Review Of The First Digital NextGen Mastercard® Credit Card

Review Of The First Digital NextGen Mastercard® Credit Card

October 9, 2019         Written By Bill Hardekopf

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 was created for people who have less than ideal credit. Consumers making their payments in a timely manner and keeping their balance within their credit limit may begin to see slight increases in their credit score over a period of time. Since the First Digital card reports to the three major credit bureaus every month, any positive moves to enhance your credit will be noted on your account by Experian, Equifax and TransUnion.

What Bank Issues The First Digital NextGen Mastercard® Credit Card?

The First Digital card is issued by Synovus Bank. Headquartered in Columbus, Georgia, Synovus Bank has over $45 billion in assets. They offer a variety of personal and business banking solutions.. It was founded in 1888 and was formerly known as the Columbus Bank and Trust Company. Synovus now has over 300 branches throughout the southeastern United States.

The First Digital NextGen Mastercard® Credit Card

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You do not need good credit to be approved for the 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; additional credit limits may be granted after six months of being a cardholder. 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 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 year two and in future years by a significant monthly fee.

Is The First Digital NextGen Mastercard® Credit Card Right For Me?

If you are looking to rebuild or build your credit, the can help consumers accomplish this goal since it reports to the three major credit bureaus. However, this will only be accomplished if the payments are made on time each month and the cardholder stays within the designated credit limit. Consumers also need to calculate the costs of being a cardholder; the very high rates and fees on the First Digital card must be assessed and understood before applying for this card.

 

Taking Steps To Improve Your Financial Situation & Credit Score

Credit card companies analyze your credit score in making a decision on your application. To enhance your chances of approval for the or any credit card, here are some steps you can take:

1. Make every 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. Issuers provide some helpful tools: you can receive text or email reminders of when your payment is due. 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.

2. 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.

3. 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.

4. 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.

Responsible use of the may be a way to enhance your credit profile, which could lead to better loan opportunities down the road.



The information contained within this article was accurate as of October 9, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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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.
View all posts by Bill Hardekopf
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Top Features : Reports to all three credit bureaus, perfect credit not required for approval
Top Features : Reports to major credit bureaus; initial credit limit of $400; fast application process with results in seconds
Top Features : Reports to major credit bureaus; fast application process with response in seconds; checking account required
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Top Features : Monthly reporting to the three major credit bureaus