First Savings Credit Card vs Fit Mastercard card: Which is the best?
If you have a low credit score, you may be looking for a credit card to accept you. So, keep reading to know which one is best: First Savings Credit Card or Fit Mastercard!
by Victória Lourenço
First Savings Credit Card or Fit Mastercard: card comparison
If you’re like most middle-class Americans, you rely on credit cards to help make ends meet each month. But it may be a challenge to get accepted if you have bad credit and are in debt. Also, there are so many different options available. It can be hard to know which one is the best for your needs. Therefore, in this post, we’ll compare two cards for those with bad credit. So, read more to know which one is best: the First Savings Credit Card or Fit Mastercard card!
|First Savings Credit Card||Fit Mastercard|
|Sign-up bonus||There is no sign-up bonus for new cardholders.||There is no sign-up bonus for new cardholders.|
|Annual fee||$0 to $75, depending on your credit score.||$99.|
|Rewards||There is no rewards program.||There is no rewards program.|
|Other perks||You do not have to make a security deposit since this credit card is not secured.|
You can access your account online through a mobile app.
This credit card sends your monthly reports to all three major credit bureaus.
|Your credit limit can double if you make all your payments on time in your first 6 months of using the card.|
You can check your score for free through Vantage 3.0 Score if you sign-up for e-statements.
|APR||29.99% variable APR.||22.99% variable APR.|
First Savings Credit Card
If you have a poor credit score, the First Savings Credit Card may send you an invitation to apply for it. So, this credit card is issued by Mastercard, and you need to receive an invitation to apply for it. However, you do not need to have a high credit score or another special requirement. Also, you can only apply after you have received a reservation number in your email.
Moreover, the type of cardholder that receives invitations is usually people with a low score. Also, you can use this credit card as a way to rebuild your credit after making some mistakes with credit cards that have more rewards and perks. Plus, you do not have to make a security deposit since this is an unsecured credit card.
In addition, you can use this credit card to help you pay for your everyday purchases and get no rewards. However, you will be able to rebuild your credit and apply for a regular credit card with more perks and benefits. In fact, this is what we recommend that you do if you really need to use a credit card but have a bad credit score.
Moreover, you can get a credit limit of $300 at first. Also, you will need to make sure that you can pay the relatively high annual fee of $75. In addition, make sure that you can pay the relatively high APR of 29.99%. However, it would be best to pay your monthly bills on time.
Therefore, you can improve your credit score faster by making all your monthly payments on time. Moreover, this credit card sends all your monthly reports to all three major credit bureaus. Also, after you improve your credit score, you can upgrade to a card with no annual fee and more perks.
The Fit Mastercard is for those with a bad credit score who want to improve their finances. Also, this credit card can double your credit limit in just six months of using the card. However, you need to make all your payments on time during this period. Moreover, you can check your score for free through Vantage 3.0 Score. However, this feature is only available when you sign-up for e-statements. Also, you will need to pay a $99 annual fee.
In addition, the APR charged by this credit card is 22.99%. Also, as this is a Mastercard, you can access to the Mastercard Zero Fraud Liability program. So, with this program, you will not be responsible for any unauthorized purchases made with your credit card.
However, this credit card does not have any rewards programs. Also, as a new cardholder, you do not receive any welcome bonus. In addition, during your application process, your credit score may suffer a very hard credit inquiry. Therefore, make sure that you prepare for this impact on your score.
It might not make much sense to apply for a credit card to rebuild credit and have your score lowered. However, this is the only way to get approved with some credit-building cards. Also, you don’t have to worry too much about your score when applying. This is because you can qualify for this card even with a very poor score.
Benefits of First Savings Credit Card
- There is a credit limit of $300.
- You can get accepted to get this card even with bad credit.
Benefits of Fit Mastercard
- You can qualify for this credit card with a very poor credit score.
- You get free access to your Vantage 3.0 Score from Experian when you sign up for electronic statements.
- And you will receive a response about your application in seconds.
- You can access your online account 24/7.
- Your credit limit can double if you make all your monthly payments on time for your first six months using the card.
Disadvantages of First Savings Credit Card
- This credit card charges an annual fee of $75, which is billed monthly.
- There is a relatively high APR of 29.99%.
- Even though this credit card accepts those with a low credit score, you can only apply if you get an online invitation in your email.
Disadvantages of Fit Mastercard
- There is an annual fee of $99.
- This credit card charges some relatively high fees. For example, a $6.25 monthly maintenance fee and an $89 processing fee, which is only charged once. Also, there is a 3% foreign transaction fee.
- The fees may impact your credit card balance, and they will reduce your credit limit.
- There is also a relatively high APR fee of 22.99% on purchases.
First Savings Credit Card or Fit Mastercard: which you should choose?
We know it can be a hard time when you have a very low credit score. But it is always best to do a lot of research, so you don’t end up getting more debt. Also, some credit cards that accept those with low credit scores may charge some relatively high fees. Therefore, you need to be aware of the fees and conditions of these credit cards before applying.
Moreover, as we mentioned, the First Savings credit card does not have an application process for those who are not invited. So, if you get an online invitation to apply for the First Savings credit card, you can easily go to their website to complete your application.
On the other hand, you can apply for the Fit Mastercard and rebuild your credit. However, you need to remember that the credit card company will make a hard credit inquiry during the application. This way, it may have a hard impact on your credit score.
However, other credit cards may accept you even with bad credit. Therefore, check out our post below with a full review of the Capital One Quicksilver Cash Rewards credit card!
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