If you’re looking to build or rebuild your credit profile with a card that doesn’t require a security deposit, you may want to take a look at the First Digital NextGen Mastercard^® Credit Card.

The First Digital NextGen Mastercard^® Credit Card is geared to consumers with fair/poor/limited credit.

While the First Digital NextGen Mastercard^® Credit Card is an unsecured card (compared to a secured card that requires a security deposit), what you pay in annual fees and the one-time program fee ($95) almost equals the standard $200 security deposit on a secured card that does not charge these fees.

Plus, the interest rate is so high that you’d want to make sure you never carry over a balance as the interest charges will be exorbitant.

• Credit-building card

  The First Digital NextGen Mastercard^® Credit Card is designed for consumers with fair/poor/limited credit. If approved, the account and payment activity will be reported to all three credit bureaus, which can help boost your credit standing if used responsibly.

• No security deposit required

  The First Digital NextGen Mastercard^® Credit Card is an unsecured card. Other credit-building cards are secured cards, requiring applicants to submit at least $200 that will serve as their credit limit.

• High APR

  The interest rate on the First Digital NextGen Mastercard^® Credit Card is sky-high. If you choose to apply, avoid carrying a balance at all costs as the interest charges will be costly.

• Multiple fees

  The First Digital NextGen Mastercard^® Credit Card assesses a one-time processing fee of $95, plus a high annual fee the first year, then $48 a year after that, plus a monthly servicing fee of $6.25 after the first year. There is also a foreign transaction fee for purchase made outside the U.S., so don’t take this card abroad. And if you’d like an additional card, that will cost you $29.

• Credit limit increase fee

  First Digital NextGen Mastercard^® Credit Card cardholders are eligible for a credit limit increase after a year, so long as you have kept current on the most recent past 6 months on your payments and haven’t gone over your credit limit. However, there is a fee of 25% of the credit limit increase amount. For example, if your credit limit increase is $100, the issuer will charge you $25.

Compare it to the Petal^® 2 Cash Back, No Fees Visa^® Credit Card

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Petal^® 2 Cash Back, No Fees Visa^® Credit Card

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Petal^® 2 Cash Back, No Fees Visa^® Credit Card

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Intro Purchase APR N/A

Regular Purchase APR Variable APR between 15.24% - 29.24%

Annual Fee $0

Rewards Rate Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants… Read More

Highlights

• No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
• Variable APRs range from 15.24% - 29.24%
• Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
• 1% cash back on eligible purchases right away
• 2% - 10% cash back at select merchants
• $300 - $10,000 credit limits
• No credit score? No problem. If eligible, we'll create your Cash Score instead.
• See if you're pre-approved within minutes without impacting your credit score.
• Build credit alongside hundreds of thousands of Petal card members.
• Petal reports to all 3 major credit bureaus.
• No deposits required
• Card issued by WebBank, Member FDIC

Typical Credit Needed

540 850

Show Detailsfor Citi Double Cash Card

An alternative credit-building card that touts being fee-free is the Petal 2 Credit Card. It charges a $0 annual fee, no late payment fees, no penalty APR if you happen to pay late, and foreign transaction fee of none.

In addition, the APR range for the Petal 2 Credit Card is much more reasonable, at Variable APR between 15.24% - 29.24%%.

Finally, the Petal 2 Credit Card is a cashback card: Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants. And the account and payment activity is reported to all three credit bureaus.

The amount you’ll pay in fees and interest for the First Digital NextGen Mastercard^® Credit Card make it an expensive choice. Know that there are other options available if you’re seeking a card to rebuild your credit that don’t assess this many fees.