| Last updated on March 18th, 2024
First Bank Business Edition® Secured Mastercard®
First Bank Business Edition® Secured Mastercard®
First Bank Business Edition® Secured Mastercard®
- 27.99% variable based on the Prime Rate Regular Purchase APR
- 27.99% variable based on the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Bank Business Edition® Secured Mastercard® offers companies the chance to build credit and advance to more lucrative rewards cards. From Missouri-based First Bank, the card features scalable credit, a fixed-rate APR, and a $39 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Build credit with on-time payments
- Reward yourself with interest earned on your security deposit
- $39 annual fee
- Regular Purchase APR: 27.99% variable based on the Prime Rate
- Balance Transfer APR: 27.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $39
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
- Minimum Deposit Required: $2,200
- You're a business owner with little to no credit history
- You would like a suite of online account management tools
- You can afford the steep security deposit requirements
First Bank Business Edition® Secured Mastercard® Review
The First Bank Business Edition® Secured Mastercard® provides the credit building tools small companies need with a modest annual fee. The card from Missouri-based First Bank (which also has branches in Kansas, Illinois, and California) requires a steep security deposit, but that deposit does accrue interest over time.
A Heavy Security Deposit (for Some)
Like other secured credit cards, the Business Edition® Secured Mastercard® requires a security deposit. On some business credit cards deposits can start as low as $200 to $500, but not so here.
First Bank requires a security deposit of at least $2,200 to open a Business Edition® Secured Mastercard® account. That deposit requirement breaks down as 110% of the requested credit limit, ranging from $2,000 to a maximum of $100,000. Credit limits must be in multiples of $50, with additional limit increases requiring additional funding.
Fortunately, First Bank does pay interest on the security deposit. While the interest amount is tiny, it does provide value. Building credit is challenging, so recouping some of that deposit as interest accrued is a nice reward in itself – especially if companies somehow plan to hit that $100,000 maximum.
Build Credit with On-Time Payments
The Business Edition® Secured Mastercard® from First Bank is a credit builder card. As such, doesn’t expect to find cash back rewards or intro APR periods.
Instead, the card focuses on providing a platform for companies with damaged credit, limited credit, or no credit score to boost their credit rating and advance to more lucrative cards (such as the First Bank Business Edition® Mastercard® with Reward Simplicity)
Building a positive credit history requires keeping balances low and making on-time payments each month. That process is made easier by the wide margin of credit limits the card offers (though finding those funds to keep on the sideline is another question entirely.
Fixed-Rate APR
Secured cards tend to have higher interest rates than unsecured cards, and the Business Edition® Secured Mastercard® from First Bank is no different. The card features a fixed-rate APR starting at around 24% (variable based on the Prime Rate). That APR is significantly higher than the national average for a secured credit card – currently around 18% and business credit card (also currently 18%).
Other Card Features
Other notable features with the card include:
- $39 annual fee
- 50% QuickBooks online discount
- 3% foreign transaction fee
- Mastercard Zero Fraud Liability
- Auto Rental Collision Damage Waiver
- EMV chip technology
- Contactless payments and mobile wallet compatibility
- 24/7 online account access via the First Bank mobile app
Should You Apply for the First Bank Business Edition® Secured Mastercard®?
The First Bank Business Edition® Secured Mastercard® is a solid choice for businesses with poor or no credit history who want a trustworthy credit source from a regional lender. The card offers little beyond the ability to build credit, but it does a solid job at that, thanks to a fixed-rate APR and a modest annual fee. Companies looking to expand their resources may also consider BILL Divvy Corporate Card – an intriguing fintech business/corporate card with scalable credit and no fixed credit limit.
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