If you are looking for a credit card, but have poor credit or no credit history, you must contact banks that specialize in offering such cards. The First Savings Bank MasterCard is one of those cards and, despite a fairly high annual percentage rate and annual fee, the card can provide you with the opportunity to both carry an unsecured credit card and possibly begin to rebuild your credit.
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How to Apply for a First Savings Bank MasterCard
There are a couple of different ways to apply for the MasterCard from First Savings Bank. The first and most common is to reply to a prescreen offer you have received in the mail. First Savings Bank will send out offers to individuals that may qualify for the MasterCard. These offers are simply to apply for the credit card, and do not constitute a guarantee of credit.
It is important that you look over all the terms of the credit card offer, as there are three different options available to customers. These three offers all contain different annual percentage rates and annual fees, so be sure to ready the disclosures carefully. If you are looking for ways to pay down your credit card debt quickly, visit SmartMoney.com.
You can also call First Savings Bank (FSB) or apply online. It is not clear whether First Savings Bank operates any physical branches or offers any other banking products besides the MasterCard.
Differences between the First Savings Bank MasterCard and a Secured Credit Card
Both the FSB MasterCard and any secured credit card are designed for people who have either bad credit or no credit at all. The difference is that the FSB MasterCard provides a credit line to its customers from the actual bank. For example, if you have a $300 credit card limit, when you use the card, you are borrowing the money from FSB.
A secured credit card requires you to make a deposit to fund the credit line. So if you want a credit line of $300, you have to send that amount in to the bank. You can then borrow against that amount while paying any interest bank to the bank.
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