First Savings Bank has been offering interested individuals a wide range of financial products from South Dakota for a long, long time. After all, it started up in 1913, which should serve to provide interested individuals with some assurance that it understands its business and that it understands its business well. Due to this, interested individuals might want to look into First Savings credit cards to see whether said products are suitable for them or not.
First Savings Credit Card Review
Here’s a brief overview of the First Savings Credit Card:
Annual Fee: 17.15%, 24.15% or 29.90%
APR: 17.15%, 24.15% or 29.90%
Sign-Up Bonus: $0
- Open to people with a limited or poor credit history
- Payments reported to the credit bureaus each month
- No security deposit required
- Online account access
- 2% to 5% cash advance fee
- $20 authorized user fee
- 2% foreign transaction fee
- Up to $25 late payment fee
- Up to $25 returned payment fee
First Savings Credit Card Offers
- The First Savings Credit Card offers convenience wherever you use your Mastercard® Credit Card to make everyday purchases, to dine out at restaurants or to shop online
- You’re in control of purchases
- No hidden fees and no penalty APR
- Fraud coverage for lost or stolen card
- Secure online account access
First Savings Card Membership benefits
There are no special offers or membership benefits at this point. However, as a member, you will enjoy some basic features including:
- The option to view your account summary.
- Sign up for email and text alerts so that you’re always well aware of your account.
- The option to make automatic payments so you never miss on payments. You can use online payments for this purpose. However, it does not accept credit card payments.
Pros vs. Cons: First Savings Mastercard
The First Savings Mastercard has its share of pros and cons. Here’s an overview of some of the benefits and potential drawbacks.
- Reports to credit bureaus – First Savings Bank reports cardmember activity to all three major credit bureaus, so you get credit for your on-time payments.
- No security deposit – If you prefer an unsecured credit card, the First Savings card doesn’t require you to make a down payment.
- Online and mobile account management – You can access your account and pay your bill online. You can also download the First Savings mobile app to manage your account on the go.
- Credit limit increases – Online reviewers report that First Savings Bank offers an automatic credit limit increase after the first six months as long as you use the card responsibly.
- Widely accepted – The First Savings card is a Mastercard, which is accepted just about everywhere.
- Invitation only – You can only apply for the First Savings Mastercard if you receive an offer in the mail.
- Low credit limit – According to the credit card contracts available on the First Savings Bank website, new cardholders receive a starting credit limit of just $350. This is on the low side for an unsecured credit card, but you can get a limit increase up to $1,500 with responsible use.
- High APR – While individuals with decent credit might qualify for a 16.40% APR, those with low credit scores can expect to pay 29.9%.
- Annual fee – Some applicants will get a card with no annual fee, but others will pay anywhere from $39 to $75 a year.
10 Benefits of Having a First Savings Credit Card
Having a credit card offers consumers a lot of convenience. This is because using a credit card is simple and straightforward with minimal fuss and hassle, which can prove rather important when it comes to bigger purchases. For that matter, it should be noted that credit cards make online shopping much more convenient as well.
Credit card fraud is a common fear in modern times for excellent reasons. However, it is important to remember that credit cards come with protections meant to shield their users from that precise problem, meaning that it isn’t as bad as it might seem on initial consideration. Of course, First Savings credit cards are no exception to this rule.
3. Availability of Funds
One of the biggest upsides to credit cards is that they are a form of revolving credit. Essentially, this means that their users can borrow up to a pre-determined limit at a time as well as a place of their choosing, thus eliminating the need for them to send in a new application whenever they have a need for new funding. Suffice to say that this saves a lot of time in the long run.
4. Widespread Acceptance
Naturally, First Savings credit cards are accepted by a wide range of vendors, meaning that interested individuals don’t need to fear about being stuck somewhere with a credit card that they can’t use. This can seem silly, but this is a legitimate concern because some credit cards have very limited lists of vendors that will take them.
5. Credit Building
By making sensible use of their credit cards as well as making sure to make their payments on time each month, credit card users can build up a reputation of creditworthiness, which will be reflected by their credit scores. This can have a profound impact on their future because their credit score will determine their access to financial products as well as the conditions for those financial products.
