Review Of The First Digital NextGen Mastercard® Credit Card

Review Of The First Digital NextGen Mastercard® Credit Card

October 5, 2020         Written By Heaven Speirs

If you have gone through some tough financial times and are saddled with limited or poor credit, you may think building your credit score is an overwhelming undertaking. It may be a slow process but it can be done. One of the financial tools that can help you in your quest is a credit card. There are a surprising number of credit card options for individuals with less than optimal credit. If you get approved for one of these cards and use it prudently, you may be able to slowly increase your credit score.

The First Digital NextGen Mastercard® Credit Card was created for people with less than ideal credit. The card comes with some fairly high fees, but it is an unsecured credit card for people who have bad credit, no credit or limited credit. If you are trying to rebuild your credit or establish a credit score, this could be a good option for you.

Featured Card

Top Features:

Reports to all three credit bureaus, perfect credit not required for approval

Key Features of the First Digital NextGen Mastercard® Credit Card

Here are some of the features for the First Digital NextGen Mastercard® Credit Card:

  • Full-featured, unsecured credit card accepted anywhere Mastercard is accepted
  • A great option for applicants with poor credit, bad credit, no credit, or limited credit
  • $300 initial credit limit
  •  Get the security and convenience of a full-feature, unsecured Mastercard® credit card – accepted at millions of merchant
    and ATM locations nationwide and online
  • Build up your credit with a card that reports to all three major credit bureaus every month.
  • Perfect credit not required for approval
  • You may be eligible for a credit line increase after six months
  • Easy and secure online application; it just takes moments to apply. A checking account is required.
  • If approved, just pay the one-time Program Fee to gain access to your new account and credit line (subject to available
    credit)
  • Receive your card more quickly with optional Expedited Processing (additional fee applies)
  • Get a result in as little as 60 seconds upon completion of the online application
  • Online Customer Center available 24 x 7
  • Issued by Synovus Bank, Member: FDIC
  • Reports to Equifax, Experian, and TransUnion

Pros and Cons of the First Digital NextGen Mastercard® Credit Card

In order to determine if the First Digital NextGen Mastercard® Credit Card is right for you, it’s important to weigh the pros and cons. Evaluate the features of the card closely to decide if it aligns with your current needs. Let’s explore the advantages and disadvantages of this credit-building credit card. 

Pros:

  • Flexible credit approval, even with bad credit or limited credit
  • No security deposit required to open an account
  • Credit limit increases available with positive payment history
  • Reports to all three credit bureaus, which can boost your credit score over time
  • Additional cards available for authorized users
  • Options for cash advances in times of need
  • Fast approval, usually less than a minute
  • If you choose not to cancel the card before making a payment or purchase, you are not liable for the fees
  • You can avoid the interest by paying off the balance before the grace period ends (21 days after the billing cycle closes)

Cons:

  • High fees and interest rates
  • Monthly fees after the first year, which offsets the reduced annual fee
  • Low credit limit
  • No rewards opportunities

You do not need good credit to be approved for the First Digital NextGen Mastercard® Credit Card but you will need a checking account. Since the card reports to all three credit bureaus, making your monthly payments on time and staying within the established credit limits may help you build your credit profile. Cardholders receive an initial credit limit of $300, with increases available over time. The First Digital card has an easy-to-understand application, and applicants may hear fairly quickly whether they were approved for the card.

Consumers need to be aware that the First Digital NextGen Mastercard® Credit Card has one of the highest APRs in the credit card industry. Furthermore, the card has a one-time program fee as well as a relatively high annual fee for the first year of card membership. This annual fee is assessed on your account before you start using your card, so it decreases your credit limit during your initial month of having the account. The annual fee declines a bit after the first year, but it is replaced in future years by a significant monthly fee.

Featured Card

Top Features:

Reports to all three credit bureaus, perfect credit not required for approval

Can I Increase My Credit Limit with a First Digital NextGen Mastercard® Credit Card?

Yes, you may receive a credit limit increase on your First Digital NextGen Mastercard® Credit Card. However, there will be a fee for the credit limit increase. Limit increases are available to cardholders after the account has been open for 12+ months with six consecutive months of on-time payments. 

