By : 
Mr Credit Card
Mr Credit Card- Annual Fee = $75 for 1st year, then $48
- Monthly Fee = $0, then $99 annually or $8.25/month
- APR = 34.99%
- Can use electronic payment systems to pay your bills
| Pros | Cons |
|---|---|
| Approves those with 500+ credit scores | Monthly fee and one-time processing fee |
| Reports to major credit bureaus | Requires checking account |
| Can use electronic payment systems like PayNearMe and MoneyGram to pay your bills in a day and avoid holds on your account | No mobile app |
At First Glance
Requirements
- 500 plus credit score
- Checking account
- Monthly Net Income to exceed Monthly Expenses by at least $500
- Employed or self employed - must be willing to list employer and their phone numbers
- Own or rent your home for at least 2 years
- No late payment or delinquencies for the last year
- Not more than 2 hard inquiries during the last 6 months
- No more than $25,000 in credit card debt
- No more than $70,000 in non credit card debt like student loans and auto loans
Though applying for the First Access Visa is relatively straight forward, you will be asked a couple of questions that some issuers will not asked. Firstly, you will be asked to provide your employement status. You have a choice of choosing employed, self-employed, retired, student, benefits or unemployed. To be honest, First Access is looking at folks who are employed and have regular income. If you are employed, you will be asked to fill in the company you work for and the employers' phone number. They are unlikely to call your employer but very often, credit card issuers do call your employer if you are severely delinquent on the account.
You will also be asked to fill in your net monthly income and monthly expenses. First Access would like to see that you have excess cash flow of at least $500. You will also be asked if you rent or own your home and how long have you been living there. It would be better for your application if you have been staying at the same place for a longer rather than a shorter period.
Tip: If you do not meet the requirements to get this card, we would suggest the following debit card (Extra Debit Card that actually reports to the credit bureuas and has 99% approval rate.
Card Details
Below is a screenshot of their terms and conditions.| Annual Fee | $75 for 1st year, then $48 |
| Program Fee | $95 |
| Monthly Fee | None for first year, then $8.25 a month ($99 annually) |
| APR | 35.99% |
| Grace Period | 21 Days |
| Late Fee | Up to $40 |
6 Different Card Designs
Competition
| Card | Annual Fee | Program Fee | Monthly Fee | APR | Starting Limit |
|---|---|---|---|---|---|
| First Access Visa |
$75 1st Year Then $48 |
$95 |
$0 1st Year Then $8.25/month |
35.99% | $300 |
| Total Visa |
$75 1st Year Then $48 |
$95 |
$0 1st Year Then $8.25/month |
35.99% | $300 |
| Revvi Visa |
$75 1st Year Then $48 |
$95 |
$0 1st Year Then $8.25/month |
35.99% | $300 |
| First Digital Mastercard |
$75 1st Year Then $48 |
$95 |
$0 1st Year Then $8.25/month |
35.99% | $300 |
| Fit Mastercard | $99 | $89 | $6.25/month | 29.99% | $400 |
| Milestone Mastercard | $35 - $99 | N.A. | N.A. | 24.9% | $300 |
| Indigo Mastercard | $0 - $99 | N.A. | N.A. | 24.9% | $300 |
| Mission Lane Visa | $0 - $59 | N.A. | N.A. | 26.99% - 29.99% | $300-$1,000 |
The Total Visa is one of four credit cards marketed by Vervent and all of them have very similar fees. Hence, we will do a quick comparison among them. We will also compare Total Visa with other cards with similar fees.
Compared to other Vervent credit cards
The First Access Visa is one of many Vervent Credit Cards that include cards like Revvi Visa, First Digital Mastercard and Total Visa. As you can see from the table above, they all have nearly identical fees. The annual fees are similar ($75 for the first year, then $48). From the second year onwards, First Access and First Digital charge $8.25/month whereas Total Visa and Revvi charge $6.25/month. They are also require a processing fee to activate your card. Both First Access Visa and First Digital have $95 processing fee whereas Total Visa and Revvi Visa have $89 processing fee. The Revvi Visa also has a 1% cash back program wherea the others do not. From a fee perspective, both the Revvi Visa and Total Visa are better than First Access Visa.Another difference between these cards is that both Total Visa and Revvi Visa have mobile apps while First Access does not. However, First Access allows for express payments via digital payment services like MoneyGram which will clear in one business day.
