The Firstcard® Secured Credit Builder Card with Cashback is a pretty good option for people who want to build credit, earn interest rather than pay it, and minimize the risk of overspending. It’s also good for people who don’t have an SSN, as you can apply with your passport instead. 

One of the best things about this card is that there are no interest charges. In fact, you actually get paid interest on the money you deposit, and you might earn rewards on purchases as well. Plus, on-time monthly payments get reported to all three major credit bureaus, helping you build credit. 

One downside to this offer is that you won’t get a true lesson in how to manage a credit card account. This card is more like a prepaid card that builds credit than a traditional secured card. You also have to pay monthly fees. Keep reading below to learn more.

What I Like About the Firstcard® Secured Credit Builder Card with Cashback

Easy to get

There’s no credit check when you apply, so limited credit or a history of mistakes with money won’t keep you from getting approved. You don’t need a Social Security number or tax ID, either. You can use your passport to verify your identity instead. All of this makes second-chance credit building more accessible in general. 

Plus, you don’t even need to wait to begin making purchases after you’re approved for an account. You get access to a virtual card right away.
 

No interest charges

You don’t have to worry about interest charges with this account. There are none. Some other cards with no credit check charge over 25%, which makes the Firstcard look very good by comparison.
 

Pays interest on deposits

Your deposits will grow at an APY of 0.75%+. For example, if you leave $1,000 in your account for 12 months, you should have $1,075 by the end. If you are a Firstcard+ or Firstcard Premium member, you can earn even more. 

You can deposit a lot, too. Cardholders enjoy FDIC insurance up to $250,000.
 

What I Don’t Like About the Firstcard® Secured Credit Builder Card with Cashback

Membership fees

Depending on the plan you choose, you have to pay a membership fee either annually or monthly. The Standard plan charges either a $4.99 monthly fee or a $48 yearly fee. If you want Firstcard+ or Firstcard Premium, you will have to pay $8.99 per month/$84 per year or $12.99 per month/$120 per year, respectively.
 

Inconsistent rewards

You can earn rewards with this card, but you won’t necessarily get rewarded at a competitive rate for every purchase you make, as is the case with a lot of secured credit cards. Instead, you can earn up to 15% back with select merchants and up to 10% back on other purchases, and you won’t be able to anticipate how much you’re going to earn on any given charge. A lot of it is random.  

In addition, you need an SSN or ITIN on file in order to earn interest on your deposits.
 

Doesn’t work like a normal secured card

You don’t actually get a credit line with this card. Rather, you need to transfer cash to your account, which you can then draw down by making purchases. Paying your bill won’t replenish your spending power like it would with a traditional secured card. You’ll need to deposit more money. This unconventional arrangement also helps explain why the card’s issuer doesn’t feel the need to charge interest. 

The downside is that this card may not affect your credit score like a secured card would. Some lenders may discount your experience with it, given that it’s not a traditional secured credit card. You can track your credit score for free here on WalletHub to see for yourself.