How to Avoid Monthly Interest

If you’re worried about the APR for the First Digital NextGen Mastercard® Credit Card, you may not have to pay interest at all. As long as you pay off the balance within the grace period for the credit card, you will not be charged any interest. This is true for almost all credit cards. The only time interest accrues is if you carry a balance from one month to the next. There is no way to avoid the fees on the card, but you can bypass the APR. 

Also, try to avoid cash advances as much as possible. Withdrawing cash from a credit card is not the same as pulling out money with a debit card. There are extra charges for cash advances, including a cash advance fee, an ATM fee, and a high-interest rate. Reserve this option for emergency situations only. 

Is the First Digital NextGen Mastercard® Credit Card Right for Me?

If you are looking to rebuild or build your credit, the First Digital NextGen Mastercard® Credit Card may be a good option for you. The approval process is easy, and the card reports to all three credit bureaus. However, the high fees and APR do not make this the ideal card for everyone. If you have fair credit or good credit, there may be better credit cards out there for you.  For those with limited options though, the First Digital NextGen card is a great alternative to a secured credit card, especially if you do not have money for a security deposit. 

Top 5 Credit Building Tips

Credit card companies analyze your credit score in making a decision on your application. Whether you have a First Digital NextGen Mastercard® Credit Card or any credit card, you can boost your credit score with these simple habits.

  • Make every monthly payment on time. The most significant factor in any credit score is your payment history. This accounts for 35% of your credit score. Whatever financial challenges you face, make sure you pay every one of your bills well in advance of the due date. When it comes to your credit cards, pay at least the minimum payment each month on time. If you have trouble remembering when your credit card bill is due, many cards allow you to sign up for text or email reminders. You can also make automatic payments from your checking accounts. Paying all of your bills on time is a simple rule and, over time, can have a nice impact on your credit score.
  • Keep your debt level low. Another big element of your credit score is your level of debt, which is also known as your debt utilization. If your credit card has a credit limit of $4,000 and you carry a balance of $2,000, you are using 50% of your available credit. Financial experts say you should use less than 30% of your available credit. So in this example, you would want to carry a balance of no more than $1,200. Maintaining a low debt level will be a good sign to the issuers.
  • Try to pay off your entire balance. If you carry a balance on your credit card over to the next month, you will be charged a substantial financial penalty called the APR. Interest charges make a bad financial situation even worse, and add further stress to your life. Try to only charge things on your credit card that you can afford to pay off in full and on time when your bill becomes due. If you pay off your balance each month, you won’t incur any interest.


  • Closely monitor your credit score. There are now a number of ways to get your credit score for free on a regular basis. Take advantage of these tools and keep a close eye on your score. Seeing it improve may provide a good source of encouragement for you. Should your score suddenly drop, you will be able to see this immediately and work to correct it. The three major credit bureaus also give you a free credit report every year. Make it a habit to closely monitor these reports to make sure everything on the report is correct.
  • Make a plan for paying off your credit card debt before making a purchase. If you cannot see a logical way to pay off your credit card purchase within a few months, you may need to postpone the transaction. Just because you have credit available doesn’t mean you have to use it. If you stick with what you can afford, you can avoid high-interest charges and continue boosting your credit score. 

If you have a First Digital NextGen Mastercard® Credit Card, use the tips above to keep your account in good standing and make the most of this credit-building opportunity. If you’re comparing your credit card options, check out the LowCards credit card selection tool to get personalized suggestions based on your personal needs.

The information contained within this article was accurate as of October 5, 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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heaven

About Heaven Speirs

Heaven Speirs is a contributing writer for LowCards.com. She remains up-to-date with the latest developments in the credit card industry and the financial sector as a whole. Heaven has over 10 years of experience in online journalism, the bulk of which has been focused on personal finance. Heaven attended Oklahoma State University, where she discovered her talent for research and content creation. In her spare time, Heaven enjoys painting, playing poker, and spending time with her husband and three dogs.