Redeem preapprovedaccess.com invitations for the First Access Visa online. Obtaining a credit card is one way for individuals to borrow money from the bank, if they are financially struggling or need to improve their credit score. A credit card resembles a credit card in appearance. The only difference is the individual is using the bank’s money instead of their own. Credit cards can come with fees (i.e initial fees, interest rates), but they can also come with reward points or cashback points.
The customer usually has a grace period of about 25-30 business days to pay the borrowed amount back. The bank of the credit card may charge them an interest rate if they do not make their monthly payments on time. There are many different credit card options for individuals to choose from. Individuals should do their research before applying for a credit card so they are able to make a wiser decision about which credit card is appropriate for them.
What is www.preapprovedaccess.com? The First Access Credit card is an unsecured credit card issued by the Bank of Missouri. Unsecured credit cards are the most common type of credit cards. Unsecured means that the bank giving out the money does not require a security deposit from the customer before approving them for the card. If the customer fails to make their payments, no property can be taken away from them.
One benefit of having the First Access Credit card is that the application process is easy and quick. Customers can find out if they were approved for the card in under two minutes after completing the application. One requirement of being approved for the First Access credit card is that the applicant must have a checking account with the bank. Arguably the greatest benefit of having a First Access credit card is that this card is designed for individuals who have poor credit and are trying to increase their credit score. Those with poor credit scores often need to apply for credit cards that easily approve applicants. This allows the customer with poor credit to be able to add to their credit report every time they make a payment. If the customer always makes their payments on time, their credit score will continue to rise. However, having a fast approval and no security deposit leads to notable disadvantages of having that credit card as well.
The First Access Credit Card has some very notable flaws. The majority of these disadvantages revolve around the customer paying expensive fees they would not have to with other credit cards. To begin with, the Bank of Missouri requires customers to pay an initial fee of $95 before their account can even be opened. After the account is open, the customer must pay a fee of $75 after the first year. The second year fee drops down to $48, but the drop in dollar amount comes with a catch. After the second year, the customer is required to pay a monthly service fee of $6.25 which actually adds to the overall cost of having the credit card. This fee amount is higher than average considering many credit cards do not require any kind of monthly fees at all. Another major drawback of the First Access credit card is that it has a high-interest rate. The annual percentage rate for the credit card starts is 34.99% which is a high, even when compared to other credit cards designed for users with poor credit. The average APR rate charged by credit cards is around 23.43%. It is beneficial for customers to be fully aware of their financial situation before they apply for this credit card. They are going to want to make their monthly payments in the full amount in order to avoid the high-interest rate set by this credit card. Also, the initial spending limit for the customer after opening an account is fairly low in comparison to other cards. First Access sets an initial spending limit at $300 which decreases to $225 after the customer pays the annual fee. This amount can be useful in paying monthly bills such as a car payment. However, a limit this low might not be helpful in the case of an emergency where the customer will need a lot more than $225 on hand.
The First Access Credit card also comes with late fees and returned payment fees attached to it. It is not uncommon for credit card companies to charge customers for late or returned payments. However, the First Access Visa credit card has a fee of up to $40 which is slightly higher than the average late fee of $33.04. Also, making late payments can defeat the purpose of why the customer with poor credit opened the credit card in the first place. If their goal is to improve their credit score, they should be avoiding late payments at all costs..
Conclusion: It is clear that the www.preapprovedaccess.com is meant for those individuals with poor credit. Customers with a decent credit score can be approved for credit cards with much lower fees, lower interest rates, and higher spending limits. However, for someone looking to improve their credit, the First Access Credit card is not a bad option because it is very easy to be approved for. The customer finds out if they are approved within seconds. Also, having a fairly low spending limit forces the customer to not overspend. That way they have a greater chance of making their payments on time. It is crucial to research other credit cards also designed for customers with poor credit before committing to one. Competing credit cards (even ones designed for users with bad credit) might have lower annual fees and annual percentage rates. However, All Access seems to be a good option for those individuals who did not get approved for any other credit card. It can help those customers improve their credit score in a quick amount of time.