If the Firstcard is definitely your first bank card, you’ve set the bar fairly excessive. In contrast with different secured bank cards, or playing cards that require a refundable deposit to open the account, the Firstcard is a superb alternative for its mixture of perks, lack of main charges, and low barrier to entry.

Individuals who have been denied credit score from conventional issuers like Uncover or Chase might be able to get the Firstcard, issued by Regent Financial institution, as a result of there’s no credit score test required.

Right here’s what you have to know concerning the Firstcard Secured Credit score Builder card.

The Firstcard is without doubt one of the most accessible bank cards we’ve seen, making it a terrific possibility for many who haven’t been capable of get a line of credit score. The one necessities: Firstcard candidates have to be U.S. residents, a minimum of 18 years previous and have a government-issued ID. You don’t even want a Social Safety quantity, however in lieu of that, Firstcard requires passport or visa data.

Your credit score scores do not matter both, as Firstcard doesn’t carry out a exhausting credit score test on candidates.

To be able to use the Firstcard, you’ll have to switch cash into your Firstcard deposit account, which you are able to do by way of direct deposit, or switch from a linked checking account or debit card. In contrast to different secured playing cards, Firstcard doesn’t require a minimal deposit.

The Firstcard touts itself as being fee-free, and that’s principally true. The cardboard doesn’t cost annual charges, late charges, overdraft charges or curiosity on unpaid balances. Nonetheless, you’ll pay $8.99 simply to have the Firstcard mailed to your own home. (It’s $18.99 for expedited delivery.)

Firstcard additionally imposes a 1.5% international transaction charge and a $2.50 ATM withdrawal charge. You possibly can keep away from the international transaction charge if you happen to go for a paid membership with Firstcard, however that comes with its personal charge. Extra on that later.

For credit score newbies, the shortage of late charges and any APR to talk of will help ease the transition into the world of credit score. Bear in mind, although, that these coaching wheels come off if you happen to graduate to an unsecured card — which is not actually potential with the Firstcard except you are prepared to pay (once more, extra on that later).

In order for you a starter card that extra carefully mimics the expertise of a “actual” bank card, and that additionally has a possible improve path to a number of different merchandise, think about the Capital One Platinum Secured Credit score Card. Its annual charge and international transaction charges are each $0, however it fees as much as $40 for a late cost, and unpaid balances will accrue curiosity.

The target market for the Firstcard is faculty college students, a cohort with usually little to no credit score historical past. Firstcard will help its cardholders construct a credit score profile and lift their scores as a result of it studies to all three credit score bureaus: Equifax, Experian and TransUnion. Should you use the Firstcard responsibly by paying off balances in full and on time, the credit score bureaus will log that good conduct of their recordsdata.

Firstcard holders get money again on sure purchases. The cardboard earns:

• 5% money again on 12 academic platforms together with ChatGPT, Grammarly and Headspace.

• As much as 15% money again at 29,000 accomplice retailers.

• As much as 10% money again on all qualifying purchases. This fee is stackable with different money again earned. To entry this bonus money again, cardholders should spin the wheel within the Firstcard app, which is able to decide the bonus money again fee for every eligible transaction.

Money again is robotically redeemed as an announcement credit score to the cardholder’s account.

Firstcard caps the quantity of rewards earned, although most individuals gained’t want to fret about hitting them. Money again earned per transaction is capped at $15, and the utmost money again earned per day is $75.

Although there’s no conventional improve path from the Firstcard, there’s a option to get a greater model of the cardboard — however it’ll value you. Firstcard holders should buy a Firstcard+ membership, which prices $4.99 a month, or $48 a 12 months. Firstcard+ advantages embrace:

• An additional 1% money again that stacks on high of the cardboard’s base rewards fee.

• Cash in your Firstcard deposit account earns a 4.25% rate of interest. With out Firstcard+, the rate of interest drops to 1.25%.

• No international transaction charge. 

Word that Firstcard holders with no Social Safety quantity or particular person taxpayer identification quantity (ITIN) are ineligible to earn curiosity and thus can’t revenue from the wonderful rate of interest provided by Firstcard+.