First Savings offers a number of credit cards instead of forcing interested individuals to choose the same option. Of course, each one comes with its own particular features and conditions, meaning that combined, they offer interested individuals a better chance of getting exactly what they want.
7. Simple to Understand Costs
Speaking of which, First Savings makes the fees, interest charges, and other costs of their credit cards very clear to interested individuals. As a result, consumers should have no problems understanding what their credit card use will cost them.
8. Willingness to Consider Poorer Credit Histories
It is interesting to note that First Savings is willing to look at consumers with poor credit histories, which can often block people from getting a wide range of financial products that include but are certainly not limited to credit cards. Granted, there are secured credit cards out there for that particular problem, but First Savings stands out in that it is willing to consider issuing unsecured credit cards as well.
9. Some Credit Cards Have Lower Costs
Some of First Savings’s credit cards have lower costs, which can be very suitable for people who like having credit cards but want to minimize their costs as well. For instance, there is one credit card with no annual fee. Likewise, some credit cards have better interest rates for purchases than others.
10. Trusted Issuer
Generally speaking, it seems clear that First Savings is a credit card issuer that consumers can trust. In part, this is because it has been in business for more than a 100 years, which suggests a considerable degree of competence on its part. However, it should also be noted that it has taken a proactive approach to complaints directed towards it on the Better Business Bureau’s website, which speaks well of its consideration for its customers.
Why you should consider the First Savings credit card?
Here are a few reasons why it may be a good idea to choose this credit card:
- Best for Users With a Low Credit Score: The First Savings card may be a good option for users who are unable to apply for known names like Chase and Discover due to a poor credit score.
The ease to get this card is one of the major reasons why it is so popular. If you’re struggling in applying for a credit card then you can give First Savings a try.
Plus, there are no hidden charges, hence you do not have to worry about paying heavy fees if you make timely payments. However, there will be annual charges in most cases that you will have to pay right after you activate your card.
- Safe and Secure Mobile App: The platform is safe to use as there is no risk of your personal information reaching unsafe hands. Plus, the company also offers its own mobile app that you can use to handle finance and even make payments. The app is also secure and uses touch ID to login, thus providing you with a second layer of security.
- Can Help You Build Your Credit Score: It is not uncommon for Americans to have a bad credit score with the average credit score standing at 695 in 2019, which is below what we consider a good score (700).
If you are struggling in maintaining credit then you can opt for this credit card.
- Simple Terms and Conditions: Unlike other companies, this one has no complex payment plans or policies. This is a major reason why it may be a good option if this is your first time opting for a credit card.
How to Apply for the First Savings Credit Card
If you received an offer in the mail, applying for the First Savings Mastercard is easy.
1. Go to the First Savings Credit Card Site
First, go to the First Savings credit card website and look for the green button that says “accept online.”
2. Enter Your Reservation Number and Access Code
Next, enter the reservation number and access code located on your invitation offer. If you have trouble finding it, First Savings has a graphic showing where you can locate these numbers on the offer mailing.
3. Fill Out the Online Application
Once you enter your reservation number and access code, you should be able to access the credit card application. You’ll need to provide some personal information, including your basic identifying information as well as details about your employment status and monthly income.
How to Login to Your First Savings Credit Card
If you’re an existing cardmember, you can access your account from the First Savings credit card website. Once you’re on the site, you can get to the cardmember services portal by clicking “account login.”
After you click “account login” you’ll be taken to a page where you can enter your username and password.
