First Savings Credit Card Review 2021

First Savings Credit Card Reviews

The First Savings credit card is an unsecured credit card designed to target people with poor credit and those trying to rebuild their credit scores.

Since the First Savings Mastercard is unsecured, no security deposit is required, but it comes with steep fees to offset its upside.

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What Is a First Savings Credit Card?

The First Savings Bank issues the First Saving Credit Card. It’s a basic unsecured credit card with no bells and whistles.

This card is used primarily by people who need a credit card to start rebuilding their credit score.

You get the opportunity to apply for a simple First Savings Mastercard and work towards improving your credit history by making small monthly purchases.

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First Savings Credit Card Overview

First Savings Mastercard joins the ranks of the Mercury and Destiny Mastercard in that all three cards are accessible by invitation only.

If you want to apply, you will have to await a pre-approval in the mail.  

But the First Savings bank credit card is a little more unique as it offers different plans depending on your creditworthiness.

While there are five contracts listed on the website, only contracts 1, 4, and 5 are for the First Savings credit card.

Unfortunately, the First Savings Mastercard site does not specify each offer’s credit score requirements.

But if your credit score is very low, you are likely to only qualify for the contracts that come with a higher APR and fees. 

Let’s review some of the main differences among the three credit card agreements. 

OffersAPRAnnual Fee
Offer 114.90%None
Offer 429.9%$49
Offer 529.9%$75

The fees for cash advances also vary between offers. For Offer 1, the costs are $10 or 4% of the cash advance amount.

For Offers 4 and 5, the fees are currently 2% of each cash advance.

First Savings Mastercard Pros and Cons


  • Qualify even with bad credit: Finding a credit card to rebuild your credit can be a struggle when your credit score is low. The First Savings credit provides the opportunity to such applicants.
  • No security deposit required: If funds are tight and you are searching for an unsecured credit card, the First Savings Mastercard does not require a deposit. 
  • Reports to the credit bureaus: All three major credit bureaus (Equifax, Experian, and TransUnion) will receive updates on your payment activity. Make your monthly payments on time and start rebuilding your credit score.
  • Credit limit increases: Users report that their invitations state a credit limit increase will occur after making six timely monthly payments.
  • Mobile and online friendly: Payments can be made through the online portal, and you can also use the First Savings app to manage your account conveniently.
  • Use Nationwide: Your First Savings Mastercard gives you the freedom to use your credit card wherever Mastercard is accepted.


  • By invitation only: One of the cons for the First Saving credit card is the inability to apply without an invitation nor the ability to request an invitation. 
  • A high APR: Unless you are approved for Offer 1, you will be offered an APR of 29.9%, which is high.
  • Annual fees: Applicants who only qualify for Offers 4 or 5 will be subject to a yearly fee that ranges between $49 to $75.
  • Low Credit Limits: Credit limits start as low as $350 and go up to $1500 with timely payments. 

How to Apply for a First Savings Mastercard

First, you will need to receive your invitation in the mail. Once you have that in hand, you can head over to the website.

There you want to click on the green button like the one below.

You will then be redirected to the application process, where you will need to input your Reservation Number and Access Code found on your invitation card.

Just follow the four steps, and you’ll be on your way.

How to Login to Your First Saving Credit Card Account

As a cardmember, you have free access to the online portal where you can;

  1. View your account information
  2. Manage your account details
  3. Set up email and text alerts
  4. Manage automatic payments

Just click on the orange button on their website (like the one below), and there you will be able to register as a new user and log in after that with your username and password. 

How to Pay Your First Savings Mastercard Bill

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First Savings Credit Card Reviews

The First Savings Mastercard gets a mix of positive and negative reviews.

While some cardholders accept the card as a basic rebuilder Mastercard, others are disappointed by the unfulfilled promises initially received on their invitation card.

Got an offer for 1500 Only a 500 dollar limit was put on it. Has reported to the credit bureaus but I have yet to receive the physical card……

Dani H, 09/06/2020, BBB

DO NOT GET THIS CARD! Not only do they renege on the 6 months payments on time and get a credit increase (my debt ratio was to high, according to them) but they charged me for a late payment on the exact due date with a payment already pending in their system.

calichtenberger2, August 7th, 2021, Wallethub

Also, multiple credit card users mentioned issues with payments being processed late and limiting how many free payments you can process within a month through the online portal.

First Savings Mastercard Alternatives

1. Mercury Mastercard

If your credit score is in the 575 to 675 range, you might be interested in the Mercury Mastercard. 

The Mercury card is unsecured, has no annual fee, and customer reviews indicate that a starting credit limit of $1500 is quite common.

The annual percentage rate varies between 26.99% to 28.99%.

2. Petal 1 Credit Card

The Petal 1 credit card is another unsecured credit card. They have no annual fee, and the APR varies between 19.99 to 29.49%.

Petal 1 also offers a rewards program to earn two to ten percent cashback on purchases with select merchants.

The credit limit will depend on your overall credit history, and Petal will allocate a credit limit between $500 to $5000.

3. Discover it Secured Credit Card

While the Discover it Secured credit card does require a security deposit to get started, it has no annual fee and comes with some extra perks.

Depending on your needs, you can deposit as little as $200 up to $2500. However, the maximum permitted amount will depend on your income and payment capacity.

Some nice bonuses are the 2% cashback on gas and restaurants (maximum applied per quarter), 1% back on the other purchases, and a year-end cashback match.

The APR is 22.99% variable, so you still save some here compared to the 29.9% APR with the First Savings credit card unless you get approved for the 14.90% contract.

First Savings Credit Card FAQ’s

Yes, the First Saving Bank is legitimate. They have been in operation since 1913 and got their start in Beresford, South Dakota.

Yes, the First Savings Mastercard gives credit limit increases after the consumer makes six required payments on time.

Yes, the First Savings Credit Card has an app available for both iOS and Android devices.

The First Savings credit card does allow cash advances; however, all cardmembers must pay cash advance fees, plus the APR on the balance that gets carried.

Cardmembers can cancel their First Savings Mastercard but must notify First Savings Bank in writing and return their credit card cut in half.


While the First Savings Mastercard comes with an annual fee and high APR, it’s a basic but decent choice when trying to improve your credit score.

The APR will have no impact if you can exclusively use the First Savings card to make small purchases and pay off the entire balance each month.

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About the author

Clara is the founder of Credit Rise Up, an entrepreneur, personal finance expert, and credit repair enthusiast. She’s committed to helping her readers get on the right track and take actionable steps towards improving their credit by using the experience that allowed her to join The 800 Club. Find out more.

First Savings Credit Card Review 2021