WiseFinanceHelp HQThe Firstcard Secured Credit Builder Card stands out in a crowded market of starter credit cards for its accessibility and useful features. Designed for individuals with little to no credit history, the Firstcard has carved out a niche among students, immigrants, and those struggling to get approved by traditional card issuers.
Here are five key things you should know about the Firstcard.
1. Accessibility and No Credit Check
One of the most notable features of the Firstcard is how accessible it is to people who have trouble qualifying for traditional credit cards. The card doesn’t require a credit check, making it an excellent option for those with no credit history or a poor credit score. In addition, it doesn’t require a Social Security number, which is especially beneficial for international students or immigrants who may not yet have established credit in the U.S. Instead, a passport or visa can be used for identification.
To get started, users must be U.S. residents over the age of 18 with a government-issued ID. The barrier to entry is low, which makes it a great option for first-time cardholders looking to build credit from scratch.
2. Minimal Fees but Some Costs
The Firstcard markets itself as a fee-free card, and for the most part, that’s true. Unlike many credit cards, it does not charge annual fees, overdraft fees, or even late fees. There is also no interest charged on balances, which can help new cardholders avoid falling into debt early in their credit journey. However, there are some unavoidable fees to be aware of. For instance, cardholders must pay $8.99 to have the card mailed to them, and $18.99 for expedited shipping if needed.
Additionally, the card imposes a 1.5% foreign transaction fee on purchases made outside the U.S., unless you opt for a paid Firstcard+ membership, which eliminates that fee. There’s also a $2.50 fee for ATM withdrawals. These costs may not be significant but are worth keeping in mind, particularly if you’re frequently withdrawing cash or traveling abroad.
3. A Tool for Building Credit
The primary purpose of the Firstcard is to help people build or improve their credit. As a secured card, it requires users to deposit funds into their Firstcard account before use, which acts as a security deposit. However, unlike many secured credit cards, Firstcard does not have a minimum deposit requirement, giving users more flexibility.
More importantly, Firstcard reports all user activities to the three major credit bureaus—Equifax, Experian, and TransUnion. This means that responsible use of the card, such as paying off balances in full and on time, will positively impact your credit score over time. This feature makes it an excellent choice for individuals who want to establish a strong credit foundation.
4. Rewards Program with a Fun Twist
Most secured credit cards don’t offer any rewards, but the Firstcard breaks that mold by providing a cash-back program. Users can earn up to 10% cash back on qualifying purchases. What sets this apart is the way the rewards are earned: through a “spin the wheel” feature in the Firstcard app. Each spin determines the cash-back rate you’ll earn for a particular transaction. While this gamification adds an element of fun to earning rewards, it’s important to note that the maximum cash back you can earn per transaction is capped at $15, and the daily limit is $75.
The rewards are automatically redeemed as statement credits, making it easy for users to see the benefits directly reflected in their account balance.
5. Additional Perks for a Fee
While the base version of the Firstcard is great for credit building, there is also an upgraded version known as Firstcard+. This version comes with extra perks, but it does require a monthly fee of $4.99 or an annual fee of $48. With Firstcard+, you can earn an additional 1% cash back on top of the base rewards rate, making it more appealing to frequent spenders.
Additionally, the upgraded membership allows users to earn a 4.25% interest rate on funds in their Firstcard deposit account (compared to 1.25% without the membership). It also waives the foreign transaction fees and offers credit monitoring services.
That said, those who don’t have a Social Security number or an Individual Taxpayer Identification Number (ITIN) won’t be able to earn interest, which limits the benefit of the higher interest rate for some cardholders.
Final Thought
The Firstcard Secured Credit Builder Card is an attractive option for individuals who are new to credit or who have been denied credit elsewhere. Its no-credit-check policy, lack of major fees, and credit-building potential make it a solid choice. However, it’s important to consider the limitations, such as the foreign transaction fees and some of the optional costs associated with upgrading to Firstcard+. If you’re a beginner looking to build credit responsibly while earning rewards along the way, this card could be a good fit for you.
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