invoice, you can not redeem it for six months. As well as, you will need to wait till you’ve accrued 500 factors (you earn 1 level for every greenback paid). So, the minimal reward you may redeem is $5.
Excessive-Curiosity Fee
The First Entry bank card rate of interest is far greater than most bank cards. At 35.99%, your purchases will rapidly add up, and staying on prime of your invoice might be laborious. The debt can accumulate rapidly if you happen to cost greater than you may afford to repay.
You Should Have a Checking Account
First Entry doesn’t require good credit score, however you will need to have an energetic checking account to get accredited. 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 Greatest For?
Few individuals 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 choice however don’t hold it for multiple 12 months.
It is going to value 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.
Greatest Options to First Entry Credit score Card
There are a number of options to the First Entry bank card to contemplate, 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}, it’s possible you’ll solely want $49, $99, or $200 all the way down to get a $200 credit score line.
The safety deposit is refundable with correct use, and it’s possible you’ll get the next credit score restrict or unsecured card routinely 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 may earn 1% again on purchases, plus extra rewards for purchases from accomplice 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 barely $29; nonetheless, you will 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. Should you use the cardboard responsibly, they may refund your safety deposit.
They’ll then improve you to an unsecured card with typical Uncover advantages, together with cash-back rewards. Within the meantime, you may earn 2% again on fuel and restaurant purchases as much as $1,000 per quarter and 1% again on the whole lot else with the secured card.
Continuously Requested Questions
Our First Entry bank card assessment uncovered the whole lot to know concerning the card that will help you decide if it’s a great match. Listed below are another questions individuals have about it.
Is the First Entry Credit score Card a Good First-Time Credit score Card?
There are numerous 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, it’s possible you’ll enhance 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 may request a credit score line enhance after 12 months, however they cost a charge equal to 25% of the rise, so contemplate 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 individuals with no or low credit.
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 accredited is you will need to have an energetic checking account in good standing.
Does the First Entry Credit score Card Give Credit score Will increase?
You may request a credit score line enhance 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 enhance, however that’s widespread for any bank card.
Is the First Entry Credit score Card Secured?
No, the First Entry bank card just isn’t secured. They make up for the chance this poses by charging an excessively excessive APR.
Do I Have To Pay the First Entry Credit score Card Annual Payment if I Cancel the Card With out Utilizing It?
To keep away from it, you will need to cancel the First Entry bank card earlier than your annual charge is assessed. Should 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 higher of the 2.
How Do I Pay My First Entry Credit score Card?
The cellular app is the simplest technique to pay in your First Entry card. You can too pay on-line.
How Do I Apply for the First Entry Credit score Card?
You may 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 should 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 Greatest 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 have low credit 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) just isn’t offered by any bank card issuer. Any opinions, analyses, evaluations, or suggestions expressed listed here are the creator’s alone, not these of any bank card issuer, and haven’t been reviewed, accredited, 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.