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First Digital Mastercard®

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Picture of First Digital Mastercard®
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By : Mr Credit Card

Introduction

The First Digital Mastercard® is issued by Synovous Bank and is a credit card targeting those with bad credit and are looking to rebuild their credit scores. They are one of the many cards targeting those with less than perfect credit. As you will see, it does not have the lowest fees nor rates. But if want to rebuild with an unsecured credit card and have been denied by other issues, then this might be a card you want to consider.
 

Card Details

Annual Fee $75 for 1st Year
Then $48
One-time Application Fee $95
Monthly Fee $0 for 1st Year
Then $6.25/month
APR 35.99%


The First Digital Mastercard charges an annual fee, a one-time application fee and a monthly servicing fee. After you approved, you need to pay a one-time fee of $95 to activate the card. During the first year of your card membership, the annual fee is $75. For the second onwards, the annual fee becomes $48 and you will be charged a monthly servicing fee of $6.25 a month. The regular APR is 35.99%.
 

Competition

Card Details
First Digital Annual Fee = $75 1st Year, Then $48
Upfront Fee=$95
Monthly Fee=$0 1st Year, then $6.25/month

APR=35.99%
Free Credit Score = N.A.
Mobile App=N.A.
Total Visa Annual Fee = $75 1st Year, Then $48
Upfront Fee = $89
Monthly Fee = $0 1st Year, Then $6.25/month
APR = 34.99%
Free Credit Score = N.A.
Mobile App = N.A.
Surge Mastercard Annual Fee = $135 1st Year, then $96
Upfront Fee=N.A.
Monthly Fee = $10/month
APR = 29.90%
Free Credit Score = Yes
Mobile App = Yes
Credit One Bank Annual Fee=$0 to $99
Upfront Fee=N.A.
Monthly Fee = N.A.
APR = 19.49% to 25.49%
Free Credit Score = Yes
Mobile App = Yes
Indigo Annual Fee=$0 to $75
Upfront Fee=N.A.
Monthly Fee = N.A.
APR = 24.9%
Free Credit Score = N.A.
Mobile App = N.A.


As a subprime credit card, First Digital faces a lot of competition. In terms of fees and rates, this card has more fees and higher rate relative to it's peers. The better cards only charge an annual fee and most of the time, it ranges between $0 to $99. Examples include Credit One Bank. Some cards charge a monthly maintenance fee on top of an annual fee. Some also charge a one-time application fee while others do not. Cards that charge both a monthly fee and annual fee include the Surge Mastercard.

The First Digital charges a one-time application fee, an annual fee and also a monthly fee (which they call a monthly servicing fee). The interest rate is also rather high at 35.99% (though I would ignore that because if you are a rebuilder you should not be carrying a balance anyway).

This card lacks a couple of features that some cards like Credit One and Reflex Mastercard have. Which is that they provide free credit scores for their cardmembers. This card also does not have a mobile app or any reward program.
 

Pros and Cons

Pros

  • Reasonable Annual Fee From Second Year Onwards - While First Digital charges a one-time application fee, they do lower their annual fee from $75 to $48 from the second year onwards.

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  • Reports to 3 Major Credit Bureaus - First Digital reports to the three major credit bureaus and will help your credit score if you use the card responsibly.

Cons

  • One-time Application Fee - This card does charge a one-time application fee. In the bad credit space, some cards charge them but many also do not.

  • Monthly Servicing Fee - This card charges a monthly servicing fee of $6.25.

  • Higher First Year Annual Fee - The first year annual fee is $75 and that drops to $48 after the second year. Though we all wished it would start at $48 from the get go, we also have to remember that many other subprime cards charge $99 a year on annual that does not change.

  • High APR - The APR for this card is one of the highest (rivaled only by First Premier Bank).

  • No Reward Program - This card has no reward program and frankly you should not expect it (though there are a couple of issuers that have cash back rewards).

 

Our Take

The First Digital Mastercard is one of many credit cards that target those of you who have bad or low credit scores. In terms of fees, First Digital has one of the higher total fees and APR among it's peers. It charges a one-time application fee, an annual fee and a monthly service fee from the second year onwards.

The card also lacks some features that a few others have. For example, cards like Credit One have cash back rewards and also give you a free Experian Vantage score. First Digital does not have these features.

Despite having higher fees than it's peers, there are some of you who might still want to consider this card. If you have been denied from other issuers and if you insist on using an unsecured credit card rebuild, then you still want to consider this card. My advice to you would be to use it wisely and pay your balance in full every month since the APR is very high.