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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.
Intro Purchase APR
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Regular Purchase APR
See Terms*
Intro BT APR
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Regular BT APR
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Annual Fee
See Terms*
Cash Advance Fee
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Foreign Transaction Fee
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Balance Transfer Fee
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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.
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.
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First Digital NextGen Mastercard® Credit Card | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Petal® 2 Cash Back, No Fees Visa® Credit Card |
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Apply Now on First Digital's secure site
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Apply Now on Discover's secure site
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Apply Now on OpenSky's secure site
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Apply Now on Petal's secure site
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Welcome Offer | |||
N/A | Discover will match all the cash back you’ve earned at the end of your first year. | N/A | N/A |
Rewards Rate | |||
N/A | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | None | Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants |
Annual Fee | |||
See Terms* | $0 | $35 | $0 |
Regular APR | |||
See Terms* | 24.49% Variable APR | 18.89% (variable) | Variable APR between 15.24% - 29.24% |
Intro Balance Transfer APR | |||
N/A | 10.99% Intro APR for 6 months | N/A | N/A |
Regular Balance Transfer APR | |||
N/A | 24.49% Variable APR | N/A | N/A |
Balance Transfer Fee | |||
N/A | 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)* | N/A | None |
Recommended Credit | |||
Fair/Poor/Limited | Poor/Limited | Poor/Limited | N/A |
Card Details | |||
First Digital NextGen Mastercard® Credit Card | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Additional card details unavailable |
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.