A Review Of The First Access Visa Credit Card

A Review Of The First Access Visa Credit Card

October 11, 2020         Written By Bill Hardekopf

If you have experienced some challenging financial times, your credit score could be fairly low. One of the ways to start increasing your score is to show a disciplined use of a credit card. Fortunately, there are a number of cards on the market which can help people who have gone through some tough times.

The First Access Visa® Credit Card is one such card. If you are trying to establish or rebuild your credit, obtaining this card could help you in this goal. But you must maintain a balance within your credit limits and make each and every monthly payment on time.

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Perfect credit not required; Reports to major credit bureaus

What Bank Issues The First Access Visa Credit Card?

The Bank of Missouri issues the First Access Visa® Credit Card. The Bank of Missouri is an independent community bank that was established over 125 years ago as the Bank of Perryville. It currently has 23 branches throughout Missouri.

The First Access Visa Credit Card

When you are trying to build your credit with a credit card, it is imperative that the activity on your card is reported to all three major credit bureaus. And the First Access Visa® Credit Card does report to these credit bureaus, so proper use over a period of time could help you increase your credit. Since the card is an unsecured card, you will not need a security deposit to open the account. In fact, once you submit your online application, you should find out if you were approved in a matter of minutes. The card will be accepted nearly everywhere in America since it is backed by the Visa network. Applicants can select their card design from six different images.

When you considering the First Access Visa® Credit Card, be aware that the card has very significant fees. Newly-approved applicants must pay a high, one-time program fee once your account is opened. Plus, your initial $300 credit limit will be lowered in the first month since an annual fee will be charged and deducted from your first month’s credit limit when you open the account. The annual fee is reduced during year two and in subsequent years; however, a monthly maintenance fee is assessed beginning in year two. Finally, the card has one of the highest APRs of any card on the market.

Is The First Access Visa Credit Card Right For Me?

The First Access Visa® Credit Card can benefit consumers who have struggled with their credit since it reports to all three major credit bureaus. However, consumers have to make every one of their monthly payments on time and keep within their credit limits. But consumers need to be fully aware of the steep interest rate on the card, so it is important to not carry a balance from one month to the next. In addition, the annual fee, one-time program fee, and monthly maintenance fee beginning in year two will certainly add up and must be weighed into your decision to become a cardholder.

Taking Steps To Improve Your Financial Situation & Credit

Issuers will always take a look at your credit score in deciding to approve your application for a credit card. To improve your chances of being approved for any card, including the First Access Visa® Credit Card, there are a number of things you can do:

1. Make all your payments in a timely manner. The number one factor in your credit score is your payment history. You should make it a habit to pay all your bills well before the due date. Don’t take a chance on the payment being late. Make at least the minimum payment each month on time. To help you in this quest, take advantage of text or email reminders offered by most every issuer. You can also have automatic monthly payments made from your checking accounts. This will assure that payments are received by the issuer, and minimize the chances of a late payment.

2. Maintain a low debt level. The second most important element of your credit score is your level of debt. This is commonly referred to as your debt utilization. If you have a credit card with a limit of $5,000 and you are carrying a balance of $3,000, you are using 60% of your available credit. Ideally, you should using no more than 30% of your available credit. If you can maintain this level of debt, this will be a good signal to the issuers.

3. If possible, do not carry a balance on your credit card. Any unpaid balance that is carried over from one month to the next will incur a very high financial penalty called the APR. These interest charges will be a heavy burden on your financial situation. If you pay your entire balance each month on time, you will not be assessed any interest charge as long as the card has a grace period. And this will create a very beneficial financial habit that can be employed on all your other bills.

4. Keep a close eye on your credit score. There are a number of free services which give your credit score on a monthly basis. Take advantage of this feature and monitor your score. Seeing it increase may be a source of encouragement. If your score drops for some reason, you can investigate what caused such a decline. You are also entitled to a free credit report every year from each of the three major credit bureaus. It is a good idea to monitor those reports to make sure everything listed is valid.

The information contained within this article was accurate as of October 11, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.