Related: Comparison of Total Visa vs First Access
Compared to Continental Finance Credit Cards
Another issuer of credit cards for bad credit is Continental. The card that is most similar to First Access Visa is the Fit Mastercard. Though it has a higher annual fee (but similar processing fee and monthly fee), the starting credit limit of $400 is slightly higher than the $300 by First Access Visa and most Vervent credit cards. But more importantly, Fit Mastercard will double your credit limit to $800 after 6 months of paying on time. In this aspect, it is better than First Access Visa.Compared to cards with no monthly fee or processing fee
There are also other credit cards for bad credit that only charge an annual fee without any monthly fees or processing fee. A good example is the Mission Lane Visa. The difference between First Access Visa and these cards (aside from the lower fees) is that it is more difficult to get these cards. You could get approved for First Access with a low 500 score whereas these other cards require a FICO score of at least 580 (600+ is the ideal).Pros: What We Like
- Reports to three major credit bureaus - First Access Visa reports to Equifax, Experian and TransUnion after every statement date.
- Can use digital payment services to pay your bills - Aside from using plain old checks and electronic bank transfers to pay your bills, you can also use third party services like MoneyGram to pay your bills. You might have to pay a fee to their providers but your payments will clear in one business day and not be subject to any holds.
Cons: What We Don't Like
- Monthly Fee and Processing Fee - First Access charges a monthly fee from the second year onwards and a one-time processing fee to activate your card.
- Requires a checking account - First Access requires that you have a checking account to apply. They will not approve you if you answered "NO" to the question of whether you have a checking account in your application.
- No Mobile App - Though the Bank of Missouri (which issues First Access Visa) has a mobile app, the First Access Visa is not on that app and hence has no mobile app.
Our Take
However, there are a couple of things that you have to be aware of. For example, there have no mobile app. You will also be asked to provide the company you work for and your employers' phone number. And you need a checking account. Though you have to provide your employers' phone number, I seriously doubt if they will actually call your employer. Many issuers ask for that information so that in the event that you default, they might try to reach you at work.
If you have no problems with not having an app or giving your employers phone number, then the First Access Visa offers rebuilders an opportunity to rebuild with an unsecured credit card. If not having an app or having to give your employers phone number bothers you, then you might want to consider a card like the Fit Mastercard, which offers a mobile app, free credit scores and does not require you to list your employers phone number during your application. If you after paying your bills on time for 6 months, the Fit Mastercard will double your initial credit limit of $400 to $800.
To sum up, we give the First Access Visa a 3.2 out of 5 star rating because it allows you to use digital payment services to pay your bills and it's consistent reporting to the 3 major credit bureaus. It's lack of mobile app, fees and the requirement to list your employers phone number prevents us from giving it a higher rating.
How to apply?
- Name
- Address
- Email Address
- Either home or mobile home number
- Question asking if you having a checking account - which you must answer YES
You will also have to choose your card designs. There are six designs to choose from.
On the next page, you will find that you need to fill in more information. Some of the information that you have already filled out will be pre-populated. You need to fill in your:
- Do you rent or own your home?
- If so, how long?
- Date of birth
- Social Security Number
- Net Monthly Income
- Total Monthly Expenses
- Information about Employment Status
- You will be asked how you pay your bills - with many options to check off
- If you intend to use the card for cash advances - you should preferably answer NO
- Do you intend to pay the program fee today if your application is approved? - you should answer YES
- Would you like an additional card?
I have to give you more details about the information you are required to give when you fill in your employment status. You are given a choice of "employed, self-employed, unemployed, benefits, student". If you are employed or self employed, you will have to fill in the name of the company you are working for and their phone number. You will then have to accept their electronic disclosure and press the blue "CONTINUE" button on the bottom right of the page.
After you hit the blue "Continue" button at the bottom right of the second application page, the top of the third will show a summary of the information you have filled out. You should check it and if there are any errors, you can click on the "edit application data" and make the corrections. When you scroll down the page, you will see the terms and conditions. Take a few minutes to go through it again and once you are sure you want to apply, then you click the blue button at the bottom to submit your application.
If you are approved, you will have to pay your $95 application fee with an existing credit card, debit card from your checking account or prepaid credit card.
FREQUENTLY ASKED QUESTIONS
Does First Access Visa allow you to prequalify first?
Does First Access Visa allow you to prequalify first?
No, there is no prequalification process.
Why does First Access require me to give my employers number?
Why does First Access require me to give my employers number?
Many credit card issuers require that. However, it is unlikely that they will call your employer. Instead, might call someone who has defaulted and is delinquent at number that was listed during application.