By : 
Mr Credit Card
Mr Credit Card- Annual Fee = $75 for the first year, then $48
- Monthly Fee = $0 during the first year, then $6.25 a month
- Activation Fee = $89
- Regular APR = 34.99%
- Starting Credit Limit = $300 to $1,000
| Pros | Cons |
|---|---|
| Approves those with 500+ credit scores | Monthly fee and one-time processing fee |
| Reports to major credit bureaus | No mobile app |
| Credit Limit of up to $1,000 | Cannot be used outside US or charge a foreign currency purchase |
| Eligible for credit limit increase after 12 months |
At A Glance
Though the First Phase Card does not have any mobile app and you cannot use it outside the US or make purchases denominated in foreign currency, this is a card that is worth considering.
Requirements
- 525 and above credit score
- Debt Payment to Monthly Income Ratio should not exceed 35%
- Credit card debt not greater than $25,000
- Non credit card debt (like student loan and auto loan) should not exceed $60,000
- Not more than 2 inquires during the last 6 months
- No delinquencies during the last year
Card Details
| Annual Fee | $75 for 1st year, then $48 |
| Activation Fee | $89 |
| Monthly Fee | None for first year, then $6.25 a month ($75 annually) |
| APR | 34.99% |
| Grace Period | 21 Days |
| Late Fee | Up to $40 |
| Cash Advance APR | 34.99% |
| Credit Limit | $300 to $1,000 |
Aside from these basic terms, there are a couple of other features or lack thereoff that you should be aware off.
Cannot use outside US or make purchases in foreign currency - You cannot use this card outside of the US. You also cannot make any purchase in foreign currency even if you use the card in the US.
Credit Limit increase after 12 months - Your account will be evaluated for a credit limit increase after 12 months. If your credit limit increases, there will be a fee that is equal to 25% of the credit limit increase. For example, if your credit limit increase by $100, there will be a $25 fee charged to your account. If you want to request a credit limit increase, you can only do so after 12 months.
No Balance Transfer - First Phase Visa Card does not allow any balance transfer.
Visa Benefits
- Visa Account Updater - which automatically updates account information between participating merchants and Visa card issuers.
- Identity Theft Protection - This service is provided by NortonLock.
- Fraud Protection - This feature is a standard with all credit cards.
Competition
| Card | Annual Fee | Upfront Fee | Monthly Fee | APR | Starting Limit |
|---|---|---|---|---|---|
| First Phase Visa |
$75 1st Year Then $48 |
$89 |
$0 1st Year Then $6.25/month |
34.99% | $300 - $1,000 |
| Total Visa |
$75 1st Year Then $48 |
$89 |
$0 1st Year Then $6.25/month |
34.99% | $300 |
| Revvi Visa |
$75 1st Year Then $48 |
$89 |
$0 1st Year Then $6.25/month |
34.99% | $300 |
| First Access Visa |
$75 1st Year Then $48 |
$95 |
$0 1st Year Then $8.25/month |
34.99% | $300 |
| First Digital Mastercard |
$75 1st Year Then $48 |
$95 |
$0 1sy Year $8.25/month |
35.99% | $300 |
| Fit Mastercard | $99 | $89 | $6.25/month | 29.99% |
$400 $800 after 6 months |
If you look at the table above, you will see that First Phase Visa has peers with almost identical features. The cards that are almost identical are the Total Visa and the Revvi Visa. They have identical annual fee, monthly fee and even activation fee. The key difference is that whilst Total Visa and Revvi Visa start you off with only a $300 credit limit, First Phase will give you a credit limit of anywhere between $300 and $1,000. Total and Revvi both have mobile apps whereas First Phase Visa does not.
Both the First Access Visa Card and First Digital Mastercard also have nearly identical features. They have the have the same annual and both have no mobile app. However, First Access and First Digital have higher activation fee compared to First Phase ($95 vs $89) and they also have a higher monthly fee from the second year onwards ($825 vs $6.25 for First Phase). Their starting credit limit is only at $300 whereas First Phase Visa will start you off with a credit limit anywhere from $300 to $1,000. So from a credit limit and fee perspective, First Phase Visa is better than First Access or First Digital.
The only similar card that can compete with First Phase on credit limit is the Fit Mastercard. The Fit Mastercard has similar monthly fee and activation fee though it has a higher annual fee at $99. Though Fit starts you off with a $400 initial credit limit, this will double to $800 after 6 months if you pay your minimum payments on time for the first 6 months. The Fit Mastercard also has a mobile app and provides a free Vantage 3.0 score from Experian. These are features that First Phase Visa is lacking in.
Pros: What We Like
- Up to $1,000 credit limit - Most credit cards for bad credit typically have credit limits of $300 or $500. First Phase Card will give you a credit limit from $300 to $1,000. Having a $1,000 credit limit for such cards is very generous.
- Can set up autopay - You manage your account through myccpay.com and set up autopay.
- Reports to credit bureaus - First Phase Visa Card reports to all three major credit bureaus.
Cons: What We Don't Like
- One-time processing fee - First Phase requires you to pay a $89 one-time fee to activate your card after you are approved.
- No Mobile App - First Phase does not appear to have a mobile app.
Our Take: Up to $1,000 Credit Limit
The key question is still "is this a good card?" Well, the answer depends on what credit limit you are given. If you are given a $1,000 credit limit, then I think it is a good deal. And I reason I come to this conclusion is because the ratio of the fees you pay over the credit limit is 12.4% ($49 + $75 = $124)/$1,000 = 12.4%. That means the fees that you pay annually are 12.4% of your credit limit.
However, if your credit limit is only $300, then I would say that this is not such a good deal. That is because the ratio of the annual fees you have to pay over your credit limit is 41.3% ($49 + $75)/$300 = 41.3%. That is too high in my opinion because you are paying close to half of your credit limit in fees. You might get a credit limit increase after the first year but that is not a sure thing.
If you have a mid 500 credit score, I think it is a toss up as to whether you should get this card. There is no pre-approval process and you will face a hard inquiry when you submit your online application. If you get only a $300 credit limit and decide not to take (by not paying the $89 activation fee), you will most likely lose a few points on your credit score for nothing. On the other hand, you might get a $1,000 credit limit! If you are undecided, you might want to consider looking at credit cards with soft pull pre-approval process instead.
To sum up, based on our review and evaluation, we give the First Phase Visa Card a 3.7 rating for it's potentially generous starting credit limit and potential for credit limit increase after 12 months. It's fees, lack of mobile app and inability to use this card abroad (outside the US) or make purchases in foreign currency prevents us from giving this a higher rating.
Application: How to Apply?
FREQUENTLY ASKED QUESTIONS
How long does it take to know whether I am approved or denied?
How long does it take to know whether I am approved or denied?
In many cases, you will know immediately after you submit your online application. In certain cases, you may have to wait for up to 30 days.
When will I receive my new card?
When will I receive my new card?
5-7 business days.
How do I activate my card?
How do I activate my card?
Follow the directions on the card activation sticker on your new First Phase credit card. Call 877-726-5055 or go to www.FirstPhaseCard.com.
Can I transfer a balance to FirstPhase Card?
Can I transfer a balance to FirstPhase Card?
No, you cannot transfer a balance over from another card.
Contact Information
Phone: 855-747-4273, during the hours of 8am-9pm CT, Monday through Friday and Saturday 9am-4pm CT.Email: customerservice@firstphasecard.com
Mail: First Phase Visa, PO Box 85130, Sioux Falls, SD 57118-5130
