Question 1

What is Firstcard?

Accepted Answer

Firstcard is a credit card built for students, offering a tailored way to build credit, earn cashback, and grow savings.

Question 2

Who is eligible to apply for Firstcard?

Accepted Answer

Firstcard is built with students in mind. But we believe everyone should have access to financial products so it's available to all U.S. residents aged 18 and above. Anyone looking to build or improve their credit score can apply, including international students who may not have an SSN.

Question 3

What do I need to apply for Firstcard?

Accepted Answer

To apply, you'll need to be at least 18 years old and provide us with:

Your full legal name and date of birth
Your U.S. residential address
A valid government-issued ID
An SSN or ITIN*

_{*If you are an international student and do not have an SSN, you will need to provide your passport information.}

Question 4

How long does it take for my Firstcard to arrive?

Accepted Answer

If you requested a physical card be shipped to you, it will usually take 5-10 business days to arrive. Meanwhile, you will immediately have access to a virtual card through the Firstcard App once your account is opened. To make purchases at local merchants, add your card to Apple Wallet or Google Pay.

Question 5

Would there be a hard credit inquiry when I apply?

Accepted Answer

Absolutely not. When you apply for Firstcard, we do not pull your credit report so there won't be any inquiry at all.

Question 6

Is Firstcard a secured credit card?

Accepted Answer

Yes, the card is a secured credit card. The money you deposit is how much you can spend with the card.

Question 7

What makes Firstcard better than a traditional secured credit card?

Accepted Answer

We believe Firstcard is better than most secured credit cards for the reasons below:

Traditional secured cards:

Require a minimum deposit, which is often 1-2 times the credit limit.
Charge high interest rates
Have lots of fees (e.g. annual fee)
No cashback
No interest earned on the money you deposit

Firstcard:

Does not require a minimum deposit
No interest charges
No annual fee, no overdraft fees, no late fees. Absolutely no hidden fees
Offers up to 15% cashback at more than 29,000 partner merchants*
Currently offers 1.25% APY on savings for all members and 4.25% APY with the Firstcard Plus subscription**

Additionally, most secured credit cards require that you make a security deposit that is locked up and can't be accessed until you close the account. With Firstcard, you can use your deposit at any time to pay for monthly charges and build your credit!

_{*See https://www.firstcard.app/cashback-policy for full terms and conditions}

_{**The Annual Percentage Yield ("APY") for the Firstcard Deposit Account is variable and may change at any time. Fees might reduce earnings. The disclosed APY is effective as of October 1, 2023. No minimum balance required. Must have $0.01 in savings to earn interest. Users with no SSN or ITIN on file are not currently eligible to earn interest.}

Question 8

How is my Firstcard spending limit determined?

Accepted Answer

Firstcard actually does not have a pre-set spending limit. Instead, the amount you deposit is the amount you can spend! For example, if you deposit $500, that amount will be your spending limit, ensuring you only spend within your means and helps you build credit.

Question 9

Does Firstcard charge any fees?

Accepted Answer

We believe in transparent banking. We have no annual fees, no overdraft fees, no late fees, and no interest. We have no hidden fees. Our customer's financial journeys come with no unexpected surprises.

However, we do charge a $2.50 ATM withdrawal fee.

Question 10

Will I earn interest on my deposits?

Accepted Answer

Yes, if you provide us with your Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). If you do not have an SSN or ITIN, your Firstcard account will not earn any interest.

Question 11

How can I increase my Firstcard spending limit?

Accepted Answer

Simply deposit more funds into your account. What you deposit is what you can spend. Your spending limit will automatically reflect your new deposit balance.

Question 12

Will I be able to withdraw money after I make a deposit?

Accepted Answer

Yes, you are able to transfer your available balance to an external linked bank account.

Question 13

Can I use my Firstcard at an ATM?

Accepted Answer

Certainly! You can use your card at any ATM that supports the Pulse or Mastercard networks! There will be a $2.50 fee on each transaction when you withdraw money from an ATM, in addition to any fees the ATM provider might charge.

Question 14

Why does Firstcard ask me for SSN? Is my SSN protected?

Accepted Answer

We are required to gather this information by federal law. The PATRIOT Act requires all financial institutions to verify and record Social Security Numbers in order to verify identity. This helps identify and prevent potential terrorists and money launderers from opening bank accounts. This also serves as a security measure to prevent fraudulent accounts being opened in your name. Rest assured, Firstcard uses AES strong encryption to encrypt your SSN.

Question 15

I am an international student with no SSN, can I improve my credit score with Firstcard?

Accepted Answer

Yes, international students can apply for Firstcard and use Firstcard to build and improve their credit score just like domestic students. We will report your account activity to the major credit reporting agencies, regardless of whether you have an SSN or not.

Question 16

Can I use Firstcard internationally?

Accepted Answer

Certainly! Firstcard is accepted anywhere Mastercard is accepted worldwide. More good news is that we do not charge any international transaction fees.

Question 17

How does Firstcard actually help you build your credit score? How does it work?

Accepted Answer

Firstcard is made up of two accounts:

A Deposit Account where you deposit your funds
A Credit Account where you borrow money to make purchases – Just like how you would use other credit cards.

To start spending with Firstcard, you will need to first move money into your Deposit Account. The amount of money you can spend on your credit card is determined by the amount you deposit into your deposit account.

When you use Firstcard to purchase in a store, the card works like any other credit card, and the money comes from the Credit Account. Each month, you will get a credit card bill for all the purchases you made during that billing cycle. Firstcard's Autopay feature will automatically transfer the money you had already moved to your Deposit Account to your Credit Account to pay back the credit card balance. If you are not enrolled in Autopay, you must make that transfer manually. We highly recommend enrolling in our Autopay feature to build your credit safely with on-time payments.

Your on-time payment is then reported to the credit reporting agencies every month. Over time, these on-time payments can positively impact your credit score.

Question 18

What is Autopay?

Accepted Answer

Autopay is a feature that helps you build your credit score. The feature ensures on-time payment by automatically paying off your Firstcard credit card bills using the money you've already transferred to your Firstcard account. We highly recommend you turn on this feature because this is how we can help you build credit! You don't want to miss a payment!

To turn on the feature, open the Firstcard app → go to "Settings ⚙️ " → head to "Credit Builder" section → tap "Safer Credit Building: Autopay" → Turn on Autopay".

Question 19

What happens if I don't make a payment on time?

Accepted Answer

Missing payments could negatively impact your credit score. We recommend you enable the Safer Credit Building: Auto Pay feature, which automatically pays your balance using funds already deposited in your Firstcard account.

Question 20

How often is my payment activity reported to credit reporting agencies?

Accepted Answer

Your payment habits are reported monthly to the major credit reporting agencies.

Question 21

Does my card report high utilization if I use all the money I deposited?

Accepted Answer

Rest assured! We don't report credit utilization to credit reporting agencies since there is no pre-set credit limit. You can enjoy spending using Firstcard without worrying about high utilization.

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