First Access Credit Card Review: Is It Worth It?

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The First Access Credit Card is designed to help those with bad credit build credit responsibly, but it comes with a high APR and quite a few fees worth pointing out.
  • Annual Fee:
    See Terms
  • Regular APR:
    See Terms
  • Recommended Credit Score:
    Bad, Poor Credit

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Often to get a good credit card, you need pretty good credit. So, what happens when you don’t have good enough credit to qualify for the card you want? If this situation applies to you, then the First Access Visa Credit Card could be a great option for you.

The First Access Visa aims to provide people with low to bad credit a way to build up their credit score. However, there are fees and few rewards compared to other credit cards, so it is important to understand what the card offers before applying.

First Access Visa® Credit Card Pros and Cons

Pros:

  • Accepts people with low credit to qualify
  • Simple and easy online application
  • Unsecured credit card means you aren’t required to make a security deposit before opening your account.
  • Possible credit limit increase
  • Reports to all credit bureaus

Cons:

  • Annual fee
  • Monthly fees after the first year
  • Extremely high APR
  • Required checking account
  • Low initial credit limit

What is the First Access Visa® Credit Card?

The First Access Visa is a credit card for those who are strictly trying to rebuild their credit. Also, as an unsecured card, you are not required to pay an upfront security deposit.

However, there are a lot of fees when using this card and a very high APR. This card is for people trying to increase their credit score, so if you already have good credit, this won’t be the best option.

Is First Access a Good Credit Card?

In terms of “good credit cards,” the First Access Visa won’t be in the conversation. Although it isn’t great, it does serve as a good credit card for those who are trying to rebuild their credit score if they are willing to pay monthly maintenance fees.

>> Alternative Option: Explore the Best Credit Repair Companies

First Access Visa® Credit Card Review

  • Annual Fee: The First Access Visa requires a $75 annual fee for the first year, then $48 dollars for any following years. Terms Apply.
  • Rewards: With this card, you are not granted as many rewards as some of its competitors. However, the card does offer payment history reports to all three credit bureaus, which can boost your credit score. Terms Apply.
  • Annual APR: There is a 34.99% APR for the First Access Visa, which is very high compared to other cards. Terms Apply.

First Access Visa® Credit Card Features

If you are looking for a credit card with many benefits and perks, then the First Access Visa probably isn’t for you. That being said, there are still some features that may be of interest to you.

Those With Bad Credit Can Qualify

The First Access Visa does allow people with poor credit to qualify. This is great news for those who are looking to rebuild their credit.

You can use this card to slowly improve your credit over time and eventually qualify for a credit card with lower fees and better rates.

Easy Online Application

If you decide to apply for a First Access Visa, you will be glad to know that it has an easy application process, and you may even get a response within a minute.

Monthly Servicing Fee Waived in the First Year

Although the First Access Visa requires a monthly fee, you are not required to pay it in the first year. This allows you to save money or even pay off extra interest in the first year.

First Access Credit Card Fees Explained

When choosing the First Access Credit Card, it is important to know all the required fees. To start off, there is a $95 account-opening fee.

Then, there is a $75 annual fee for the first year and $48 for any subsequent years. Finally, after the first 12 months with the First Access Visa, you will be required to pay a $6,25 monthly maintenance fee.

How Does the First Access Credit Card Compare to Other Cards?

Before you make a decision about the First Access Visa, you should see how well it stacks against its competitors.

#1. Chime Credit Builder Card vs. First Access Visa® Credit Card

The Chime Credit Builder Card offers similar features as the First Access Visa, but without as many fees. Similar to the First Access Visa, Chime reports to all three credit bureaus, which can help boost your credit.

However, with the Chime Credit Builder, you can’t have a credit limit that exceeds your deposit. Overall, the Chime Credit Builder is a lower-cost option to rebuild your credit while also offering similar features as the First Access Visa.

#2. First Access Visa® Credit Card vs. OpenSky® Secured Visa® Credit Card

If you are looking to rebuild your credit, then the OpenSky® Secured Visa® is a viable option. They don’t require any credit check, and you don’t even need a bank account to qualify.

Their credit limit is equal to the amount that you deposit, which starts at a $200 minimum. They do have an annual fee; however, it is just $35 a year compared to First Access’s $75 annual fee.

