Firstcard Review

Firstcard Ratings at a Glance

Firstcard Product Offering

The Firstcard® Credit Builder Card with Cashback for College Students offers college students a tailored banking experience that facilitates efficient control of their financial life in two primary ways: it provides them a credit-building tool for a better financial future and enticing cashback rewards to save costs and minimize debt or expenses. Here's an overview of these offerings. 

How Firstcard Works

After your account is approved, you need to add money to the account—what you add is what you can spend. Briefly, this is the “guardrail” the platform provides to prevent overspending.

When you make a purchase, Firstcard functions like a typical credit card for the user and the merchant. On the back end, the funds in your account are locked and used to pay for the transaction. If you don’t have enough funds in the account, the transaction will not be approved. For easier account management, the Autopay feature can automatically transfer funds from your deposit account into your credit account.

Cashback Rewards and Interest Earnings 

As a college student, cashback rewards offer you numerous benefits in your financial journey. These rewards act as a financial incentive, returning a percentage of every purchase, which can accumulate over time. When on a budget, extra cash can be crucial in offsetting expenses or creating a small savings cushion. Additionally, the rewards program provides a tangible benefit for responsible spending, encouraging prudent financial habits. The flexibility of cashback allows you to allocate these funds as needed, whether toward essential academic purchases or discretionary spending. This not only aids in expense management but also offers a sense of financial empowerment. 

Firstcard is built with students in mind and offers multiple exciting cashback rewards to meet their purchase needs on campus. Thanks to its partnerships with numerous retailers, students can enjoy up to 15% Merchant Cashback at a network of 29,000 partner merchants around college campuses. Participating businesses span a diverse range, from coffee shops to pizzerias like Papa Johns, as well as retail outlets including Macy's and Kohl's. Additionally, Firstcard offers up to 10% Random Cashback on all qualifying purchases to further elevate the student's shopping experience and add surprise to their daily transactions. 

For those seeking even more perks, subscribing to Firstcard+ unlocks an additional 1% unlimited cashback on all qualifying purchases, ensuring your financial journey is practical and rewarding at every turn. Firstcard enhances its offerings by providing interest earnings on student deposits. It features an annual percentage yield (APY) of 1.25% for Firstcard users and 4.25% for Firstcard+ subscribers. Both rates significantly beat 0.46% APY, the national average rate for savings accounts. The 4.25% APY is within the standard for high-yield savings accounts and offers users a competitive advantage and enhanced potential for growing their savings over time.

Keep in mind, though, that this rate is variable; also, international students without an SSN are ineligible for the interest earnings.

Building Credit History From Scratch With Firstcard

You need a robust credit history to access most financial products, including loans and traditional credit cards. Indeed, it's a bit of a catch-22 — you often require credit to build a credit history, but establishing credit for the first time can be challenging without a pre-existing credit history. Firstcard streamlines the credit-building process for you. Here's how it works. Firstcard comprises two accounts: a deposit account where you deposit your funds and a credit account where you borrow to make purchases like other credit cards. To start spending with your Firstcard, you must add money to your deposit account. The amount added to your deposit account determines your credit card spending limit. So, if you add $1,000, that's the limit you can spend when making purchases with your credit cards. 

When you make purchases with Firstcard in a store, it functions like a typical credit card, and the funds are drawn from your credit account. At the end of each billing cycle, you receive a credit card statement detailing the purchases made during that period.

• Firstcard's autopay will initiate repayment by automatically transferring the funds in your deposit account into your credit account, facilitating a hassle-free settlement of your credit card balance.
• Without autopay, you'd move the money manually. Therefore, you should enroll in Autopay to ensure on-time repayment and a seamless credit-building process. Subsequently, Firstcard reports your on-time payments to the requisite credit reporting agencies every month. 

This one-time payment can positively impact your credit score. and underscores why you must set up autopay for timely repayment, as delayed or missed repayments can negatively impact your credit history or score. Firstcard doesn't report your credit utilization since there's no preset credit limit. So you can enjoy using the credit card without worrying about high utilization. You can consistently monitor your credit score on the mobile app to enable you to access your progress. 

Merchant and Club Partnership

The Firstcard Mastercard Card and its app empower students to save money by offering cashback with every transaction at participating merchants. It helps boost student loyalty by providing merchant offers directly via the Firstcard App. As a merchant, you can significantly increase sales by leveraging direct connections to students, which Firstcard offers. The best part is that no initial fees, monthly fees or integration work are needed to drive revenue via the Firstcard cashback for college students network. It is free. To sign up as a partner merchant, fill out the merchant form on the website, and Firstcard will reach out to negotiate a launch date and cashback amount. Subsequently, Firstcard will promote your business to its card users. Student clubs can also partner with Firstcard in a way that benefits their members. 

Firstcard offers customer service via email. You can contact the team via this channel to ask questions or file a complaint. This single customer support channel, centered around email, can limit and contribute to inefficient customer service, especially when immediate responses are crucial. However, Firstcard's comprehensive FAQ Section can help you find answers to some of your questions. 

Additionally, the company maintains an active presence on multiple social media platforms, including Facebook, Instagram, X and TikTok. These platforms provide an alternative means of connecting with the team and asking questions. Firstcard's blog comprises collections of articles on students' personal finance and many other campus tips that facilitate learning. The company has an excellent Trustpilot rating of 4.2/5 from 10 reviewers. While this number of reviewers may be insignificant in assessing the depth of Firstcard's services, their overwhelmingly positive comments indicate impressive customer support and commendable product offerings.

