First Digital Mastercard®

First Digital Mastercard® Review

Applying for a credit card with bad credit can be difficult, which in turn makes it harder to improve your score. That’s where cards like the First Digital Mastercard® come into the picture. First Digital is an issuer where perfect credit not required for approval. If you can handle a few fees and avoid the high APRs, this card makes it easy to obtain a credit line and start working on your credit. Plus, having the full spread of Mastercard features behind you only makes it easier to focus on meeting your financial goals.

Quick and Easy Online Application

One of the most appealing features of the First Digital credit card is its streamlined application process. Unlike other credit cards, this offer doesn’t require an in-person application or a call to customer service. Not only can you apply completely online in minutes, but you can also expect a decision just as fast. In fact, the program claims that approval takes as few as 60 seconds.

One of the other features that make this card great for building credit is the more lax credit requirement. The whole point of a card like this is that it’s meant for those with less-than-perfect credit – so you don’t need an excellent score to get approved. Of course, the trade-off is high APRs, which is common among cards that don’t rely so heavily on credit scores. This will only have an adverse effect if you tend to carry a balance, however.

Upgradeable Credit Limit

Upon having your First Digital credit card application approved, you’ll receive an initial $300 credit limit (minus the start-up fees, which we’ll get to in a minute). This initial credit limit is a little higher than you would expect for most secured credit cards, which gives you a bit more wiggle room for spending.

However, once you’ve had the card for a while, you become eligible for a credit line increase. The ability to upgrade your credit limit can do wonders for your credit improvement efforts; the higher your limit is, the easier it will be to keep your credit utilization ratio down – a major factor that affects your credit score.

It’s important to note that each credit limit increase on the First Digital Mastercard comes with a fee, which constitutes a small percentage. This means that regardless of the amount of your limit increase, it will be slightly reduced initially by this fee.

Complete with Mastercard® Features

Not all credit improvement credit cards come backed by Mastercard. Fortunately, the First Digital credit card does. But what does this mean exactly? Mastercards seem to come in all shapes and sizes, but certain features apply across the board:

• Mastercard Global Service provides virtual emergency assistance whenever and wherever you need it. This means if you misplace your card while abroad, you can request an emergency replacement, and get help using foreign ATMs.
• Zero Liability Protection means you’ll never had to panic if you find unauthorized transactions on your bill. Simply report them, so Synovus Bank and Mastercard can take care of the rest.
• Complimentary identity Protection means you can elect to receive notification of any suspicious activity relating to your credit card account, personal information, and otherwise sensitive data.

Aspects to Keep in Mind

There are certain rates and fees associated with any credit card, especially those meant for building or rebuilding credit. The First Digital Mastercard is no exception, so it’s important to understand its fees so you won’t be caught off-guard once you become a cardholder. In addition to the credit limit increase fee, the following fees also apply: one-time program fee, annual fee, and monthly service fee.

If this sounds like a hefty cost to pay for a credit card, consider this: it’s not very much more than you’d pay for a secured credit card. Meanwhile, the First Digital offers an unsecured credit line that you can use to rebuild your score. You’re also eligible for credit increases, which many secured cards don’t offer unless you contribute more to your security deposit.