First Access Visa Credit Card Review: An Expensive Way to Build Your Credit

The First Access Visa® Credit Card is designed for consumers who are working on their credit. If you have a low credit score or a limited credit history, this card is usually easy to get. It has a fast online application process, and the card issuer is lenient about approvals.

Unfortunately, it also comes with costly fees each year, making this card from First Access more of a last resort. Read our full First Access Visa® Credit Card review to find out if it's worth considering.

Full First Access Visa Credit Card review

This credit card is a good fit for: Consumers who have been denied for other credit cards because they have bad credit and need a card to raise their credit score.

Top perks

Although the First Access Visa® Credit Card doesn't have many features, it offers a couple of minor perks.

Lenient approval requirements

Most applicants, regardless of their credit history, can expect to get approved for the First Access Visa® Credit Card. It's an option if you're rebuilding your credit after problems in your credit history, or if you don't yet have any credit history and want to start building credit.

It's worth noting that First Access has a good reason to be so lenient about approvals -- it charges new cardholders $170 in total fees upfront. If you're looking for the easiest credit card to get, there are other options out there that aren't so expensive.

$300 starting credit limit

The starting credit limit for the First Access Visa® Credit Card is typically $300. Considering this is an unsecured credit card (one that doesn't require a security deposit to open), that's not a bad starting credit limit.

LEARN MORE: Secured vs. Unsecured Credit Cards: Which Should You Get?

Cash rewards as a statement credit

Cardholders will earn 1% cash rewards points on purchases. But you can only apply those rewards as a statement credit to pay down your balance -- they're not redeemable as cash.

What could be improved

The First Access Visa® Credit Card has some serious drawbacks -- the main one being all the fees it charges for just carrying it in your wallet.

Predatory fees

When you're shopping for a card to build credit or rebuild credit, one of the most important things to look for is minimal fees. With this credit card, First Access tacks on several fees:

• $95 one-time program fee to open the credit card account upon approval
• An annual fee ($75 first year, $48 thereafter)
• An $8.25 monthly servicing fee starting in the second year
• A credit limit increase fee of 25% of the increase amount if you accept a higher credit limit (if you accept a credit limit increase of $100, the fee would be $25)

Right off the bat, you're looking at $170 in upfront costs. The program fee is due when your application is approved, and First Access takes the $75 annual fee from your card's credit line. Since the credit line is $300, you start with $225 in available credit after that $75 charge.

Considering how much this card costs, you'd be better off with a secured card. Most secured credit cards require a deposit of $200 or less, so you'd be paying practically the same amount. The difference is that you can get your security deposit back eventually, whereas you won't get any of your fees back from First Access.

After the first year, you pay both a $48 annual fee and an $8.25 monthly servicing fee, for a total annual cost of $147.

To top it off, First Access charges you if you accept a credit limit increase. This is at least a fee you can avoid, but a credit limit increase is something reputable card issuers don't charge for.

High APR

The First Access Visa® Credit Card charges a fixed purchase and cash advance APR that is far higher than credit cards for bad credit.

You can avoid credit card interest charges entirely if you pay your full balance every month and use your card only for purchases, not cash advances. It's good to follow this approach with any credit card, but it's especially important with this First Access card because of its high APR.

LEARN MORE: What Is APR and What Does It Mean for Your Credit Cards?

Can't be used for foreign transactions

Some credit cards charge an extra fee, typically 3%, on foreign transactions made outside the U.S. Many of the best credit cards don't charge a foreign transaction fee at all. The First Access Visa® Credit Card is the rare card that doesn't even allow foreign purchases. It prohibits any purchase outside the U.S. or in a foreign currency.

Suggested credit score

There's no minimum credit score recommended for the First Access Visa® Credit Card. It's possible to get approved with a FICO® Score of 500 or under, which falls into the poor credit range. First Access may also approve your application even if you have no activity on your credit file yet.

LEARN MORE: Best Starter Credit Cards for No Credit

The First Access Visa Credit Card is right for you if:

• You're trying to improve your credit, but you haven't been able to get approved for another credit card with fewer fees
• You have a very low or no credit score and are willing to accept above-average fees in exchange for raising your credit

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.