The First Digital Mastercard is an expensive unsecured credit card for people with limited or bad credit. It charges a
$95 “program fee” prior to account opening, a
$75 annual fee the first year, and a total of
$48 in annual and monthly fees each year from the second year on.
In return, you get a credit line of at least $300, with no deposit needed. This provides a small amount of emergency borrowing power, but it will be costly to carry a balance from month to month with this card. The First Digital Mastercard’s interest rate is a whopping
35.99% – nearly twice as high as the
average credit card APR.
First Digital Mastercard cardholders also get the opportunity to build credit with responsible use, as the card reports account information to the three major credit bureaus on a monthly basis. But all major credit cards report to credit bureaus monthly, including secured credit cards, and most of them are much less expensive than the First Digital Mastercard.
First Digital Mastercard Review Highlights:
High one-time fee: $95
Most credit cards do not charge one-time fees that you have to pay before opening an account. But some unsecured credit cards for people with bad credit, such as the First Digital Mastercard, charge this type of “program fee” or “application processing fee” in order to skirt a law prohibiting excessive fees the first year an account is open.
High annual fee: $75 first year, $48 after
The average credit card annual fee is about
$27.85, and lots of credit cards for people with limited or bad credit have $0 annual fees.
High monthly fee: $0 1st year, $8.25 after
This monthly fee is the reason why the First Digital card’s reduction in annual fee from year one to year two is unlikely to save you money. If you keep the card open for more than three months the second year, year two with the First Digital Mastercard will actually be more expensive.
High APR: 35.99%
Carrying a balance from month to month with the First Digital Mastercard is extremely expensive, thanks to an APR that’s nearly twice as high as the average credit card interest rate. That’s crucial because the ability to borrow money without prepaying is the main reason to use this card instead of a secured credit card, most of which charge much lower fees.
Low credit limit: $300+
First Digital Mastercard accountholders start off with just $225 in available credit, as the card’s
$75 first-year annual fee is charged when you open an account. That means this card is suitable for you only if you have relatively minor emergency expenses.
Rewards: 1% cash back on all purchases, after paying the card’s bill
The First Digital Mastercard will reward you with 1% cash back for payments made on your account. You will get these rewards via statement credits.
Fairly high approval odds
The First Digital Mastercard advertises the ability to approve applicants that other credit card companies might reject. But unlike with some of the easiest credit cards to get, there’s still a credit check when you apply for the First Digital Mastercard.
If you have limited or damaged credit, it may seem like you don't have many good credit card options, but shopping around will increase your chances of finding the best credit card for your needs. So, before submitting an application, we recommend comparing the First Digital Mastercard to the
best starter credit cards as well as the
best credit cards for bad credit.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
