Review: First Savings Credit Card

first-savings-credit-cardThe First Savings Credit Card is an invitation-only MasterCard generally sent to people with bad credit who have had trouble getting credit elsewhere. Not much information is offered about the card online, but we can tell you what we’ve found out by poking around for information.

The First Savings MasterCard offers high fees, a high interest rate, and a very low credit limit. If you have bad credit you might be able to live with that. Here are some of the details:

  • In most cases your credit line will be only $350, though the card’s disclosures say it could be as high as $1500.
  • The card has an annual fee of $75, which will show up as an immediate charge when you get the card, lowering your credit limit by $75 — to only $275 in most cases.
  • It has an interest rate of 29.9%.

It is possible you will get a First Savings credit card offer with slightly different terms, but the bottom line is that this is a credit card offered to people who’ve had past credit problems and are desperate enough to get credit that they will take a pretty terrible offer in order to do so.

In our opinion, this type of card is not the way to go if you have bad credit. It is better to get a secured credit card from a larger bank. With a secured card, you will have to put up some money upfront as a security deposit, but if you make payments on time it is more likely that you will build or re-build your credit history and end up with an unsecured card from a better-known bank.