First Option Visa® Card
Card Type: Visa
Card Issuer: New Millennium Bank
Card Category: Secured
Apply for Platinum BusinessCard with Unlimited Rewards
- Get a Full Privilege Secured Visa® Credit Card Account
- Get Approved for Up To $5,000 in Secured Credit with No Credit Check
- Guaranteed Approved Regardless of Credit History or Income
- Earn Interest on Your Deposits
- FDIC Insured
- Data
- Data
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- Rating:
- Intro Rate:
- No Introductory Rate Available
- APR (Cash):
- 19.5%
- APR (Purch):
- 19.5%
- Annual Fee:
- $59
Review
The First Option Visa® Card, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past. This secured card establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months). Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account. The card has a fixed APR for both purchases and cash advances. The interest rate is considered high, even for a secured card. There is a $59 annual fee, in addition to an initial $99.95 processing fee that will be drafted once the cardholders identification is verified. There are no monthly activity fees for this card. If you are not approved for this card, the processing fee will be refunded. The First Option Visa® Card is a great option for people who need to establish credit history with the three major credit bureaus and who want to earn a generous interest rate on their deposits while doing so.
Most attractive features: Deposits earn interest; guaranteed approval; no credit check.
Least attractive features: No introductory offers; no grace period.
Additional Perks: See website for additional benefits.
Rates & Fees
Introductory rate: No Introductory Rate Available
Applied towards: None
Introductory Rate Details: n/app
Apr(Purchases): 19.5%
Apr(Cash Advances): 19.5%
Finance Configuration: Average Daily Balance (including new purchases)
Annual Fee: $59
Additional Cardholders: None
Grace Period: None
Minimum Credit Limit: $300
Maximum Credit Limit: $5,000
Late Payment Fee: $20
Cash Advance Fee: 2%, $1 minimum, $20 maximum
Balance Transfer Fee: n/app
Important Notations: See website for complete terms and conditions of card usage and application disclosure.
Rewards
First Purchase Bonus: n/app
Balance Transfer Bonus: n/app
Annual Bonus: n/app
Other Bonus: n/app
Bonus Details n/app
Reward Type: n/app
Optional Rewards: n/app
Minimum Rebate: n/app
Rebate Details: n/app
Maximum Rebate: n/app
Additional Rebates: n/app
Miles per Dollar spent: n/app
Mile Reward Details: n/app
Additional Miles: n/app
Points per Dollar spent: n/app
Point Details: n/app