First Savings Credit Card is a MasterCard offered by First Savings Bank for those who have a poor credit score and want to build their credit score. Your credit score is checked whenever you apply for a home loan or a personal loan or a credit card, and First Savings Bank provides a card specially designed for rebuilding your credit score.
This is an unsecured credit card so you do not need to make a deposit but the charges attached to the credit card are quite high. It offers 5 different kinds of offers. You can only apply for this card only if you get an invitation mail for the same.
Different Offers from First Savings Credit Card
First Savings bank provides you with 5 different offers depending on your creditworthiness. The APR ranges from $14.9 to $29.9 and the annual charges can go up to $75. The initial credit limit provided is $350 and there is no security deposit for this as this is an unsecured card. We have listed down the 5 offers with a little bit more details here:
- Offer 1:
- APR on purchases- 14.9%
- APR for cash advances- 23.9%
- Annual charges- 0
- Transactional fees- Either $10 or 4% of each cash advances, whichever is greater. For foreign transactions, 2% of each transaction
- Offer 2, Offer 3, Offer 5:
- APR on purchases- 29.9%
- APR for cash advances- 29.9%
- Annual charges- $75 and an additional $20 if you add a cardholder to your account.
- Transactional fees- 2% of each cash advance
- Offer 4:
- APR on purchases- 29.9%
- APR for cash advances- 29.9%
- Annual charges- $49 and an additional $20 if you add a cardholder to your account.
- Transactional fees- 2% of each cash advance
There is also a late payment fee of $25 and a return payment fee of $25. You can avoid paying the late charges if you clear your dues within 25 days after the end of each billing cycle. Also, you can avoid paying interest by paying the entire balance before the due date. The annual fees are deducted before you start using your card, so your initial credit balance for use will be less than the actual credit balance. You get the detailed terms and conditions about the plans here: Credit Card Contracts (firstsavingscc.com)
How to Apply, Login and Pay bills through online account
You can only apply for a First Savings Credit Card if you get an email invitation from the bank. They send out invitations after analyzing the credit history of customers who might be interested in such a card. There is no direct way of applying for the card or to get an invitation.
Once you have received an invitation, and have decided to opt for the card, you just need to follow a few simple steps in order to get the First Savings Credit Card.
In the invitation mail, you will get an access code and a reservation number. You will need to go to the First Savings Credit Card website and click on Accept offer. You will then be redirected to another page where you need to fill in the access code and the reservation number from the mail. Next, you will be required to verify your mailing address and provide other necessary information such as your personal information and other basic details including your income. Depending on your status, you will be made an offer. You can then verify all the information and accept the offer if you agree.
How to access online account
Once you have received your first savings credit card, you will also need to register for your online account. In the online portal, you will need to verify your credit card information by providing the credit card number and other details. Upon registering, you can access the portal through the “account login” option. You can enter the username and password to login and view your account information.
How to make bill payments
- The easiest way to pay the bills is through an online portal. You can also set up automatic payments once you have registered your online account.
- You can also pay through MoneyGram using code 3890 or Western Union using Code city/state FSCC/SD.
- Debit card payments through customer service are also possible but would cost a processing fee of $3.95.
- You can also send the First Savings Credit card payments via regular mail to their mailing address:
First Savings Credit Card; P.O. Box 2509; Omaha, NE 68103-2509.
First Savings Credit Card Pros
Whether you should opt for a credit card or not, depends highly on the advantages and disadvantages that comes with it. Let us now discuss a few of the advantages it provides.
- You can get the card even at low Credit Score
First savings credit card is meant to increase your credit score and hence, you get this credit card even if you have a bad credit score. So you don’t have to worry about a low credit score in case you want to own a First Savings Credit Card.
- Protection Against Credit Card Fraud
First Savings provides protection against card fraud, i.e it provides coverage and protection in case someone steals your card or you lose it. You don’t need to worry about someone stealing your card information or using your credit card.
- Widely accepted
Since the First Savings Credit card is a Mastercard, it is pretty much accepted everywhere. You can use it to make transactions anywhere from shopping online to purchasing gas or at shopping malls and retail shops.
- No security deposit needed
Most credit cards meant to increase credit score come with a security deposit requirement. But for a First Savings Credit Card, you don’t need a deposit. This is a very favorable offer if you want to have some credit limit without paying the equivalent amount as deposit.
- Reports to credit bureaus
First Savings card is meant to increase the credit score of an individual, so it’s obvious that there will be reporting to the credit bureaus. First Savings reports to all three credit bureaus every month. So, if you pay your dues timely each month, you will be easily able to improve your credit score.
