Most of us have wondered whether opting for a credit card is a good option or not. When you initially received your First Savings Credit Card, there must have been a lot of doubts that crossed your mind. If it is a good option? Is this the only option? And what not! More or less, some of you might not even know what it is! We have all been there and done that.
The First Savings MasterCard might be the only option for some and can also be a bad choice for others. To know if this card is a suitable option for you, continue further with this article. This blog is based on its reviews, that’ll help you decide whether or not you want to use it or not. So without further delay, let’s get started.
What Actually is a First Savings Credit Card?
Specially designed for people with poor credit scores, the First Savings credit card is a MasterCard the First Savings bank issued. You do not need a security deposit and you can rebuild a good credit score using your card login. This card helps individuals to build up their scores by reporting all three major credit bureaus.
However, its reviews say that you can only apply for the MasterCard when you receive a mail or email. This happens mainly when you have a noticeably poor credit history. However, this card has shown growth for their cardholders but it is an unsecured master card with an interest rate that totally depends on your creditworthiness.
Keeping in mind your credit score and income, the card login offers six different offers. Since you can only get your card via mail or email, you may not get a clear picture of the terms and conditions.
First Savings MasterCard: Pros and Cons
If you want to decide whether or not this MasterCard is suitable for you, knowing its pros and cons can be really helpful.
- This is a card with no security deposit.
- The cash advance fee goes as low as 2%.
- The annual percentage rate is fixed, therefore you know the exact amount to be paid.
- All three major credit bureaus are reported.
- In case you lose your card, there is fraud coverage.
- The First Savings bank credit card enables online account management and paying online bills.
- You can increase your credit limits in 6 months.
- The First Savings credit card is accessible and accepted literally everywhere.
First Savings Credit Card: Fees
The major disadvantage of the First Savings bank credit card is its high fees or annual percentage rate (APR). as discussed already, you get six offers depending on your credit score and income. With an interest rate of 16.40% and 0 annual fees, you get offer number 1.
Hopping on the second offer which offers 29.9% of the annual percentage rate and annual fees of $39.
Next is the third offer of 29.9% APR and annual fees of $75. The fourth offer is the same as the third one. With the same interest rate as the third and fourths and the annual fees of $49, you get the 5th offer. Lastly, offer number 6 is 29.9% APR and annual fees of $75.
Initially, you start with the card credit limit of $350, which goes up if maintained properly to $1500. Furthermore, there are no maintenance fees or application or opening fees. It is not surprising, as we have discussed already, that annual fees are quite high. Having said that, other fees are low.
First Savings Credit Card: Grace Period
The grace period is the extra time offered for completing a payment. It is the time between the bill ending date and the payment due date. The first savings credit card gives you a grace period of 25 days. This means you have a full 25 days period to completely pay off your bills or else the interest will be charged.
If you make payment before the payment due date, you’ll not be charged any interest. However, any payment after that will be along with interest charged.
First Savings Mastercard: Benefits and Features
To know what a First Savings credit card actually is, we must know what it provides you and the features it offers.
Initially, the credit limit is $350 which can go up if you maintain the First Savings credit card properly. The initial credit limit, depending on your credit score can go as high as $1500. This credit limit increases in six months. You can increase your limit to $5000. But for that, you need to make sure that you meet all the payments in time, i.e the due date, make sure you fulfill a debt to income requirements, your account must have a good standing and you need to maintain your credit score.
You can access any ATM to withdraw cash using a First Savings bank credit card. This is known as a cash advance.
You will mostly see a 3% to 5% cash advance fee but with this review, you get a 2% fee for a cash advance card. Although APR remains the same. Adding on, there is a limit set on daily cash advance, i.e. $500. However, you can still withdraw up to the total credit limit but you might be charged expensive interest along with fees for withdrawal.
Reporting and Credit Building
Another major thing that the First Savings credit card offers is credit reporting. It reports your credit to three major bureaus namely, Experian, Equifax, and TransUnion. The bureaus report your credit.
Because of these reports, you get a better built-up credit score. Having said that, you still need to meet all the bills on time and maintain your score by doing everything all right. Else, your score will be hampered.
24 Hours Support
You get a support number that you can contact in times of emergency. In case you need immediate cash advances or you want to report a stolen card. You can contact the number that will be given to you anytime. Moreover, if you want an immediate replacement, the number will help you in any such urgent situation.
You get to make international transactions without absolutely no fees. Unlike other credit cards that charge 1% to 3% fees on foreign transactions, it provides these features absolutely free of any charges. This card is really beneficial for those who deal in international transactions frequently.
Protect from Theft
Any transaction that is not authorized by you will be borne solely by the bank, and you will not be held responsible for it. Also, regular monitoring helps keep an eye if your card is stolen and if it is being used illegally. All the transactions are checked.
Credit Score Requirement
As of now, there is no specific requirement for credit score that the First Savings bank has stated. However, only individuals with poor or bad credit scores get an invitation. Therefore, keeping that in mind, any credit score below 58 is considered poor or bad.
You can even add more authorized users from your friend or family circle. Those people will have access to their cards and can use them. However, you are required to pay twenty dollars annually for each extra cardholder you add.
Rewards and Transfers
If you are someone that looks for cards that offer rewards, the First Saving credit card is not for you. It does not offer any rewards regardless of how good or nice you maintain.
Moreover, you cannot transfer the sum of money from another card. This card does not authorize balance transfers.
How to Get Your First Savings Credit Card?
>>> To file an application to get the First Savings bank credit card you need to have received the mail. Once you have received the offer, you will need to go to the website of First Savings. You’ll see a green button saying accept online. Tap on it.
>>> In your invitation offer, you will be provided with an access code and registration number. Enter both after tapping on the accept online button. For your reference, there are graphics on the website.
>>> Once you type in the codes, you will be redirected to the First Savings credit card login application page. Along with all your personal data, provide your income and employment status. Once you have correctly added all your details, submit the application.
According to First Savings credit card reviews, you do not know the exact time when your application is accepted but it can take approximately two to four weeks.
First Savings Credit Card: Suitability
Anyone with a bad credit score gets an invitation to apply for a card. But does it mean that individuals with bad credit scores do not have any other options? Not really! You can look for other credit cards that are secured unlike this card, which is unsecured.
If you look for rewards, you may want to search for any other credit card. Moreover, balance transfers are also not allowed.
Furthermore, there is absolutely no gain in using this card if you receive an offer with annual fees of $75 and an APR of 29.9%. This does not make sense and is expensive. Although with an annual fee of $0 and APR of 17.15%, you might consider its reviews.
The First Savings credit card is specifically for individuals with a bad score. It helps you rebuild a good score with zero security deposit. If there are benefits to this master card, the First Savings card reviews say there are disadvantages too. For instance, high APR. We have already mentioned literally everything about it, the final decision is yours to make.
You can check all the pros and cons and features & check the suitability from the above article and finally decide whether you want to opt for a First Savings MasterCard or not.
Frequently Asked Questions
Q: How to cancel First Savings credit card?
If you are looking to cancel your First Savings credit card, you must notify First Savings in writing. You also have to cut your cards in half and return them to First savings.
Q: How to request credit limit increase First Savings Credit Card?
You can either call First Savings and request an increase in credit limit. Moreover, the credit limit is increased after six months if all your payments are on time and you have a good debt-to-income score. If you maintain your credits properly, after 6 months, an increment of a credit score will be provided.