Are you struggling to get a credit card with a poor credit score? The First Digital Credit Card is the best choice for you as it offers you credit with no or poor credit scores. So, if you’re tired of applying for different secured credit cards and failed to qualify for one, a First Digital credit card is here to help you.
Many people fail to meet the requirements of secured credit cards due to their poor credit scores. If they are hard-pressed to improve their credit score, a speedy First Digital credit card pre-approval process increases the odds of improving their scores. Yes, the unsecured credit card is fast and convenient to get after the application gets approved.
However, certain facts need to be considered before you apply for this unsecured First Digital card. We will provide you with a holistic guide on the First Digital credit card in this blog. So that you could take an informed and smart decision while weighing and evaluating all the perks and drawbacks of this against all other credit cards. So, let’s dive into this interesting discussion!
What is Digital Credit Card?
First Digital Credit card is an unsecured credit card with many benefits and disadvantages just like many other credit cards. However, rebuilding a credit line becomes super easy and super convenient with the First Digital credit card.
By enjoying the full-fledged features of a MasterCard, you can get peace of mind and easy management of your finances and credit card score ultimately. Synovus Bank issues this unsecured MasterCard for those who are struggling to improve or rebuild their credit line.
However, people with no credit history or first-time buyers would not like to consider this option. This convenience of getting a MasterCard-featured digital card is very expensive for people with no or excellent credit history.
So, First Digital credit card is best for those people struggling to improve their credit history. It provides a great opportunity and you can rebuild your credit card, yet at a comparatively higher fee.
On the other hand, you can enjoy other attractive features also. For example, you can increase your credit line every six months. Isn’t it interesting and exciting to enjoy all the features that an excellent credit card also offers?
Well, you must take into account the fact that whoever with a poor credit score applies for the digital credit card is not always eligible. However, once the application is complete, you can get a response within 60 seconds. It is the only card providing relief to those with a poor credit score. As a result, they are ineligible for other best-in-class and secure credit cards.
Who Can Apply for the First Digital?
Many people with no or poor credit scores are the ideal candidates for this credit card. Although other comparatively cheap options do exist out there, the only attractive feature this card offers is not-so-tough credit conditions.
On the other hand, if you wish to enjoy all the MasterCard features, then this type of card is just the best option.
Next, improving or rebuilding your credit score was unthinkable before the First Digital credit card. Therefore, you can apply for this card as soon as possible as their services are open to serve their clients round the clock.
Next, you can apply for this card for making purchases and not for making carrying a balance or a balance transfer. It means to say that you hold this card for making transactions and paying for them and not for keeping the balance intact.
People with excellent credit history won’t consider this option due to the heavy upfront cost and other costs associated with this card. On the other hand, people with no credit history should not apply for this card. This card is genuinely designed for providing financial relief to those having financial and credit challenges in their life.
Anyone can apply for this MasterCard except for the people of New York and Wisconsin. If you are traveling in all 50 states of the US, you can use this card.
Fee & Costs of Digital NextGen MasterCard
When it comes to the upfront costs, annual fees and foreign transaction fees, and other fees, the First Digital credit card might not be a good option for many. So, you need to evaluate all the terms and conditions before you put an online application for this credit card.
Annual Percentage Return (APR)
The Annual Percentage Return is the annual fee paid by the cardholder for borrowing money. For example, APR for the purchases and cash advances is 35.99%. However, if you pay your bills before the due date, you can avoid paying APR on purchases. The due date is usually 21 days after one billing cycle is complete.
Program Fee of Digital Card
The program fee cost an upfront cost of $95 if you become eligible for this card. The program fee is paid only one time when the card application is approved.
Annual Fee
The annual fee is higher for the first year and then you have to pay a lower fee comparatively after the first year. The first-year fee consists of the amount of $75. However, you have to pay $48 from the second year onward on your credit card.
Monthly Serving Fee
The monthly serving fee is $8.25, with a total sum of $99 annually. However, the cardholder does not pay the monthly serving fee for the first year after the card has been issued.
