Firstcard® Credit Builder Card With Cashback For College Students Review 2024 (2024)

• Firstcard® Credit Builder Card with Cashback for College Students Introduction
• Quick Facts
• What Is the Firstcard® Credit Builder Card with Cashback for College Students Best For?
• Firstcard® Credit Builder Card with Cashback for College Students Rewards
• Other Firstcard Benefits
• Fine Print
• How the Firstcard® Credit Builder Card with Cashback for College Students Stacks Up
• Is the Firstcard® Credit Builder Card with Cashback for College Students for You?
• Methodology

Firstcard launched its secured credit card in September 2023 with the goal of making it every college student’s first credit card, including international students without SSNs. This secured card works a little differently than other cards of its kind. Yes, your spending limit will be equal to the amount of money you deposit, but to use the Firstcard, customers have to open up two separate accounts:

• Deposit account. You’ll need to open a bank account where you deposit funds. Your spending limit on the card will be equal to your balance in this account. If you have an SSN or ITIN, your deposits will earn a variable APY, with no minimum balance requirement.
• Credit account. This is your Firstcard credit card account you use to make purchases. Pay your monthly credit card bill by transferring funds to this account from your deposit account.

In addition to helping you build credit from scratch, this card has features most people look for in a credit card, including a $0 annual fee and cash-back rewards. It also comes with 0% interest and no late fees, making it a convenient first credit card for anyone who might make beginner mistakes when managing their account.

• Available to U.S. residents who have a government-issued ID and an SSN or ITIN
• No interest charges, annual fees or late payment fees
• Debt utilization ratio is not reported to the credit bureaus, but monthly payments are
• Some merchants offer limited-time, cash-back promotions for Firstcard users

Earning Rewards

You can use Firstcard to earn cash back, but the rewards are complicated. The card advertises up to 15% cash back from certain merchants, but the cash-back amount is determined by the merchant. Additionally, some offers are limited-time and you may have to get an invitation to participate.

At present, you can earn 5% back for purchases from Chegg, ChatGPT, Grammarly, Adobe, Canva and a few other vendors that have potentially useful products for college students.

Per the website, you could also earn up to 10% in “Random Cashback” on some purchases. A few other reward terms and conditions to note:

• Maximum cash back is $15 per transaction and $75 per day.
• You can only redeem one cash-back offer per merchant, per day.
• You can find cash-back offer details in the Firstcard app.

Redeeming Rewards

Unlike earning rewards, redeeming them is simple with the Firstcard. The cash you earn will be credited to your Firstcard account. You can spend the money or apply it to your bill.

Rewards Potential

Forbes Advisor uses data from various government agencies to determine spending averages across various categories. We estimate the average college student might spend around $18,190 a year on a credit card, including grocery purchases, cellphone bills, books and entertainment.

When we include Firstcard’s 5% cash-back offer, we estimate a sample student could potentially earn $518.25 in annual cash back, assuming they purchase educational subscriptions for a nine-month school year. Of course, your earnings will fluctuate based on the cash-back promotions available and whether your spending aligns.

If your Firscard deposit account earns interest, you can get some additional value from having the card. For cardholders who deposit an average of $1,515 a month, at 1.25% APY, you might receive around $19 in interest per year.

• Zero Liability Fraud Protection. Mastercard provides cardholders with protection against unauthorized charges.
• FDIC insurance. The funds in your Firstcard deposit account are FDIC-insured.

Interest Rates

• Regular APR: N/A
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: N/A
• Foreign purchase transaction fee: None

Firstcard® Credit Builder Card with Cashback for College Students* vs. Firstcard+® Credit Builder Card*

For a no-SSN, secured credit card with better perks than the Firstcard, we suggest upgrading to a Firstcard+ card for an annual fee of $35.88 ($2.99/mo). With Firstcard+, your deposits earn a competitive APY, making it easily worth the fee.

On top of that, Firstcard+ gives you 1% unlimited cash back on all purchases. If you spend our estimated $14,459 a year on everyday purchases, you’d bring in an extra $144.59 in cash per year.

Firstcard® Credit Builder Card with Cashback for College Students* vs. Capital One Quicksilver Secured Cash Rewards Credit Card

For another no annual fee secured card that you can qualify for with an ITIN, try the Capital One Quicksilver Secured Cash Rewards Credit Card (rates & fees). Unlike Firstcard, you know exactly how much cash back you’ll earn when you use the Quicksilver card: Earn 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. This card could also be a better tool for building your credit since you can get automatic limit increases and a potential upgrade to an unsecured card.

The catch is you may need some pre-existing credit history in order to qualify, even if it’s not much. The Quicksilver secured card also has an ultra-high 29.99% variable APR on purchases and balance transfers, so it’s best to avoid this card unless you know you’ll pay off your full balance each month.

Firstcard® Credit Builder Card with Cashback for College Students* vs. OpenSky® Secured Visa® Credit Card

Another option for applicants with ITINs and no credit history is the OpenSky® Secured Visa® Credit Card, however, you do have to be a U.S. resident to qualify. With OpenSky, you don’t need to open a checking account to get the card, and you can eventually get a refund on your deposit. You’ll also be evaluated for credit line increase every six months.

Like Firstcard, the Opensky card gives you occasional cash-back rewards, sometimes up to 10%. But the card comes with a 25.64% variable APR on purchases and a long list of fees, including a $35 annual fee, a late fee and a fee for each paper statement you receive.

If you don’t have an SSN or strong credit, your credit card options are limited. But the Firstcard® Credit Builder Card with Cashback for College Students* is a worthy option since it’s available to applicants with ITINs and no credit history. Plus, it can help you start building credit month-by-month. Additionally, you can earn a small amount of cash back for your spending, with no annual fee or interest charges.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards