First National Bank Secured Visa Card
Secured credit cards are available with First National Bank Card. This card is suitable for people with poor credit. With a $300 to $5,000 security deposit.
Card Summary
The First National Bank of Omaha Secured Visa Card's security deposit-based credit limit is unusual. Candidates with $300–$5,000 deposits might seek their own credit limit if approved. This flexibility lets cardholders pick a limit that fits their finances and habits.
If invoices are paid on time, the card can increase the credit limit without a deposit after 7 months. This service can assist individuals boost their credit limit if their circumstances improve with credit approval. Reliable use and payment history may repay cardholder deposits in 11 months.
Pros
- The primary advantage of the First National Bank of Omaha Secured Visa Card is its ability to build credit history. Regular reporting to the three major credit bureaus ensures that the cardholder's credit activities contribute positively to their credit scores.
- The card offers a potential credit limit of up to $5,000, based on the deposit amount. This high limit is a notable feature compared to many other secured cards.
- The absence of an annual fee makes it an attractive option for budget-conscious individuals.
- Cardholders have access to their FICO credit score, allowing them to monitor their credit-building progress.
Card Summary - Cons
- The card has a variable APR of 25.49%, which is higher compared to some other secured cards. This is an important factor for those who carry a balance.
- Some users have reported mixed experiences regarding the transition from a secured to an unsecured card.
Rates and fees
Highlights
The card's highlights focus on its core objective – aiding in credit score improvement:
- Credit Score Building: Regular reporting to credit bureaus helps in steadily improving credit scores.
- No Annual Fee: The absence of an annual fee makes the card an economical choice for those looking to build or rebuild their credit.
Comparative Analysis with Other Cards
First National Bank Secured Visa Card vs. Capital One Platinum Security Credit Card
Annual Fee: The First National Bank Secured Visa Card charges an annual fee $0. Annual fee: The Capital One Platinum Secured Credit Card charges $0.
Sign up bonus: No card provides a sign-up incentive.
Benefits: First National Bank Secured Visa Card provides cardholders with a number of benefits, including access to your FICO credit score and no liability for fraud. Cardholders can get Mastercard identity theft protection, emergency card services and fraud coverage with the Capital One Platinum Secured Credit Card.
First National Bank Secured Visa Card vs. The Discover It Secured credit card
Rewards: First National Bank Secured Visa Card doesn't offer any rewards programs. The Discover it Secured credit card will give you 2% cashback at gas stations and restaurants on purchases up to $1,000 each quarter, and 1% cashback on any other purchases.
Sign up bonus: Although there is not a sign-up bonus available for either card type, the Discover it Secured credit card automatically matches any cash back that you earn at the end your first year as a cardholder.
Benefits: The First National Bank Secured Visa Card offers benefits such as free access to your FICO credit scores and no liability for fraud. Discover it Secured Credit Card provides free access to FICO credit scores and protection against fraud up to zero dollars.
Conclusion
The First National Bank of Omaha Secured Visa Card is a testament to the company's commitment to providing accessible credit-building tools. It addresses a crucial need in the financial market, offering a practical solution for those at the beginning of their credit journey. While it may not cater to everyone's needs, its targeted approach makes it an invaluable asset for its intended user base.
The First National Bank of Omaha Secured Visa Card is more than just a financial instrument; it's a catalyst for long-term financial health and creditworthiness. Its role in empowering individuals to build and improve their credit scores is what truly defines its value in the financial services sector.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