Additional Card Fee
The Digital Card does not charge any additional fee except under certain circumstances. This unsecured MasterCard will charge an additional card fee of $99 only if it is applicable. Not every cardholder is liable to pay this additional fee.
What is the Transaction Fee?
The cash advance transaction fee is the fixed amount of $10. The credit card may also charge a transaction fee of 3%. Credit card companies charge a transaction fee to the customers for using their financial services.
Additional Card Fee
The Digital Card does not charge any additional fee except under certain circumstances. This unsecured MasterCard will charge an additional card fee of $99 only if it is applicable. Not every cardholder is liable to pay this additional fee.
Is Refund Possible?
The credit card company refunds your processing fee and initial fee in certain circumstances and under specific conditions. These conditions are as follows:
- You have not used your card for a purchase or cash advance or transfer
- You fail to make your First Digital credit card payment after receiving the monthly billing payment
- If you do not open your account, any partial payment of the processing fee will also be refunded.
What is the Penalty Fee for First Digital?
If the cardholder does not pay the credit before the due date, he will be charged a penalty fee of $41. Similarly, the penalty fee is the same as the late payment fee. Moreover, late payments may also hurt your credit card score. So, if you make your payments earlier, you can improve your credit score and avoid paying this penalty fee.
Benefits of Holding Digital Credit Cards
Digital Credit Card offers many options to the customer. The MasterCard features allow the customer to enjoy the credit benefits up to the max. Here are some of the most admirable features of digital credit cards, increasing the popularity of these credit cards among people with poor credit scores.
Builds Up Your Credit
Digital credit cardholders can improve their credit score by rebuilding their credit score. The credit card informs and reports to all the bureaus as you use this card. It is the last option you can avail yourself to boost your credit score if you have consumed all other options for improving your credit card score.
No Perfect Credit Required
It is an unsecured credit card, as you are not required to pay any advance deposits. Moreover, you are not required to provide any type of collateral to become eligible for this card. Moreover, no perfect credit is required for the application. You can apply even with a low or poor credit score.
Credit Line Increase
Interestingly, the cardholder can use the First Digital credit card limit increase feature after six months. However, you must be careful about requesting a credit line increase, because you can dig yourself deeper into debt. Ultimately, you have to pay higher interest rates and APR.
One-Time Program Fee
The program fee consists of $95 and you don’t need to pay an additional program fee later. A one-time program fee saves you from many other upfront costs. However, you can compare this program fee with other cards to analyze the fee structure and costs associated with MasterCard.
Quick Approval
One of the most exciting features of this credit card is that you will receive a quick response. You will be notified if your application has been approved or not. Even if you have a bad credit score, you will still get a quick response.
60-Seconds Response
The 60 seconds response after you have submitted an application makes this card more attractive to the customers, Moreover, the credit card services are available round-the-clock and you can enjoy them.
Secured Credit Card
A digital card is a secured credit card as it offers you the most reliable security tools and methods. You can inform the credit card company within a short period when you experience theft of your card or fraudulent activity.
Disadvantages of Digital Cards
Higher Cost & Fee
The total cost of this digital card is $170 and it is higher than other unsecured MasterCard. With higher costs and fees, you can consider other MasterCard credit cards for a lower fee and costs. On the other hand, other additional fees are also part of this payment plan.
Not Acceptable in New York & Wisconsin and Outside US
One big disadvantage of digital cards is their availability only in the USA. If you’re a non-resident of the USA, you cannot apply for this card. On the other hand, New York and Wisconsin do not accept digital cards. Similarly, if you were initially a US resident and then changed your nationality and citizenship, you will not be able to access or use this card anymore. On the other hand, the card is acceptable wherever you travel in the USA except these two states.
Does First Digital Card Report to the Credit Bureau?
The First Digital Credit Card reports to all the credit bureaus. You can see your annual credit reports on the official sites of all credit bureaus. For example, Experian, Equifax and TransUnion are the official credit agencies that are responsible for collecting and maintaining information on your credits. These reports help generate and calculate your credit scores.
What is the First Digital Credit Limit?
