Sometimes things happen, and we find ourselves in a bit of a predicament with our credit. If you have less than perfect credit, there are some credit cards that look past the past and offer help. First Digital Next Gen Mastercard is one of those cards, but their hospitality will come with a hefty price.
What Can First Digital Offer?
When most other card companies turn you down, First Digital could be your saving grace. First Digital does not require a credit check, and most applicants receive confirmation instantly after applying on the website. First Digital is also an unsecured card, so you will not have to pay a security deposit. First Digital can be a valuable tool when working to boost your credit score because it reports regularly to all three significant credit bureaus: Equifax, Experian, and Trans Union. Finally, the First Digital Next Gen card is a Mastercard, so it is accepted nearly everywhere in the United States where you see a Mastercard logo.
What’s the Catch?
Fees, fees, and more fees! Hang on to your hat! Here comes the long list of costs associated with the First Digital Mastercard:
There is an annual fee the 1st year and then one the years after. Please see the terms and conditions for the offer for information regarding the annual fee structure.
There is a one-time program fee to activate the card
There is an annual service fee beginning the second year
There is a fee for an additional card
There is a fee for credit increases
Before conceding to the harsh fees of the First Digital Mastercard, you might want to consider one of the following credit cards:
Credit One Platinum Visa:
Unsecured card
$0 - $99 annual fee
No upfront fee
No monthly fee
Free credit score that won’t harm your credit
Cash back rewards
Convenient mobile app
19.49% - 25.49% APR
Notice the lack of fees with Credit One Platinum Visa compared to the First Digital Mastercard. Other attractive features include cash back rewards -- a bonus not usually offered with a credit building card. With the Credit One Platinum Visa, even the high end of the APR scale has a much lower interest rate than the First Digital Mastercard.
Green Dot Primor Visa:
Secured card: can set credit limit with security deposit from $200 - $5000
$39 annual fee
No credit check / no affect on credit score for applying
Visa name, accepted everywhere
Reports to all three large credit bureaus regularly to help get your credit score up faster
19.99% APR
Open Sky Secured Visa:
Secured card with a minimum deposit of $200
No credit check
$35 annual fee
18.95% APR
Reports to all three significant credit bureaus
Visa name, accepted everywhere
The Open Sky Secured Visa has the lowest APR of the options at 18.95%. Granted, none of these credit building cards are designed for you to carry a balance, so the APR might not be a determining factor in choosing which one to get. However, if you have to roll some of the balance to the next month, the higher APR rates will send you on a downward spiral pretty quickly.
These are just a few of many other credit building cards people should consider before committing to the First Digital Next Gen Mastercard. However, there are a few rules you need to follow if First Digital ends up being the card for you.
The most important thing to remember if using the First Digital Mastercard is not to carry a balance. People should use the card as a credit building avenue and only charge what can be paid off in full and on time. However, even with an impeccable payment history, the excessive fees make this card quite undesirable. First Digital's APR is the highest of all other cards, and it has a depressing list of fees. The only reason to accept their terms is if there is no other choice.
Finally, the First Digital Mastercard can fill the bill if you have to have a credit card and cannot find a better option. Just make sure you weigh the negatives against the positives and proceed with caution.
