Back to Results

First Option Visa® Card

Overall Rating
0.0
Benefit Rating
1.0
About Ratings 		Apply Now BALANCE TRANSFERS INTRO RATE APR
(PURCH)		 APR
(CASH)		 ANNUAL FEE
Rate Duration Rate Duration
N/A N/A N/A N/A 19.50 19.50% $59

Key Features:

  • 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

Rates and Fees

Card Type Visa
Introductory Rate Offer n/a
Card Status Standard
APR for Purchases 19.5%
APR for Cash Advances 19.50%
Annual Fee 59%
Annual Fee
for additional cardholders		 n/a
Grace Period None
Minimum Credit Limit $300
Maximum Credit Limit $5,000
Late Payment Fee $20
Over the Limit Fee $20
Cash Advance Fee 2%, $1 minimum, $20 maximum
Balance Transfer Fee

Rewards Information

Points per Dollar Spent
Additional Points
Miles per Dollar Spent
Additional Miles
Additional Perks See website for additional benefits.

Important Notations:

See website for complete terms and conditions of card usage and application disclosure.

First Option Visa® Card

Issued by Visa
Most Attractive Feature(s): Deposits earn interest; guaranteed approval; no credit check.
Least Attractive Feature(s): No introductory offers; no grace period.

Description

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.

Updated: Apr 1 2009 12:50PM

Apply Now