The initial credit limit for the First Digital credit card is $300. However, the offer of a credit limit may depend on the decision of the authorities who will review the application of the customer. After a complete review of the application, they will decide on the approval of the credit and the limit of this credit.
How to Apply For the First Digital Credit Card?
The digital credit card application process is smooth, efficient, and fast. You can visit the official site of the first digital credit card and provide the following details in the profile.
- Your Name
- Your Email
- Your Address
- Your Residence (Owned or Rented)
- Monthly Cost of Your House
Once you have completed the application, you will receive the initial response within 60 seconds of the application. Using the First Digital credit card login details, the customer can check the status of the approval or rejection of your application.
Mostly, the application is accepted and you can get the First Digital Master Card instantly. The first digital credit card mobile app does not exist for now. However, you can use the First Digital login on the official website.
Is the Digital Card Acceptable Nationwide?
A credit card is acceptable nationwide. However, the citizens of New York and Wisconsin are not eligible for applying for this card. Similarly, if you hold a card initially and then you become a non-resident of the USA or a citizen of New York or Wisconsin, the company will suspend your account.
When is the Account Suspended?
The credit card company may suspend or close your account for various reasons. For example, the following points may cause the suspension of your account.
- You fail to make payments and default on your credit or loan.
- You become a non-US resident
- A citizen of New York and Wisconsin
- Specific Business Needs
However, you can also request the closure of your own account by contacting the customer service team of the company via telephone or in writing.
What Bank is First Digital?
Let us introduce the issuer of the digital card of the digital NextGen MasterCard. This NextGen digital card has introduced convenience for the people with bad credit ratings. Giving them an opportunity to improve their score is a major feature of this digital card.
Synovus bank introduced the premier credit card requiring a lower credit score. This bank issues these cards without demanding any security like collateral or the initial deposit. Instead, a customer with a personal bad credit score can apply for this digital card.
Synovus Corporation is a publicly-traded company listed on New York Stock Exchange (NYSE). Established in 1888, this large corporation has headquarters in Columbus, Georgia in the USA. Offering round-the-clock financial services, they have thrived and made customer services more accessible and convenient since its establishment.
In 2019, Synovus Corporation got the acquisition of FCB financial holdings Inc. Moreover, this financial corporation offers its services by going beyond retail banking services. The services are offered in mortgages, investment and commercial banking.
The expansion and the growth of the Synovus bank are much more stable and continue to grow. The company is worth approximately $45 billion and has 35 banks all over the USA.
First Digital MasterCard Reviews
The overall rating of the First Digital Credit Card is around two or three stars, depending on the website and its parameters. The reason for the lower rating is the high cost and limited accessibility provided to the residents of the US only. Customers outside the US cannot benefit from the features of the card. Moreover, if you lose your card, you still enjoy the insurance of halting the digital card transactions without getting panic. Besides, the company encourages the clients by giving rewards credit card over improving their credit score.
Final Thoughts
Lastly, this First Digital MasterCard is a blessing for those who are looking for credit even on the easy terms and conditions. The efficient card acceptance and delivery system make it ideal as the services are available 24/7 and you can get the card as the process begins after just 60 seconds of your application. You can travel in the USA anywhere and enjoy the MasterCard features in all 50 states.
See terms to ensure the upfront cost and other costs associated with these cards do not overshadow other interesting features. The program fee is comparatively much higher than other credit cards. So, if you want to get personal credit with poor card ratings, then there is no option except the digital credit card for you. You can earn free credits if you pay your interest rates and other due payments on time. The free credit will encourage you to be more disciplined and you can overcome all your debts.
On the contrary, if a customer does not have a credit history or enjoys an excellent credit score, he should not pay the higher cost. He should compare the pros and cons and go for a relatively cheaper and secured card. For example, they can compare the APR, annual fee, credit card offers, and rewards and read the First Digital credit card reviews of other customers to get guides on different credit cards.
In sum, the First Digital credit card is the last resort for people going through poor scores on their credits and they can apply for this card and enjoy improving their credit score under much-relaxed conditions. For more information, you can see the terms in more detail on the official site.
