First Digital Mastercard

Who is the First Digital Mastercard for?

If you’re new to owning a bank account or trying to establish credit, the First Digital Mastercard could be the card you’ve been looking for. This card is among the best for new and inexperienced cardholders. This card has the rare “no credit line” policy, meaning they won’t take your credit score in to account when deciding whether or not to approve you for the card.

It should be noted before applying for this card that there are quite a few more annual fees than most other traditional secured credit cards. With that being said, the rewards and benefits this card comes with are second to none.

Another feature that should absolutely be noted about this card is its higher variable APR rate. For most secured credit cards, the variable APR will be much lower than traditional credit cards. This card has an ongoing APR of 35.99%, which is definitely something to watch for when making a purchase. The APR for cash advances is also 35.99%. This can be a very high rate, so definitely be careful when managing this card.

Welcome Bonus

The First Digital Mastercard, like all unsecured credit cards, does not come with any welcome bonuses. This is mainly due to poor credit scores barring individuals from acquiring higher up, more secure credit cards. However, with well-timed payments and correct budgeting, any cardholder can boost their credit score exponentially within a year of purchases.

Benefits and Credits

The no credit check that this card offers is another huge bonus. With no need to worry about bad credit or non-existing credit, getting approval for this card is relatively easy. If you’re a recent college graduate looking for work, this card is great to start out with. If you’re currently in college and looking to get a head start on your finances for the future, opening a credit card connected to the three major credit bureaus would be a positive start to personal gains in raising a credit score.

All cardholders will be eligible for a credit line increase just six months after acquiring the First Digital Mastercard. This can be of great use for those who are trying to make large payments within a year of opening up this account.

Like most credit cards, this card comes with the security and convenience of a full-feature Mastercard, which is accepted at millions of merchant and ATM locations nationwide and online. Just like any other credit card, this one can be used at any store in the US and has no penalties. 

Annual Fees

This card has some very high annual fees that should go into consideration when applying. The program fee is a one-time $95 charge. This is to set up the account and make sure things are running smoothly.

The starting annual fee is $75 for the first year; after that, it changes to $48 each year thereafter. Although there is no introductory monthly fee in the first year, following that there is a monthly servicing fee of $6.25 a month, adding up to $75 annually per year. In total, cardholders would be paying $75 in the first year and $123 each year after that.

Finally, there is an additional card user fee of $29 annually for all added users to this card. In short, the fees on this card can add up rather quickly.

Conclusion

There are many associated fees with this card that make some question if it is worth acquiring. While some benefits are great for a quality secured credit card, the annual fees and very high APR rate make these benefits hard to justify. There are other secured credit cards out there for more affordable prices, which we would recommend considering.