First National Bank Secured Student Mastercard: A Comprehensive Overview

The First National Bank Secured Student Mastercard is specifically designed for students looking to build their credit while enjoying the benefits of a secured credit card. Issued by First National Bank, this card offers a range of features that cater to young adults embarking on their financial journey.

Card Type

This is a secured student credit card, which requires a cash collateral deposit that serves as your credit limit. It’s an ideal option for students who may not have an established credit history.

Annual Fee

The First National Bank Secured Student Mastercard comes with a moderate annual fee of $39. This relatively low cost is typical of secured cards, especially those tailored to students.

Rewards Program

This card provides an attractive rewards structure tailored for students. While primarily a secured card, it offers cashback rewards on every purchase. Cardholders can earn 1% cashback, giving them the opportunity to accumulate rewards on everyday spending. Cashback can be redeemed for statement credits, making it easy to utilize earned rewards.

Sign-Up Bonus

New cardholders can take advantage of a welcome bonus after meeting a certain spending requirement within the first three months of account opening. Typically, this may include earning a bonus $50 after spending $500. This promotional offer incentivizes students to use their card responsibly while accumulating rewards.

APR (Annual Percentage Rate)

The regular APR for the First National Bank Secured Student Mastercard is competitive at 24.99%. However, there may be an introductory offer of 0% APR on purchases for the first six months. This limited-time offer provides a cost-effective solution for students looking to finance their purchases without accruing interest.

Foreign Transaction Fees

Traveling abroad? The First National Bank Secured Student Mastercard does charge a foreign transaction fee of 3%. Cardholders should be aware of these charges when using the card for purchases outside the United States.

Balance Transfer Options

The card does not typically offer promotional balance transfer options. Students looking to consolidate debt on this secured card will need to check with customer service for any available offers.

Additional Fees

In addition to the annual fee, users should be aware of various additional fees. There is a late payment fee of up to $35 and a cash advance fee that ranges from 3% to 5%, depending on the amount. It’s crucial for cardholders to manage their payments effectively to avoid such charges.

Card Benefits and Perks

The First National Bank Secured Student Mastercard offers several benefits. Cardholders receive access to travel insurance, protection against unauthorized transactions, and benefits designed to assist students with their financial education. Additional perks may include discounts at partner retail stores and online shopping rewards.

Customer Protections and Insurance

One of the significant advantages of this card is its strong customer protections. Cardholders benefit from fraud liability protection, purchase protection on eligible items, and extended warranty coverage on purchases made with the card. Moreover, cardholders may also be eligible for rental car insurance when the card is used for the rental transaction.

Eligibility and Credit Score Requirements

The First National Bank Secured Student Mastercard is accessible to students with limited credit history. Approval may not require a high credit score; generally, a score of 580 or higher is recommended. As a secured card, the initial cash deposit can also help ease the pathway to approval.

Introductory Offers

New cardholders can take advantage of the introductory 0% APR on purchases for the first six months after opening the account. This offer allows students to make necessary purchases without incurring interest, making it a great financial strategy during college.

Special Features or Unique Selling Points

The most unique feature of the First National Bank Secured Student Mastercard is its commitment to helping students establish and build their credit history. Unlike many other credit cards, it sets a strong foundation for responsible credit management while rewarding cardholders with cashback benefits.

How to Apply

Applying for the First National Bank Secured Student Mastercard is straightforward and can be done online. Interested applicants can visit the ‘>official website or explore Financial Insights for more financial tips.