Since both of these cards are targeted at the same demographic, the OpenSky® Secured Visa® is the better option because it enables you to build credit without punitive fees and a lower annual fee.

Since OpenSky® Secured Visa® is a secured card, you will need to provide a security deposit to support your credit limit, which would usually put it in a different category as opposed to the First Access Visa®, but since the First Access is so expensive, you may save money in the long run with the OpenSky® Secured Visa®.

#3. First Access Visa® Credit Card vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card is another great credit card to help rebuild your credit. The card offers benefits such as receiving cash back, no annual fees, and a 99% acceptance rate throughout the United States.

The Discover it® Secured Credit Card does require your bank information, as well as a refundable $200 security deposit.

Overall, The Discover it® Secured credit card is a great way to increase your credit score while still enjoying some of the benefits of a better card.

#4. Petal® 2 “Cash Back, No Fees” Visa® Credit Card vs. First Access Visa® Credit Card

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is another card aimed at those with poor credit while still not requiring any annual fees or upfront security deposits.

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a relatively new card in this demographic but is undoubtedly the better choice against First Access Visa® Credit Card. You receive many of the credit building benefits, PLUS cash back earning potential and great customer support.

While the Petal® 2 “Cash Back, No Fees” Visa® Credit Card sounds like it would be a difficult card to qualify for, they take more into account than your credit score when you apply.

They use proprietary technology to evaluate your spending habits and income as well as your credit score in their decision-making process, which results in many more consumers receiving access to credit.

Tips for Using the First Access Visa® Credit Card

Since the First Access Visa® can end up costing a lot of money if you carry a balance or don’t understand the fee structure, let’s discuss how to use this card effectively if you end up applying for it:

#1. Use the Card Responsibly

When using the First Access Visa, it is important to understand what it should be used for. Because of the high APR, you do not want to use the First Access Visa for any expensive items that you may not be able to pay off on time.

You should use this card responsibly on cheaper items so that you can build up your credit and eventually qualify for a better card.

#2. Watch Out for the APR

Before applying for the First Access Visa, you need to understand that it has a very high APR of 34.99%. However, if you are using the First Access Visa, you are probably just trying to build up your credit.

#3. Understand the Fee Structure

The First Access Visa comes with a lot of fees, so you need to know how they work. Your first fee will come before you even use the credit card because there is an account opening fee.

Following that, there is the annual fee. And finally, after one year with the First Access Visa, you are required to pay a monthly maintenance fee.

Frequently Asked Questions

Does First Access Credit Card Report to Credit Bureaus?

Yes – When using the First Access Visa, your payment history will be reported to all credit bureaus, including Experian, Equifax, and TransUnion. If you have kept up to date on your payments, this can help boost your credit score.

Does the First Access Credit Card Give Increases?

Yes – The Bank of Missouri, which is the First Access Visa’s issuer, will review your account after 12 billing cycles to see if you can get a credit limit increase.

However, after you are eligible for a credit limit increase, the second-year monthly fees will take into effect. If you do accept a credit limit increase, you will be charged with an extra credit limit increase fee.

Is it Safe to Use the First Access Credit Card?

Yes – The First Access Visa® is a legitimate credit card that offers general credit protection through Visa® and the issuing Bank of Missouri.

Is the First Access Visa® Credit Card Worth It?

The First Access Visa is only worth it if you are looking for a card that will help you build up your credit. If you’re okay with the extra fees and extremely high APR, then the First Access Visa could be the right credit card for you.

What Bank is First Access Credit Card?

The Bank of Missouri issues the First Access Visa.

Bottom Line: First Access Visa® Credit Card Review

The First Access Visa is a credit card that should be used for building up your credit. However, it can be expensive because of the numerous fees that come with it, so you should definitely check alternatives before deciding.

Although this may be a good option for some, if you can qualify for a better card or already have good credit, you should look elsewhere.

Generally, if you can qualify for an unsecured credit-building card, it is a better option, but in this case, secured credit cards such as the OpenSky® Secured Visa® will be a better long-term bet.

If you are determined to use an unsecured credit card while building credit, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card is one of the best on the market.

Justin Estes
Justin Estes
Justin is an experienced personal finance writer, blogger, and author. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. When he's not working, he enjoys hiking, playing guitar, and drinking coffee.