First Option Visa® Card

Card Review

The First Option Visa® Card, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past.

This secured card establishes an interest yielding collateral savings account on behalf of the cardholder.

Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000.

Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months).

Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account.

The card has a fixed APR for both purchases and cash advances.

The interest rate is considered high, even for a secured card.

There is a $59 annual fee, in addition to an initial $99.95 processing fee that will be drafted once the cardholders identification is verified.

There are no monthly activity fees for this card.

If you are not approved for this card, the processing fee will be refunded.

The First Option Visa® Card is a great option for people who need to establish credit history with the three major credit bureaus and who want to earn a generous interest rate on their deposits while doing so.

Additional Card Details