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There are several credit card options for consumers with a subprime credit score. Many banks now offer credit cards that you can qualify for despite having a poor credit history. One such offering is the First Savings Credit Card.
If you have had a bad credit history, you may get an offer via mail or email for a First Savings Credit Card. Can a First Savings Credit Card help you rebuild your credit? Does it deserve a place in your Wallet? In this review, we’ll try to answer these questions to help you decide whether you should get a First Savings Credit Card.
First Savings Credit Card
The annual fees on the First Savings Credit Card vary from $0 to $75 depending on the applicant’s qualifications. Internet rates on the card vary from 17.15% to 29.9%. The credit limit on the First Savings Credit Card is $300. The complete list of First Savings Credit Card agreements can be found on this website.
If you receive an offer on the First Savings card with an annual fee of $75 and an APR of 29.9%, then it wouldn’t make sense to accept this offer. There are plenty of other credit cards with better rates and no annual fee. However, if you’re offered a $0 annual fee and the lowest possible APR i.e. 17.15%, then you may consider accepting the First Savings Credit Card. The benefits of the First Savings Credit Card include:
- You are in complete control of purchases
- There are no penalty APRs or hidden fees associated with the credit card
- There is a fraud coverage for a stolen or lost credit card
- Secured online access to the credit card account
Accepting an Offer on Mail
The First Savings markets the First Savings Credit Card through pre-screened credit card offers via an email or mail. You can apply for this credit card only if you receive a special invitation from First Savings Bank. The invitation is mostly sent to people with subprime credit, so you may receive it if your credit is low. If you receive an invitation via an email or mail and you accept it, you’ll get the access code and reservation number. Enter the access code and reservation number here. Then, you’ll be required to verify your mailing address and complete a few more steps. An offer will be made to you depending on your qualifications. If you find the terms reasonable, you may accept the offer to get the First Savings Credit Card.
First Savings Credit Card Login Information
As a First Savings Credit Card cardholder, you can access your account online and manage it. You must register your account before you can access it online. Initial registration requires you to provide your credit card information for verification. You’ll need to provide your full card number, the security code, the last four digits of the SSN and the expiration date. Once you have registered your account, you can log into it by entering the user name and password. You can make online purchases, schedule automatic payments and view your account information from the online portal.
Should You Get a First Savings Credit Card?
People who have a poor credit history are usually the ones who receive the First Savings Credit Card offer. If you have a bad credit history, you may receive an invitation for this credit card. Once you enter the reservation number and access code, you’ll be made an offer. If the terms and conditions are favorable, you may consider getting this credit card. It may help you re-establish your credit rating. For instance, if you get a 17.15% APR with a $0 annual fee, then the First Savings Credit Card could be a good option for you. Since there is no annual fee, it may be a good option for rebuilding the credit.
However, at the other end of the spectrum, we have a $75 annual fee and a 29.9% APR. These rates are very high and make the First Savings Credit Card a poor option for rebuilding credit. Moreover, you’ll get a credit limit of $300 which may not be enough for you.
Sensibly speaking, the First Savings Credit Card isn’t right for you if you don’t get a good offer. There are much better deals for people with a bad credit history. So, if you get an offer with a high APR and annual fee, you shouldn’t get a First Savings Credit Card.
You should shop around for better deals. There are credit cards for poor credit consumers that come with a reasonable APR and no annual fees. They may be a better option for you if you want to rebuild your credit.
Alternatives to Consider
High APRs and annual fee on the First Savings Credit Card aren’t favorable. They won’t ease your credit rebuilding tasks in any way. So, if you get an offer with a high APR and an annual fee, it would be better to look for a better alternative than the First Savings Credit Card. Secured credit cards could be a good option for you if you can afford to make a deposit on the card. These secured credit cards may be right for you if you have subprime credit.
Capital One Secured Mastercard
The Capital One Secured Mastercard comes with a $0 annual fee and you’ll receive a credit line of $200 after you have made a security deposit of $200, $99 or $49, depending on your creditworthiness. If you make your first five monthly payments on time, you’ll get access to a higher credit limit. The APR on the Capital One Secured Mastercard is 26.99% (variable).
Citi Secured Mastercard
The Citi Secured Mastercard comes without an annual fee. You will be required to provide a security deposit equal to your credit limit. This could be anywhere from $200 to $2,500. APR on the Citi Secured Mastercard is currently 24.74 (variable). The minimum security deposit required for this credit card is $200.
Our Last Thoughts on the First Savings Credit Card
The First Savings Credit Card could be a fine option for you if you want to rebuild your credit. That’s true only if you receive a good offer on the card. If you receive an offer of $0 annual fee and a 17.15% APR with a $300 credit line, then it’s a great option. You should go ahead and get a First Savings Credit Card with this offer. It will assist you in rebuilding credit. However, if you get an offer with a high APR like more than 25% an annual fee of over $50, then you shouldn’t get First Savings Credit Card. You can get better offers than this on other credit cards.
3 Alternative Credit Cards to Consider
This is not the only credit card aimed at people with a subprime credit score. There are some other options you should consider that may suit your situation better. The credit cards below are a few of our favorites, especially if you’re looking to rebuild your credit score through responsibly making your payments. The middle card even earns rewards which should offset the annual fee of the card.
|Poor Credit Alternative||Fair Credit Alternative||Limited/No Credit Alternative|
|Milestone Unsecured||Capital One Quicksilver One||Capital One Platinum|
|Rewards||No rewards||1.5% cash back on all purchases||No rewards|
|Annual Fee||See terms||$39||$0|
|Extra Perks||Quick pre-qualification that won't hurt your credit score.|
Free custom card design.
Free online account access.
Previous bankruptcy OK.
|Access a higher credit line after making your first 5 on-time monthly payments.|
Free credit monitoring.
$0 Fraud liability.
|Access a higher credit line after making your first 5 on-time monthly payments.|
Pay by check, online, or at a local branch.
|Best for People Who...||Have bad credit and need help to strengthen it through responsible use.||Need help to strengthen their credit through responsible use. Also earns rewards.||Need help to strengthen their credit through responsible use.|
|Learn More >>||Learn More >>||Learn More >>|
Decision Time: Which Credit Card is Really the Best for You?
Here at Travel Freedom, we like to travel, which is why we always prefer to get travel credit cards for ourselves. We also know that travel credit cards are not available to all credit score levels. With anything less than a good credit score it will be hard to be approved for a travel card. Any of these cards will be beneficial in rebuilding your credit so that you’ll have the option in the future of what card type to get. After your credit is good, you’ll have the opportunity to be approved for valuable travel rewards or cash back cards.
Good luck on your road back to good credit. It’s great that you’re looking to improve your credit score and the way you live.