First Access Visa is a secured credit card for people building or rebuilding credit
The First Access Visa is a secured credit card issued by Stride Bank. You put down a cash deposit, and that deposit becomes your credit limit. The card reports to all three credit bureaus, so on-time payments build your credit history. It's designed for people who have limited credit, poor credit, or are starting from scratch.
A secured card works differently from a regular credit card. Instead of the bank extending you unsecured credit based on your income and history, you provide collateral upfront. You then use the card like any other credit card—make purchases, receive a statement, and pay a bill each month. Your deposit stays in a separate account and is not touched unless you default.
The goal of a secured card is to move you toward an unsecured card. After you've shown responsible use—usually 6 to 12 months of on-time payments—you may be able to graduate to an unsecured card, at which point your deposit is returned.
Key Takeaways
- You must deposit cash equal to your desired credit limit, which typically ranges from $200 to $2,500.
- The card reports payment history to Equifax, Experian, and TransUnion, so on-time payments directly build your credit score.
- Annual fees and interest rates vary, so compare the cost against other secured cards before opening an account.
- After consistent on-time payments over several months, you may be able to convert to an unsecured card and recover your deposit.
How the deposit and credit limit work
When you open a First Access Visa account, you choose how much to deposit. The minimum deposit is typically $200, and the maximum is usually $2,500, though this can vary. Your deposit becomes your credit limit—if you deposit $500, your limit is $500.
The deposit sits in a savings account held by the bank. You cannot touch it while the account is open. If you close the account in good standing or graduate to an unsecured card, the bank returns your deposit. If you stop paying and default, the bank may use the deposit to cover what you owe.
Your credit limit does not grow automatically as you make payments. However, some issuers will increase your limit if you request it after a period of responsible use. When that happens, you would need to provide an additional deposit for the increase.
Fees and interest rates
First Access Visa charges an annual fee, which is typically in the range of $25 to $35, though you should confirm the current amount before opening an account. This fee is charged once per year and appears on your statement.
The card also carries an annual percentage rate (APR) for purchases. This rate is usually higher than what you would see on an unsecured card—often in the 18% to 24% range—because the bank is taking on more risk. If you carry a balance, interest accrues daily on the unpaid amount.
Some versions of the card may offer a grace period for purchases, meaning you have a window to pay your balance in full before interest kicks in. Read the terms carefully to understand whether this applies to your account.
How to open an account
To open a First Access Visa account, you will need to provide basic personal information: your name, address, date of birth, and Social Security number. The bank will run a credit check, though secured cards are often available to people with poor or no credit history.
You will also need to fund the account with your deposit. This is typically done by bank transfer or check. Once the deposit clears, your card is usually mailed to you within 7 to 10 business days.
Some banks allow you to open the account online, while others may require you to visit a branch or call. Check the bank's website or contact them directly to find out which method is available.
Building credit with the First Access Visa
The card reports to all three major credit bureaus—Equifax, Experian, and TransUnion. This means every payment you make (or miss) shows up on your credit report. On-time payments help your credit score climb over time.
To maximize the benefit, use the card regularly but keep your balance low. Experts often suggest using no more than 30% of your available credit. For example, if your limit is $500, try to keep your balance under $150. This shows lenders you can manage credit responsibly.
Pay your bill on time every month, even if you can only pay the minimum. A single late payment can damage your credit score and may trigger a higher interest rate or penalty fees. Set up automatic payments if that helps you stay on track.
When you might graduate to an unsecured card
After 6 to 12 months of on-time payments, you may become may be able to access to convert to an unsecured card. The exact timeline depends on the issuer and your individual account performance. Some banks will contact you when you're may be able to access; others require you to request the conversion.
When you convert, your deposit is returned to you. You will receive a new card with a new credit limit, which may be higher or the same as your secured limit. Your credit history with the secured card carries over, so the on-time payments you made continue to help your score.
Not everyone converts at the same pace. If you miss a payment or carry a high balance, the bank may delay your conversion or deny it. Stay disciplined with your payments to move toward this goal.
Alternatives to consider
Other secured cards exist, and they may offer different terms. Some have lower annual fees, lower APRs, or higher maximum deposits. Compare at least two or three options before deciding.
If you have a small amount of credit history but not much, you might also look at unsecured cards designed for people rebuilding credit. These cards do not require a deposit but often have higher fees and APRs. A secured card is usually the better choice if you have no credit or very poor credit.
If you have a family member or friend willing to add you as an authorized user on their credit card account, that can also help you build credit without opening a new account. However, this depends on the other person's willingness and the card issuer's policies.
Frequently Asked Questions
Can I use my First Access Visa deposit as collateral for a loan?
No. Your deposit is held separately and is not available for any other purpose while the account is open. It is only returned when you close the account or convert to an unsecured card.
What happens if I miss a payment?
A missed payment will be reported to the credit bureaus and will damage your credit score. You may also face a late fee. If you miss multiple payments, the bank may close your account and use your deposit to cover what you owe.
Can I increase my credit limit without depositing more money?
Most secured card issuers require an additional deposit to increase your limit. However, after you convert to an unsecured card, you may be able to request a limit increase without providing more money.
How long does it take to get my deposit back?
When you convert to an unsecured card or close your account in good standing, the bank typically returns your deposit within 5 to 10 business days. The exact timeline depends on the bank's processing speed.
Will the First Access Visa help me get approved for other credit products?
Yes. As you build a positive payment history with the card, your credit score should improve, which makes you more likely to be approved for other credit products like personal loans or unsecured credit cards. However, approval always depends on the lender's specific requirements.