- Online and mobile account management
One of the great facilities provided by First Savings is their online account management. You are able to view your transactions, credit limit, make requests and automate payment. This saves a lot of hassle of offline payment and requests.
- Credit limit increase
Once you have used your card responsively for some time, you are able to get a raise in the credit limit. Reviews suggest that you are eligible for an automatic credit line increase from the bank after six months of using the credit card.
First Savings Credit Card Cons
First Savings Credit Card comes with a lot of disadvantages also. Let’s explore a few of them here.
- The Annual Fee
Four out of the five offers made by First savings credit card come with some annual charges. In most cases, you will end up paying $75 or more in the annual charges. If you do not use your card much, this amount will not feel worth the benefits you get from the credit card.
- The High APR
For most cases, the APR is very high at 29.9%. In case you are not able to pay the whole due amount every month and carry a debt, the total amount along with interest will be very high. This may negatively affect your credit score if you are unable to pay the interest or make late payments. However, if you are able to pay the debt and don’t add the interest every month, high APR will not be an issue for you.
- Offers a Low Credit Limit
The starting credit limit is only $350 and even the annual charges will be deducted at the start, making the available limit even less for the first month. You do get an increase in credit limit after a few months of responsible use. The maximum credit limit you can get will be $1500. If you are able to make monthly payments on time and get a credit limit raise, this should not be much of a problem.
- Can Only Apply by Mail
The most significant drawback of First Savings Credit Card is that not everyone can apply easily. You are only eligible if the bank sends you an application invite. So, this card is available for selected members only.
Alternatives Credit Cards
There are other cards in the market which serve as an alternative for the First Savings Credit Card and do not require a prior invitation. You can opt for any of these options in case you think First Credit Card is not the right choice for you.
Capital One Secured Mastercard
Capital One is a secured credit card where you will need to make a deposit of either $200 or $99 or $49, depending on your creditworthiness. The initial credit limit is 200, which is not much but it can be increased after five months if you use the card responsively. There is no annual fee involved but this one again has a high APR of 26.99%. However, if you pay all amounts in time, you will not need to pay any interest. If you compare the annual charges and APR with First Savings, Capital one total amount will be a lot less in the long term.
Citi Secured Mastercard
Citi Secured Mastercard is again a secured card that will require you to make a security deposit equal to the credit limit. The minimum credit limit provided is $200, and this can go upto $2500, which is a fairly good credit limit. There is no maintenance fee but the APR will be around 24.74%, which is slightly lower than the other cards in this category and better in the long run concerning credit building. You will also get free access to FICO scores with Citi secured Mastercard.
Discover It Secured Credit Card
As the name suggests, this too is a secured credit card. Discover It is a popular card among those who are looking for a credit increase. This card has a good reward system and also provides 1-2% cashback on all purchases. You need to make a deposit between $200 to $500 depending on the credit limit. It also allows balance transfer. Discover It credit card does not have an annual fee and comes with an APR of around 24.49%. This is still less than the First Savings APR of 29.9%.
First Savings Credit Card FAQs
There are few questions we often encounter users asking about First Savings Credit card review. We tried answering a few of them below.
First Savings Credit Card Reviews from Customer
We went through reviews of First Savings Credit cards on BBB (better business bureau) and other social platforms. Most of the customers do not seem to be happy with the First Savings card while only a few users gave it a 5-star rating.
Most customers complained about First Savings issuing them a bill even before they have activated the card or after they have canceled it. There is also an issue with cards being pre-approved. Some customers received a monthly bill even when they did not approve or accept the card online. In such cases, customers had to pay the bill of at least the annual charge even if they did not use the card because otherwise their credit score will be impacted which is already low.
The card also proves to be a hassle for few as the customer service of First Savings is not that good and you do not get a chance to talk to live representatives. There have also been reviews complaining that the bank either does not process the payment or keeps it on hold, forcing the customers to pay interest.
We did find a few positive reviews where the customers were satisfied seeing their credit score increase over time after using the First Savings credit card.
Our Own First Savings Credit Card Review
Not everyone can apply for a First Savings Credit card. If you have a pre-approved offer, you may think about it. For others, we would suggest going for some other card, preferably a secured credit card. You will have various options of Visa or Mastercard that you can get for a low credit score and use for building your credit score.
First Savings Credit card does not offer any cashback or reward program, plus the annual charges and the interest rate are on the higher side. Unless you are using this card extensively and pay off the entire bill every month, the card is not worth it. There is a good chance that you may not be able to pay the whole amount sometime and in such cases, the high interest may result in a credit score decrease.
Provided the bad reviews and unfavorable customer service, we would recommend looking for other options with more affordable rates and better services.