First Option Visa®
No income or credit verification is required to obtain a First Option Visa®, but applications will be subject to identity verification and approval. Under the USA PATRIOT act we must obtain your name, address, date of birth, home phone number, and other identifying information.
To become a First Option Visa cardholder, you must open a savings account in an amount of $300 to $5,000. This account will be the security for the card. Should you decide to open your account with a small balance, you will be able to increase it at a later date. Your credit limit will be equal to the balance in your savings account.
The annual fee for the First Option Visa® is $59 and the annual percentage rate is a fixed rate of 19.5%. There is no grace period for charges or cash advances, and the interest is computed on an average daily balance, including new purchases.
Late payment and over-limit fees are both $20. The cash advance fee is 2%, with a minimum of $1 and maximum of $20.
To apply, submit an application and processing fee of $99.95. The bank will then confirm receipt and send the documents needed to open the savings account that will secure payment. If you supply accurate information and the bank is unable to verify your information, the bank will refund your savings account and return double your processing fee.
The savings account currently earns interest at a rate of 6.0% interest for the first three months, then 2.0% interest for the next nine months, for a 3.0% Annual Percentage Yield (APY). After the first twelve months your account earns 2.0% APY. These rates are subject to change.
Your account activity will be reported to the credit bureaus, so when used wisely, your account with First Option Visa® will help you build or re-build your credit rating.
When you qualify for a non-secured credit card, and your credit card charges are paid in full, you will be able to close both the credit card account and the savings account. At this time all monies in the savings account will be returned to you.
First Option Visa® is rated 4 stars (Excellent) by Bauer Financial Services. Cardholder deposits are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).
