The First Option Visa secured credit card from New Millennium Bank is a choice for those with horribly damaged credit or no credit at all. There is a sky high interest rate, no grace period, and fees galore, but the overwhelming positive factor is that anyone can get one.
In fact, the bank guarantees it. The Double Money Back program ensures that anyone who submits a full and accurate application that is not approved will be refunded twice the processing fee.
Should you apply for a First Option Visa New Millennium Bank secured credit card? Read this review to decide for yourself and then either click on the apply button at the top of the page or use our free “Chaser” tool to compare secured credit cards or credit cards for bad credit and all types of credit cards from many different credit card companies!
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No Credit Check with the First Option Visa Secured Credit Card
A credit check is not required to open a First Option Visa secured credit card because the bank is not taking the kind of risk that it assumes with “unsecured” cardholders. Purchases made with a secured credit card are guaranteed by money set aside in an attached savings account by the cardholder. The card’s credit limit (which has a minimum of $300 and a maximum of $5,000) is determined by the amount of money in that account. T
hat is to say, one must put $300 in the bank in order to be able to charge $300 worth of merchandise on his card, or put $5,000 in the bank to be able to make purchases of up to $5,000 with the card. However, the money in that account must say there; it cannot be used to make payments on the card.
Minimize the Effects of High Credit Card Interest Rates
With the First Option Visa secured credit card, as with most secured cards, building credit can be a costly endeavor. The interest rate is 19.5% and it begins to accrue as soon as a purchase is made. By the time a cardholder’s billing statement arrives, the price of a given item has already risen. There are a couple ways to minimize the damage. First, a cardholder can go on-line to pay the bill before the actual statement arrives in the mail. Excessive interest payments can also be avoided by waiting till the end of the billing cycle to make a purchase.
Paying for the Privilege of Using a Credit Card
The fees come fast and furious with secured cards. The First Option Visa secured credit card assesses a processing fee of $99.95. Add to that a $59 annual fee and it becomes clear why the card is more of a last resort than the first option. Secured credit cards can be a useful tool for climbing out of the depths of bad credit, or for establishing credit where there was none, but they must be handled very carefully.
Build a Better FICO Score
The First Option Visa helps cardholders build credit by reporting the prompt payment of bills to the big three credit bureaus—Equifax, Experian and TransUnion. It also gives consumers the opportunity to build credit 100% faster by applying for both the Visa and MasterCard versions of the card. Having both cards at the same time means that two instances of reliable credit card use each month will be reported to the credit bureaus instead of just one, thereby propelling cardholders into the realms of good credit at a much faster rate. Click here for free credit reports & free credit score along with a paid service to monitor your credit!
Find Security in Your Financial Future
While secured cards are not a good deal by any stretch, they can be considered a necessary evil when it comes to building credit. The responsible use of a no-frills secured card will earn a consumer the privilege of moving up to a unsecured card with a better APR, lower fees, many opportunities for cash back, and a higher credit limit secured by the bank, not the cardholder. A good or excellent credit score will also benefit many other areas in a consumer’s life, affecting his relationship with employers, landlords, mortgage lenders, and anyone else privy to the results of his credit check.
A Reputable Credit Card Offering from New Millennium Bank
The First Option Visa is offered by New Millennium Bank, a reputable company that features a host of secured credit card opportunities. New Millennium is a community bank in New Jersey that expanded its offerings to help build the credit of cardholders across the country. It has earned an A- rating from the Better Business Bureau.
Applying for the First Option Visa Secured Credit Card
If the credit building benefits of the card—along with the purchase protection that comes with it via the Fair Credit Billing Act and the extended warranty protection offered through Visa—make this card the best option for you, then apply for the First Option secured credit card by clicking on the apply button above or click here to compare credit cards from many different companies today!
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