The First Access credit card is sold to those whose low credit ratings or lack of good credit history would otherwise keep them from qualifying for an unsecured credit card. While the First Access credit card reports to all of the three major credit agencies, which will help raise your credit rating, it comes with a lengthy list of common fees. These fees, if you aren't aware of them, can quickly add up, making the First Access credit card a bad choice. By the time you are done reading this article, you'll be better informed about this unique new credit card and how it may affect your financial future.
One of the most common fees associated with the First Access credit card is the processing fee. This fee can sometimes reach as much as five or six dollars per month. While this is a nominal amount, it is usually applied after the first year of membership and is not waived at any time. Even though there isn't a grace period, the longer you choose to remain without an unsecured card, the higher the processing fee will be. This can make the First Access credit card nearly unaffordable for the majority of people.
Another set of fees commonly associated with the First Access credit card are annual fees, membership fees, and late payment fees. These fees are often very high compared to the average credit card or debit card. Many people find that they have to pay these fees out of pocket each year before the balance of their debt is paid off. In addition to high interest rates, you must also know that the First Access credit card has no grace period when it comes to paying your balance in full. You must pay your balance before the due date each month, or your credit line will be closed.
When it comes to the First Access Visa Credit Card, there are several things you should know if you are interested in applying for this card. Most importantly, you must know that you will have to pay a twenty-one percent fee on the cash advance portion of your transaction. If you do not have enough money in your checking account, then you may be required to have an advanced payment made directly to the processing fee company.
If you have a low credit score and want to obtain a card with high interest rates, the First Access credit card is not the way to go. In order to receive benefits from this credit card, you must be willing to pay your balance in full each month and pay your balance as soon as it is due. While you will pay a higher interest rate on this type of credit card, you must ensure that you have enough available funds in your checking account to cover the monthly payment. If you do not pay your balance in full every month, you will build a negative impact on your credit report. A poor credit rating will hurt your chances of obtaining other types of lines of credit in the future.
There are two payment options you have with the First Access Visa Credit Card. You can make payments by direct debit or you can elect to pay your balance with regular currency. It is important to remember that the regular currency option will incur a twelve month grace period after which you will be required to pay the balance in full. If you elect to pay in cash, you will be required to make a deposit of twenty-one percent of your current balance before the grace period starts.
This credit card offers consumers the opportunity to rebuild their credit history while avoiding penalties associated with bad credit reports. This means that you will be able to apply for another First Access Credit Card once you pay your balance in full each month. The card also allows you to make online purchases, which are reported to all three major credit reporting agencies. You can use this convenient service at any time 24 hours a day, seven days a week. This makes it an excellent way to manage your budget while maintaining good credit history.
There are some additional fees that you should be aware of when you apply for your First Access Credit Card. The annual fee and the monthly fee will both be added to your regular monthly payment. You will also need to pay transaction fees and reload fees if you want to buy plane tickets, rent a car, and so forth. There is no annual fee if you are a U.S. citizen and if you pay your balance in full each month, you will be assigned a non-monthly billing cycle. The First Access Visa Credit Card has a low APR of 14.5% at the time of this writing, making it an excellent way to build a bad credit score while paying low fees and bills each month.
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