| Last updated on September 27th, 2023
First Bank Secured Mastercard®
First Bank Secured Mastercard®
- 27.99% variable based on the Prime Rate Regular Purchase APR
- 27.99% variable based on the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Bank Secured Mastercard® offers a route towards unsecured credit in as little as seven months, with full graduation in as few as 11 months from account opening. The card from First Bank also features a fixed APR and $35 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Improve your credit rating
- Get unlimited access to your credit score
- Enjoy free 24/7 fraud protectio
- Regular Purchase APR: 27.99% variable based on the Prime Rate
- Balance Transfer APR: 27.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each advance, whichever is greater
- Annual Fee: $35
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
- You have no credit history or damaged credit
- You plan to use your card responsibly
- You already bank with First Bank or reside in Missouri, Illinois, Kansas, or California
First Bank Secured Mastercard® Review
The First Bank Secured Mastercard® is a no-frills secured credit card from First Bank. The card, which features a $35 annual fee, assists cardholders to a brighter financial future thanks to manageable credit limits, regular reporting to the major credit bureaus, and the chance of graduation towards unsecured credit in as little as seven months.
How Do Secured Cards Work?
Secured cards differ from unsecured (or regular) credit cards in that they require a security deposit. This cash deposit acts as the collateral for the loan, making them easier to open than unsecured cards, and provides the credit limit.
With the First Bank Secured Mastercard®, that initial deposit starts as low as $300, with a maximum deposit of $5,000. Cardholders can add funds at any point (in $50 increments) up to the $5,000 max.
In exchange for a cash deposit, secured cardholders gain a small credit line and occasionally a few other perks to help them boost their scores. These perks tend to include regular reporting to the major credit bureaus – critical for raising a low credit score – as well as basic credit card protections, such as Zero Fraud Liability.
Credit Limit Increases in as Little as Seven Months
Improving your credit with the First Bank Secured Mastercard® has its rewards (beyond a higher FICO Score). Cardholders that demonstrate financial responsibility by making payments on time each month and keeping credit utilization low might receive a credit limit increase in as few as seven months from account opening.
Even better, getting a credit line increase doesn’t mean you’ll need to add more funds for a security deposit. First Bank will extend the card’s credit line – without the need for an additional deposit, helping cardholders slowly graduate from secured to unsecured credit.
That cash back bonus (worth 3,000 points as that is the rewards currency of the First Bank rewards program) is achieved with only $200 in spending each month (on average) after opening the account – a very simple proposition.
Graduate to Unsecured Credit
That graduation to unsecured comes in as little as 11 months from account opening. You may be able to get your deposit back in as little as 11 months when you maintain a good payment history with the card and make regular, on-time bill payments, subject to credit approval.
Since First Bank only offers two credit cards, making the jump to unsecured would provide access to the First Bank Maximum Rewards® World Mastercard® – a lucrative cash back credit card with no annual fee.
Secured cards tend to have higher interest rates than unsecured cards, and the Secured Mastercard® from First Bank is no different. The card features a fixed-rate APR starting at around 26% (variable based on the Prime Rate).
That APR is significantly higher than the national average for a secured credit card – currently around 18%. Despite the high-interest rate, building credit with the First Bank secured card requires keeping balances low and paying on time. Accomplishing both of these tasks will not only keep your credit score rising but will also keep that high APR at bay.
Other Card Features
Other notable features with the First Bank Secured Mastercard® include:
- $35 annual fee
- Mastercard Zero Fraud Liability against unauthorized purchases
- Mastercard ID Theft Protection
- Complimentary FICO® Score access
- Regular reporting to the major credit bureaus (Experian, Equifax, and TransUnion)
- Online and mobile account access, including:
- Transfer balances
- Make payments
- Request credit limit increases
- View statements
Should You Apply for the First Bank Secured Mastercard® Credit Card?
Overall, the First Bank Secured Mastercard® offers a quality entry into the world of credit cards – or a safe fallback for those experiencing financial hardship. The card doesn’t provide many frills, but it does offer a simple roadmap towards financial/credit growth and graduation to unsecured credit in less than a year. Ultimately, that is what secured credit cards are for – and who will benefit most from them, making the First Bank Secured Mastercard® a decent option to consider.
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