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First Phase Visa®: Unsecured Credit At a High Price

Cory Santos

| Last updated on January 18th, 2024

First Phase Visa®

First Phase Visa®
Fair-Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Fair / Poor / No Credit Required
Visa Processing Network
$75 for the first 12 months. After that, $48 Annual Fee

First Phase Visa®

  • 34.99% variable based on the Prime Rate Regular Purchase APR
  • 34.99% variable based on the Prime Rate Cash Advance APR

At a Glance

The First Phase Visa® is a credit builder credit card issued by The Bank of Missouri. Packed with the basics, the credit card offers manageable credit limits, dynamic credit card protection tools and, overall, a solid option for people with limited access to credit.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Build credit with a card that reports to all major credit bureaus
  • On-call representatives with reliable customer service
  • Peace of mind with Visa® Zero Liability Policy
  • No cash advance fees in the first year
  • Secure a manageable credit limit from $300 to $1,000
  • Regular Purchase APR: 34.99% variable based on the Prime Rate
  • Cash Advance APR: 34.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: None for the first year (introductory). After that, either $10 or 3% of the amount of each cash advance, whichever is greater
  • Annual Fee: $75 for the first 12 months. After that, $48
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • You're looking for a starter credit card to build credit
  • You struggle to gain access to credit due to a subprime credit score or no credit score
  • You seek a manageable credit limit to support better budgeting habits
  • You want to feel secure in all credit card purchases with dynamic security tools in place
  • You don’t mind investing in your credit journey

First Phase Visa® Credit Card Review

The First Phase Visa® is not meant to be your “forever” card, but it can be the stepping stone that will kick off your credit score journey into a brighter future. With this card, you may start building credit for the future you deserve.

A Brighter Financial Future

The journey to better credit can feel rocky if you’ve had no luck getting credit card approvals. The First Phase Visa® credit card may be the start to navigating your credit score into a better phase. The card intends to help those with less-than-perfect credit by delivering access to credit. No matter where your credit score stands, with the First Phase Visa® credit card, your approval odds may be greater.

Like most other credit cards, the First Phase Visa® helps build credit by reporting to major credit bureaus. With responsible use, any cardholder can be well on their way to building up their credit score for a better future.

How to Apply

The application process for the First Phase Visa® is simple. A three-step process: once approved, you can have your new card in as little as five to seven business days. Part of the application is a one-time Program Fee of $89 (if approved). While an $89 charge may not be ideal, there are also other fees to consider.

Here’s what you need to apply for First Phase:

  • To be at least 18 years or older
  • An acceptable debt-t0-income ratio
  • Verification checks compliant with the USA PATRIOT Act.

Manage With Ease

High credit limits can bring about risky consequences. Sometimes, a higher credit limit can lead to overspending and not sticking to a budget, especially as a beginner credit cardholder. Similarly, a well-seasoned credit card user rebuilding their credit may fall short of practicing disciplined budgeting. The road to better credit may get bumpy if the discipline is not there.

However, the credit limit offered by the First Phase Visa® is manageable. If approved, the available credit limit can range anywhere between $300 to $1,000. With a smaller credit limit, cardholders can easily practice budgeting while not spending above their means. Staying disciplined with your budget and on-time payments is essential to evolving a subprime credit score into a prime score.

Other Fees

While the First Phase Visa® credit card opens a door for access to credit, it also comes with a few fees to consider before applying. Along with the $89 one-time Program Fee, card applicants should also expect to pay a $75 annual fee the first year ($48 annually afterward). There is also a $6.25 Monthly Servicing Fee that is waived in the first year. In other words, in the first year, a new applicant should expect to pay $164 in fees ($123 annually afterward).

Furthermore, this does not include fees associated with adding an authorized user ($29 annually per additional card), requesting a credit limit increase (25% of the increase amount), or requesting express card delivery ($35). The fees add up alongside a significantly higher interest rate offer than other “no credit” credit cards.

Above all, the card presents an alternative option for applicants who struggle with credit card approvals. However, other subprime credit cards serve similar individuals with significantly fewer fees. For instance, the Applied Bank® Secured Visa® Gold Preferred® Credit Card or the Boost Platinum Card offer lower APRs, fewer fees, and the opportunity to build or rebuild credit. You can explore similar credit cards here.

Additional card benefits include:

  • No cash advance fees in the first year
  • Automatic payments and reminders
  • VISA Account Updater serves as an automated, dedicated, and secure clearinghouse

Other Options to Consider

Are you looking for an unsecured credit card for subprime credit? While the First Phase Visa is currently unavailable, other leading lenders offer several comparable offers. Here are four other card offers to consider:

Fortiva® Mastercard® Surge® Platinum Mastercard® Aspire® Cashback Rewards Total Visa® Card
Credit needed Bad – Fair Bad – Fair Bad – Fair Bad – Fair
Pre-qualify Yes Yes Yes Yes
Initial credit limit $350 $300 $350 $300
Annual fee $49 to $175 the first year; up to $49 thereafter $75 to $99 $49 to $175 the first year; up to $49 thereafter $75 1st year, $48 after*
Rewards N/A N/A 3% back on gas, groceries and utilities; 1% back on all other eligible purchases 1% cash back

Things to Consider Before Applying for the First Phase Visa

The First Phase Visa has several issues because the card is no longer available to new applicants.

Fees Galore

For starters, the card has an annual fee of $75 for the first year, then $48. That isn’t rare, with many subprime cards featuring an annual fee. Still, it’s a headache worth considering before you apply.

What makes the fees such a headache is the number of them. There’s an activation fee of $89 when opening an account and another fee for monthly maintenance after the first year. That monthly fee, $6.25 a month, is in addition to the $48 annual fee, making the card extremely expensive to live with daily.

Stiff Application Requirements

Despite being a card for severely damaged credit, the First Phase Visa features rather stringent requirements for applicants. The First Phase, for example, recommends fewer than two credit card applications in the previous six months, with further requirements for low credit use and debt. These rules are restrictive and may deny credit access to those who need it – namely, those with limited access to credit and, as a result, high credit utilization.

Not for Travel

Finally, you can’t use the First Phase Visa outside the United States. Some deep subprime cards feature the inability to use the card outside of the country or on foreign websites, so carefully read the full terms and conditions when considering any new credit card.

Visa Benefits

With the First Phase Visa® credit card, you as a cardholder will benefit from the benefits included with the Visa network:

Zero Fraud Liability Cardholder Inquiry Services Emergency Card Replacement
Roadside Dispatch and Auto Collision Damage Waiver Lost/Stolen Card Reporting ID Navigator from Norton

Worry less with Visa’s Zero Liability policy – meaning you will not be held responsible for unauthorized charges on your credit card. Another protection tool Visa provides is LifeLock from Norton, which prevents identity theft by monitoring threats, trends, and data. With these Visa protection tools, you can stay empowered to live your digital life safely from credit card fraud.

Bank of Missouri Ratings

Here’s how the Bank of Missouri scores according to consumer and expert opinions:

Should You Apply for the First Phase Visa® Credit Card?

The First Phase Visa® credit card empowers cardholders to take hold of their future. Responsible use of the card opens the door to better credit. You may enjoy a manageable credit limit alongside Visa Identity Protection benefits for peace of mind. A less-than-perfect credit score doesn’t have to mean zero access to credit, thanks to the First Phase Visa’s® simple 3-step application process. While the card does introduce several fees and a high interest rate, it’s not built to be your “forever” card. The First Phase Visa® credit card is a stepping stone towards a brighter credit score.

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