Firstcard® Credit Builder Card Review: Is It Worth It in 2024?
Looking to build your credit as a college student? The Firstcard® Credit Builder Card might be your best option. Read on to discover its benefits and drawbacks.
What is the Firstcard® Credit Builder Card?
The Firstcard® Credit Builder Card is a secured credit card designed specifically for college students, including international students without Social Security numbers (SSNs). Launched in September 2023, this card aims to help students build credit from scratch while offering cashback rewards and zero fees on various transactions.
Why Choose Firstcard® Credit Builder Card?
The Firstcard® Credit Builder Card is an attractive option for students who have no credit history or SSN. Here are some key features that make it stand out:
Key Features
- No Credit Check Required: You don’t need a credit score to qualify for this card.
- 0% APR: There’s no interest on your balance, making it a risk-free way to build credit.
- No Fees: The card has no annual fee, no late payment fee, and no foreign transaction fee.
- Cashback Rewards: Earn cashback on select purchases and up to 1.25% APY on deposits.
- Available to International Students: You can qualify even without an SSN, though interest earnings require an SSN or ITIN.
How Does the Firstcard® Credit Builder Card Work?
The Firstcard® Credit Builder Card operates differently from typical secured cards. You’ll need to open two accounts:
- Deposit Account: This is where you deposit funds that determine your spending limit.
- Credit Account: This is your credit card account, used for purchases. You’ll pay your monthly bill by transferring funds from your deposit account.
Rewards and Benefits
Earning Rewards
While the rewards structure can be confusing, it offers significant benefits:
- Up to 15% Cashback: Available at certain merchants.
- 5% Cashback on Educational Platforms: Earn rewards on platforms like Chegg, Grammarly, and Adobe.
- Random Cashback: Up to 10% cashback on qualifying purchases, with details available in the Firstcard app.
Redeeming Rewards
Redeeming your rewards is straightforward. The cashback is credited to your Firstcard account, which you can use for purchases or to pay your bill.
Rewards Potential
To give you an idea of the potential rewards, here’s an estimation based on typical student spending:
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
|---|---|---|---|
| Groceries, Dining, Shopping | Up to 15% | $3,000 | $450 |
| Chegg Study | 5% | $144 | $7.20 |
| Adobe Acrobat Pro | 5% | $180 | $9.00 |
| Course Hero Premier | 5% | $90 | $4.50 |
| All Other Purchases | 0% | $10,000 | $0 |
| Total | – | – | $470.70 |
Other Benefits
- Zero Liability Fraud Protection: Protects against unauthorized charges.
- FDIC Insurance: Funds in your deposit account are insured.
Fine Print and Limitations
While the Firstcard® Credit Builder Card has many advantages, it’s important to be aware of some limitations:
- Complicated Terms: The rewards structure can be confusing, and the maximum cashback per transaction is $15.
- Two Accounts Requirement: You must manage both a deposit and a credit account.
- Interest on Deposits: Only available to users with an SSN or ITIN.
Comparisons
Firstcard® Credit Builder Card vs. Discover it® Cash Back
| Feature | Firstcard® Credit Builder Card | Discover it® Cash Back |
|---|---|---|
| Annual Fee | $0 | $0 |
| APR | 0% | 18.24% – 28.24% Variable |
| Credit Check | None | Excellent/Good |
| Cashback | Up to 15% | 5% on rotating categories |
Firstcard® Credit Builder Card vs. OpenSky® Secured Visa® Credit Card
| Feature | Firstcard® Credit Builder Card | OpenSky® Secured Visa® Credit Card |
|---|---|---|
| Annual Fee | $0 | $35 |
| APR | 0% | 25.64% Variable |
| Credit Check | None | None |
| Cashback | Up to 15% | Occasional |
Is It for You?
If you are a student with no credit history or SSN, the Firstcard® Credit Builder Card can be an excellent choice. It offers a risk-free way to start building credit while providing cashback rewards and no fees.
Frequently Asked Questions (FAQ)
Q1: Can international students apply for the Firstcard® Credit Builder Card?
Yes, international students without an SSN can apply for the card.
Q2: Does the Firstcard® Credit Builder Card have an annual fee?
No, the card does not have an annual fee.
Q3: What is the APR for the Firstcard® Credit Builder Card?
The card has a 0% APR.
Q4: How can I earn cashback with the Firstcard® Credit Builder Card?
You can earn cashback by making purchases at select merchants and through random cashback offers.
Q5: Is there a credit check required to apply for the Firstcard® Credit Builder Card?
No, there is no credit check required to apply.
External Resources
For more detailed information visit Firstcard’s Official Website.
Internal Links
For more Credit Builder Card, visit our Best Student Credit Cards section.
The Bottom Line
The Firstcard® Credit Builder Card is a strong contender for students looking to build credit without the hassle of fees and interest. With its unique benefits and rewards, it stands out among other secured cards in the market. However, always consider your personal financial situation and compare with other options to ensure you make the best choice for your needs.
