Who is the First Access Visa® Card for?
The First Access Visa® Card which is issued by The Bank of Missouri is a great credit card for people who want to build their credit score and those who are not averse to paying a variety of fees. The main goal of this card is to help users increase their creditworthiness so that they can qualify for an unsecured card.
One way this card helps to improve your credit score is the bank reports monthly to the three major national bureaus, TransUnion, Experian, and Equifax. This means that if the cardholder completes and is on time with all of their payments, their credit score will consistently be updated every month.
However, this card is probably best suited for students or those who have very little required fees. This is because there is a $300 credit limit, which is reduced to $225 by the first-year annual fee that seriously restricts the types of purchases a cardholder can engage in.
There are also many fees that the potential cardholder should take note of. This card has an annual fee of $75 for the year, and then $48 annually for each additional year. There is also a program fee of $95. This fee is a one-time payment made at the beginning of opening your account. There is also a monthly servicing fee of $6.25 per month starting in your second year. Evidently, there are a lot of sneaky fees. However, paying the price now will help boost your credit score in the future, showing that there are long term benefits.
It is also important to note that there is an extremely high purchase APR of 34.99%. This makes this card not the best choice if cardholders are looking to finance large purchases. Instead, they should focus on boosting their credit score before upgrading to a card with a lower purchase APR.
One benefit of applying for this card is that you can hear back about your application status within 60 seconds. There is also the additional optional feature of receiving your card more quickly with Expedited Processing (although, this will cost an additional fee). If you are looking for a credit card and quickly, this could be the card for you.
Additionally, since poor or limited credit history applicants can still own this card, it is easily attainable for any number of people.
Cardholders have access to an assortment of beneficial features. For starters, they can manage their account with 24/7 access, and no security deposit is required. This is helpful to be consistently updated on your account balance, payments outstanding, and many other requirements.
There is also a $0 liability policy if your card is lost or stolen. This allows cardholders to have peace of mind that they will not be held accountable for any fraudulent charges made on their account.
The cardholder also can select their favorite card design from the available gallery at no extra cost. This is a great feature for those who care about the style and look of their card.
While there are a variety of fees associated with this card, it is still a great choice for those who can pay the fees and want to improve their credit score. The low credit maximum makes it a good card for students or anyone with limited expenditures. We recommend that anyone who uses this card avoids the extra fee of up to $40 on missing payments by making their payments on time.