What to Know Before Applying for First Savings Credit Card (2022)

For people with less than perfect history, receiving an invitation to apply for the First Savings Credit Card is always welcome. As such, this credit card is an invitation-only affair. The First Savings Bank usually sends out invitations to subprime credit card applicants to give them an opportunity to build their credit history.

This card is issued by the First Savings Bank, situated in Beresford, South Dakota and is one you should consider apply for if you have less than perfect credit. It is meant for people who are after repairing their tattered credit but have no other way to do it.

But the fact that you have received an invitation to apply for this credit card doesn’t mean you should blindly go for it. In this write-up, we discuss this credit card in detail to help you make a decision whether to enroll or not. Read on for more information.

How to Apply?

To reiterate, First Savings Credit Card is an invitation-only affair. You cannot apply for it before receiving an invitation through the mail. Don’t go to the company’s website to make a new card application if you haven’t received an invitation to do so. You have to use the ‘Access Code’, and ‘Reservation Number’ sent to you in the mail to you to make an application. If you have received an invitation to apply, you need to enter the Access Code and Reservation Number.

You may also apply for the First Savings MasterCard by sending a completed application form to an address in Sioux Falls, South Dakota. You could be required to send a copy of your driver’s license and utility bill as proof of identity. The import of that is you must be at least 18 years old and a US resident. After that, you should sit pretty and wait to receive the card.

How to Log In?

Once your application is accepted and you become a cardholder, you can easily log in to manage your First Savings credit card account. As a registered user, you can make online purchases, view account information, and schedule automatic payments. All this is done through the Cardmember Services portal, enter your username and password, and you will have access to your account.

Fees and Rates

Besides the requirement for an invitation, this credit card comes with a number of terms and conditions, which you must meet to fill in the application. The fees and rates include the following(offer 09):

Annual Fee $49
Minimum Credit Limit $350
APR for Purchases 29.9%
APR for Cash Advances 29.9%
Authorized User Fee $20 annually (optional)
Late Payment Fee Up to $25
Returned Payment Fee Up to $25

Features and Benefits

If you want to understand the popularity of the First Savings Credit Card, you need not look further than its features and benefits. They include the following:

1. Convenience

This credit card makes it very convenient for individuals with less than perfect credit. Nothing is easier than making payments using a credit card. Its convenience emanates from the fact that you can use it to make big purchases, whether online or in a brick and mortar store.

2. Security

The credit card from First Savings Bank is padded with extra security to shield you from possible fraud. For as long as you take great care of your account information, there is no way for you to fall prey to a fraudster.

3. Widespread Acceptance

With a First Savings Credit Card, you should be able to make payments for purchases made from an array of merchants. Don’t be afraid with the embarrassment that comes with your card being rejected. After all, this is a MasterCard.

4. Helping You Build Credit

After receiving the credit card, you can rebuild your credit with regular use and payments. The reputation of creditworthiness you build will definitely be reflected in improved credit scores in the future. A good credit score will improve your chances of qualifying for even bigger financial products in the future.

Related: Things To Know Before Getting a Credit Card With Bad Credit.

5. Several Options

Unlike other credit cards which provide only one option, the First Savings Credit Card comes with an array of choices. Each of the available options has unique conditions and features designed to meet the needs of each individual.

6. Simple Costs to Understand

Did you know that the fees charged by this credit card are pretty easy to understand? There are no hidden charges and a user knows what to expect from the get-go. Other first-time user credit cards aren’t that great.

7. Suitable For People with No Credit History

The best feature of the First Savings Credit Card is that it goes out for people with less than perfect credit. This opens up the financial world to such individuals. After a series of sustained credit card use, one is able to build a credit history for future use.

How Much Will You Earn With the First Savings Credit Card?

This is basically a credit card. You don’t earn any rewards for merely using it to make payments. The major benefit is perhaps the fact that it gives you an opportunity to build your credit over time. Nothing more.

Can I Use The First Savings Credit Card For Online Purchases?

Yes, you can use the First Savings Credit Card to make purchases online. Once you are logged into your credit card account, making online payments is very easy. Simply go to the login page and you will see the options you have.

Should You Get The First Savings Credit Card?

If you have major issues with your credit, this is a card you should consider signing up for. But for should expect a very low credit limit fixed at $350. After the annual fee has been deducted, you will remain with nothing more than $301. Compared to other credit card designed for individuals with less than perfect credit, this card has a very high interest rate. For a credit limit that small, the annual fee is way too high. But that’s not to say that the First Savings Credit Card is the worst you will ever come across. If you must get one, why not.

The First Savings Credit Card is good for those looking for an opportunity to build their credit. The invitation-only feature makes it less desirable.

Myrtle Knox

Myrtle Knox is an award-winning reporter, editor, and writer. Her stories about banking, credit cards, insurance, economics, small business, and other subjects have been featured by the Los Angeles Times, Washington Post, Bankrate, Credit Karma, Bookmarks Magazine, FOX Business, CNBC, Yahoo! Finance, and dozens of major U.S. newspapers. Her articles have been cited in seven nonfiction books and two U.S. Congressional hearings. She edits nonfiction, memoir, and fiction, and contributes to Kirkus Reviews. Marcie holds a bachelor’s degree in English from UCLA and MBA from Pepperdine University.

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