First Access Visa Card vs. Capital One Platinum Secured Credit Card
Both the First Access Visa and the Capital One Platinum Secured card are options geared explicitly toward people with poor credit scores. The Capital One Platinum Secured card is even a feasible option for someone who has no credit history. A key difference between the two cards is the shakedown of the fees.
As a secured credit card, the Capital One Platinum Secured does require an initial security deposit; However, this deposit could be as low as $49, which is much cheaper than a lot of required security deposits on the market. You’ll still get access to at least a $200 credit limit with a deposit that low, and you’ll also get the security deposit refunded once you close your account in good standing. It’s important to note that the Capital One Platinum Secured does not charge an annual fee (See Rates & Fees), already putting it well ahead of the First Access Visa in terms of affordability, and Capital One will automatically review your account after six months to see if you qualify for a higher credit limit. Unlike the First Access Visa, Capital One will not charge you a fee for this credit limit reevaluation. In total, your ongoing costs with the Capital One Platinum Secured card could stop at as low as the $49 initial deposit (given that you don’t carry any balances). The First Access Visa could cost you almost $300 in maintenance fees alone after your first year with the card.
Both of these cards do not have a rewards program and both have fairly high ongoing APRs. The Capital One Platinum Secured does win out slightly, as its ongoing APR of 30.74% (Variable) (See Rates & Fees), though high, is fairly standard for even the best secured credit cards. The First Access Visa’s 35.99 percent ongoing APR is almost predatory, especially when paired with the card’s excess hidden fees. To boil down which of these cards may work best for you, you’ll need to evaluate how much money you’re able to put down up front, and how much you want to keep paying in fees over time.
First Access Visa Card vs. *Credit One Bank® Platinum Visa® for Rebuilding Credit
The Credit One Bank Platinum Visa for Rebuilding Credit might serve as an interesting middle ground in these card comparisons. Its ongoing APR is high, but not nearly as high as the First Access Visa and it’s even a few percentage points under the Capital One Platinum Secured’s ongoing APR. Similar to the First Access Visa, the Credit One Bank Platinum Visa for Rebuilding Credit does charge an annual fee just to hold the card. The $8.25 monthly maintenance fee, just like the First Access Visa, will cost you about $99 a year.
A key difference between the Credit One Bank Platinum Visa for Rebuilding Credit and both the First Access Visa and the Capital One Platinum Secured is the rewards program. You’ll earn 1 percent cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services (terms apply) with the Credit One Bank Platinum Visa for Rebuilding Credit, which could make the card a bit more valuable depending on your spending habits and desire to earn rewards. Both the First Access Visa and the Capital One Platinum Secured do not have a rewards program.
Again, picking the best card for you will be based on what you value most, whether that be rewards, affordability or singular focus on credit building. If having a rewards program is most important to you, go for the Credit One Bank Platinum Visa for Rebuilding Credit, as it’s the only option featured here that has a rewards program. People who value overall affordability may find their match in the Capital One Platinum Secured card. Anyone who’s on their last leg in finding a card that can help them build credit may give the First Access a look, but there are many more affordable options to tap into first.
Best cards to pair with the First Access Visa Card
The Discover it® Secured Credit Card is the ideal credit card companion to the First Access Visa. As one of the best secured credit cards on the market, it offers cardholders the opportunity to rebuild their credit without the burden of an annual fee.
It is also one of the few cards for those with poor credit that offers rewards on qualifying spending. While there is a refundable security deposit required (starting at $200), the card can boost your credit if used right.