First National Bank Secured Visa Card Review
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First National Bank has been providing financial products as far back as 1857, and is considered one of the largest privately owned bank holding company in the U.S. The First National Bank Secured Visa Card provides consumers who may have had credit problems in the past, or are just starting to build credit, establish a positive credit history with a secured card.
Although there are many secured credit cards on the market that provide different features and benefits, the First National Bank Secured includes its own elements which separate it from the others. When choosing the secured credit card that's best for you, it is important to weigh the benefits against the costs associated with the credit card, and how the card will help you reach your goals.
How the Card Works
You can apply for the card as long as you have a valid SSN or ITIN and a U.S. address. The First National Bank Secured requires a security deposit of $300 to $5,000, which can be deposited in $50 increments. This deposit is held in an account which does not earn interest. You can increase the deposit with payments of at least $50, up to a total deposit of $5,000, but you cannot withdraw from the account until it is closed.
Your credit card payments and account activity are reported to the three major credit bureaus, TransUnion, Equifax, and Experian, which can help establish a positive credit rating if you stay within the credit limit and make your payments on time. After 15 months, through responsible management of your credit card, you may qualify for an unsecured credit card which does not require a security deposit.
Other Benefits
Free FICO Score. Includes free access to your FICO credit score, which is the score used most often by lenders when determining your credit worthiness.
Pros
No annual fee. It is rare for a secured credit card to not include an annual fee. In fact, this fee can be as much as $50 per year, and are usually at least $29, without additional benefits to cover it. (See also: Best Secured Credit Cards with No Annual Fees)
Free FICO score. Keeping track of your credit and FICO score is important especially when recovering from past credit problems or building your credit. This is the score used by 90% of lenders when determining your credit worthiness, and usually carries a monthly fee for access.
Unsecured option. If you manage your account responsibly, you could qualify for an unsecured credit card. Not all card issuers provide this opportunity which means when you have improved your credit, you either have to close the account or continue using it indefinitely, and in most cases your security deposit is held until you actually close the account.
Cons
No interest for deposit. Some of the secured credit cards allow you to earn interest on your security deposit while it is being held. Although you won't become rich from the interest, you do get back a little more than you started with when you close the account. With this card, your deposit will not earn interest. (See also: Best Secured Cards that Pay Interest On Your Deposit)
Foreign transaction fee. There are some secured cards without foreign transaction fees, so if you travel outside of the United States or plan on using the card for foreign purchases, you should consider a better card for foreign purchases.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