Firstcard takes robust security measures to protect student funds and data. All deposits are FDIC insured up to $ 250,000 via Regent Bank Firstcard's banking partner. FDIC insurance is the standard safeguard against bankruptcy among financial service firms. Firstcard users can lock and unlock the card at their convenience through the mobile application. Locking the card is an effective protective measure against unauthorized purchases or transactions when lost. The company typically sends push notifications through the app, letting you know when a transaction happens. Firstcard regularly monitors your card usage to prevent unauthorized charges and will immediately contact you to notify you of potential fraudulent charges. 

The company employs industry-standard AES encryption technology to prevent unauthorized access to students' data in transit and at rest. Access to customer information is strictly limited to those who need it. Like all online services, Firstcard collects users' personally identifiable information during account setup or registration. However, such data is strictly used for enhanced service delivery or marketing. The company will not share or sell your data to a third party except if given consent or in line with judicial precedent. 

Firstcard's general lack of fees is a compelling, attractive feature that appeals to numerous students. There are no signup fees, late payment fees, annual fees or minimum balance requirements. The only applicable fee is a withdrawal fee of $2.50. This lack of fees enhances financial flexibility for students seeking a transparent and economical credit solution. Firstcard not only eliminates the financial burden on students via zero fee offerings but also enables them to earn interest on their deposits through its competitive APY (1.25% with Firstcard and 4.25% with Firstcard+). The 4.25% APY available on Firstcard+ is within the standard range for high-yield savings accounts. 

Firstcard's multiple cashback also offers an excellent cost-saving initiative for students. These include up to 15% merchant cashback at 29,000 partner merchants, 10% random cashback on all qualifying purchases and 1% unlimited cashback with Firstcard+ on all purchases.

Firstcard offers a straightforward mobile app for seamless access to its core banking features. The app allows you to make deposits easily and monitor your transactions, cashback rewards and spending statistics. The mobile app's user-friendly interface makes navigation a breeze. You won't have to dig around to find accounting features or specific app functionality. By empowering users with real-time control and a comprehensive overview of their financial activities, the app enhances transparency, accessibility and overall efficiency in managing finances. 

Firstcard revolutionizes student banking with numerous compelling features that create an excellent user experience. Besides the cashback rewards, interest earnings on deposits and credit-building features, the absence of charges makes Firstcard a standout choice for students. Its user-friendly mobile app offers the proper features for simplified financial management. You can effortlessly monitor your credit scores and transactions. The app also boasts excellent security features like card lock and unlock. 

Firstcard account setup is hassle-free and takes only 2 minutes. However, document verification and final account approval may extend to up to 2 business days. On approval, you get instant access to your virtual card, which can be added to your phone's digital wallet to make purchases from local merchants. If you request the physical card, Firstcard will deliver it between 5 to 10 business days. Firstcard's no credit history requirement further enhances its user experience, making credit-building accessible to students just starting their financial journey. 

International students without SSNs can also apply with their passport information and get approved. Firstcard is designed to prioritize students, providing tailored financial tools and knowledge to facilitate success in their academic and financial journey. Benzinga considers Firstcard highly recommendable

Firstcard vs. Competitors

Firstcard has a few competitors like Discover it® Secured Credit Card and Capital One Platinum Secured Credit Card. However, Firstcard edges these traditional secured cards in almost every category. Like all conventional secure credit cards, Discover it® Secured Credit Card and Capital One Platinum Secured Credit Card charge multiple interest rates, require a high minimum deposit, offer limited cashback and charge various fees. Additionally, there's no interest earned on your deposits.

In contrast to these traditional competitors, Firstcard Secured Credit Card requires no minimum deposit and charges zero interest with no annual, overdraft or late payments and no hidden fees. Firstcard's combined rewards programs, including up to 15% cashback on 29,000 partner merchants, 10% on qualifying purchases and 1% unlimited cashback with Firstcard+, are unprecedented compared to those offered by traditional secured cards. Cardholders enjoy generous interest earnings of up to 4.25% APR on their deposits. 

Unlike most secured credit cards that require a security deposit which remains inaccessible until account closure, Firstcard allows you to use your deposit anytime to cover monthly charges, fostering both convenience and credit building. A worthy competitor to Firstcard seems to be Current, a mobile banking app tailored for young users. Like Firstcard, Current offers credit building with zero fees and no credit requirements. It provides an interest-earning of 4% APY on balances of up to $6,000 within its Savings Pod. However, Current is not customized for college students or campus life, unlike Firstcard.

If you're a college student, Firstcard is your must-have financial partner for a streamlined banking experience. It offers some of the most impressive secured credit card features, enabling you to build credit, earn generous cashback rewards or discounts and grow savings via interest earnings on your deposits — all within a single platform.

Firstcard prioritizes your needs as a student and offers financial tools and knowledge specifically tailored to support you in your academic and financial journey, with a mission to help you succeed in both. The best part is that Firstcard provides these services at zero charge. It is the perfect solution for all college students seeking to control and minimize their debt while learning smart financial habits for the future. 

Frequently Asked Questions