The First Digital Mastercard is an unsecured credit card aimed at people who have less-than-ideal credit. While making on-time payments may help you improve your credit score, the high annual percentage rate (APR) and long list of fees can make this a costly card to own.
What Is the First Digital Mastercard
The First Digital Mastercard, also known as the First Digital NexGen Mastercard, is issued by Synovus Bank, which is based in Columbus, Georgia.
The fact that it reports to all three major credit bureaus, Equifax, Experian, and TransUnion, may be the card’s only benefit. Unfortunately, the APR on this card is 35.99 percent, which is extremely high even for a credit card aimed at people with bad credit.
There are also a number of fees associated with the First Digital Mastercard, including an annual fee and a program fee. Because these fees are assessed in advance, your credit limit is automatically reduced.
Overview of the First Digital Mastercard
The First Digital Mastercard is an unsecured credit card, meaning it does not require a security deposit to open. Because it’s a Mastercard, you can use it anywhere that accepts Mastercard.
You don’t need a good credit score to apply for the First Digital card because it is designed for people with bad credit. You must, however, pay a one-time program fee to activate your card once you’ve been approved.
The First Digital Mastercards, unlike some credit cards targeted at people with bad credit, require a checking account to apply. The application is available online, and according to First Digital, a decision can be made in as little as 60 seconds.
Fees for the First Digital Mastercard
If you’re considering the First Digital Mastercard, make sure you’re aware of the fees, which can be found in the First Digital card’s summary of terms. The annual fee is $75 for the first year and then $48 for the following years.
There is also a $95. “Program fee” that is assessed only once. Interestingly, the First Digital card does not charge a monthly maintenance fee for the first year, but after a year, it charges a $6.25 monthly fee ($75 annually).
You must pay $29 per additional card if you want to add an authorized user to your account. Late or returned payments will be assessed a fee of up to $40 by Synovus Bank.
The First Digital Mastercard has a 35.99 percent APR. If you take out a cash advance, you’ll have to pay either $10 or 3% of the amount borrowed, whichever is greater.
One of the few credit cards that charges a fee for credit limit increases is the First Digital Mastercard. You must pay 25% of your credit limit increase for every increase in your credit limit.
If you receive a $100 increase, for example, Synovus Bank will charge you a $25 one-time fee. Because this fee is deducted from your credit limit increase, your credit limit will only increase by $75.
The Advantages and Disadvantages of the First Digital Mastercard Credit Card
The First Digital Mastercard has both advantages and disadvantages, with the disadvantages outweighing the potential advantages. Here’s a rundown of what to look forward to.
The First Digital card is a Mastercard, which means you can use it almost anywhere in the world.
All three major credit bureaus are notified – The First Digital credit card notifies all three major credit bureaus. This means that you’ll be given credit for making on-time, consistent payments, which can help you improve your credit score.
“Perfect credit is not required to get approved,” according to the website of the First Digital Mastercard. If you’ve been turned down by other credit card companies, a First Digital card may be a better option.
High APR – The First Digital Mastercard has one of the highest interest rates of any credit card, at 35.99 percent.
Annual fee – For the first year, the First Digital card has a $75 annual fee. While the fee drops to $48 after the first year, the annual fee is still quite high.
If you’re approved for a card, you’ll have to pay a $95. one-time program fee.
Monthly maintenance fee – You won’t be charged a monthly maintenance fee for the first year, but after that, the First Digital card charges a $6.25 monthly service fee.
Reviews of the First Digital Mastercard
Consumer reviews are hard to come by, despite the fact that there are a few finance industry reviews available for the First Digital Mastercard. According to one online reviewer, the card provides an opportunity to rebuild credit if you’re planning a large purchase, such as a new home.
First Digital Mastercard Alternatives
If the high fees and interest rate of the First Digital Mastercard put you off, you’ll be relieved to learn that there are several alternatives that allow you to get a credit card even if you have bad credit.
Capital One Secured Mastercard
The Capital One Secured Mastercard is a secured card, which means you’ll have to put down a security deposit to use it. You have the option of depositing $49, $99, or $200.
Even better, there is no annual fee with the Capital One Secured Mastercard. It has a lower interest rate than the First Digital Mastercard, at 26.99 percent.
After five months of on-time payments and responsible use, cardholders are eligible for a credit limit increase, according to Capital One.
Citi Secured Mastercard
The Citi Secured Mastercard is yet another secured credit card designed for people with bad credit. The minimum security deposit is $200, but you have the option of depositing up to $2,500.
The Citi Secured card’s APR is 22.49 percent, which is significantly lower than the First Digital Mastercard’s interest rate. In addition, there is no annual fee.
OpenSky Secured Visa Credit Card
Although the OpenSky Secured Visa credit card has a $35 annual fee, its 18.95 percent annual percentage rate is low for a credit card for people with bad credit.
When you apply, you will not be subjected to a credit check, and OpenSky will report your payment history to all three major credit bureaus. You have the option of paying a security deposit ranging from $200 to $3,000, subject to approval.
Frequently Asked Questions about the First Digital Mastercard
Here are some of the most frequently asked questions about the First Digital Mastercard, along with their answers.
What is the Minimum Credit Score for a First Digital Mastercard?
The website for the First Digital Mastercard does not specify a credit score that must be met in order to be approved for a credit card. On the other hand, First Digital explicitly states on its website that perfect credit is not required.
A “poor” credit score, according to myFICO, is anything below 580, while a “fair” credit score is between 580 and 669.
What Is the Process for Getting My First Digital Mastercard?
Applying for a First Digital Mastercard is simple. To get started, go to the First Digital Mastercard website and click the “apply now” button.
You’ll then be directed to an online application that will ask you a series of questions about your personal information as well as your financial situation.
You can submit the application online once you’ve finished filling it out. You should receive a decision within 60 seconds, according to First Digital’s website.
What is the name of the bank that issued the first digital Mastercard credit card?
Synovus Bank is the first to issue a digital Mastercard.
Final thoughts First Digital Mastercard Reviews
If you have bad credit and have tried unsuccessfully to obtain a credit card, the First Digital Mastercard might be a better option. However, the card’s high fees and interest rates should be considered, as they can make the First Digital Mastercard an expensive card to own.