First Savings Credit Card Customer Reviews
I honestly wouldn’t give a star if I was a choice. I checked to see if i was pre-approved and the sight shut down in the middle of it. Never knew I was approved until I Recived a bill in the mail BEFORE I Recived a card or even activated it. Weeks later and I’ve still yet to get a card but still responsible for a bill. How does that even make sense??? I call and ask and apparently there’s nothing I can do unless I want to pay that bill and close my acct and have that look bad on my credit. I wouldn’t refer this company to my worse enemy. I feel they pray on people with little to no credit and don’t even give them a chance to say no. This company is a crook. Please STAY FAR AWAY. BBB please look into what this company does. Please look into itKellie F
This card has a customer service phone number with no option to talk to live representatives at all. Very shady how there isn’t a single number or option for it. It’s difficult to make a payment if you dont have routing numbers right in front of you. Cant get any questions answered and it makes it difficult to make a payment, thus defeating the purpose of a credit card. This companies customer service practices are nonexistent. This card will hurt your credit more than helping it. The card is nothing but a hassle. After searching online for days, I still haven’t spoken to a soul. Not something you want to deal with when this company will have ability to destroy your credit. Very irritatedCarlos C
I’m trying to rebuild my credit and I think the card is great. The apply my payment immediately even before it hits my account as a charge. Yes the amount was low for a credit line but I am not in the position to complain. I have never had a problem calling in, the app is easy as well. If you are trying to build credit and use a card properly I think it is a good option. Of the 3 starters I have this is the best by far.Monica S
First Savings Credit Card Alternatives
The First Savings Mastercard won’t be an ideal fit for everyone. Fortunately, there are good alternatives available — even for those with less than stellar credit scores.
If your credit is poor, and you aren’t ready to commit to the First Savings card, here are three other possibilities to consider.
The Discover it Secured credit card requires a security deposit, but its lack of an annual fee makes it a popular choice for people looking to repair their credit. The minimum deposit required is $200, but you can deposit up to $500 if you want a higher credit limit.
This card also earns high praise for its rewards program, as it’s a rare secured credit card that offers cash back. You can get 2% cash back up to $1,000 on fuel and dining, as well as 1% cash back on all other purchases.
There is no annual fee, and the APR is 24.49%. While this might seem a bit high, it’s still lower than the 29.9% APR you’re likely to get with the First Savings Mastercard.
The Capital One Secured Mastercard requires a security deposit, however, required amounts can be $49, $99, or $200 depending on your credit score. Cardmembers can also receive a credit limit increase after five months of responsible use.
While the APR is on the high end at 26.99%, the Capital One Secured card has no annual fee. As long as you avoid carrying a balance, you can use the card without paying any interest.
The Citi Secured Mastercard requires a $200 security deposit, but it has no annual fee and no monthly maintenance fee. The card also offers a credit limit up to $2,500, which is higher than many secured credit cards.
With a 23.49% APR, the Citi Secured Mastercard has a lower interest rate compared to many other credit cards aimed at people with bad credit. Cardmembers also get free access to their FICO score, which can be a big help when you’re trying to build or rebuild your credit.
First Savings Credit Card Customer Service
500 E 60th St N
Sioux Falls, SD 57104-0478
First Savings Credit Card FAQs
What is First Savings credit card?
As a matter of fact, First Savings MasterCard is tailored for customers with a low credit score. Basically, this is an unsecured credit card with credit line, and you can get it even with a low credit score. However, you should keep in mind that you can get it only if you received an invitation offer.
How long does approval take for First Savings credit card?
Usually, the approval process is quite quick and takes only a few days (sometimes even it is completed instantaneously). But in some cases, it may take more than a week.
How do I get an invitation to apply for a First Savings credit card?
The company behind this credit card analyzes the credit history of customers and sends out invitations to those customers who might be interested. Unfortunately, there is no way how you can influence this.
What credit score do I need for a First Savings MasterCard?
As we have pointed out in this First Savings credit card review above, you can get this credit card even with poor credit. This means that if you got an invitation offer, you can attempt to apply for this credit card.
How do I cancel First Savings credit card?
In order to close First Savings MasterCard, you must contact the customer support of this company. For that purpose, we recommend you to call 888-469-0291.
What states can not apply for First Savings credit card?
So far, customers who received an invitation offer may apply for this credit card – regardless in which American state do they live.
What is the First Savings credit card line?
As we have already mentioned in this First Savings MasterCard review, customers usually get a credit line of no more than $300. Besides, the cardholders rarely get credit line increases overall.
How do you know you were approved for First Savings credit card?
You can check your application on the website of First Savings Bank or look in your email inbox.