What the First Access Visa Card Does
The First Access Visa is a secured credit card issued by Coastal Community Bank, designed for people building or rebuilding credit from scratch. You deposit cash as collateral, and that deposit becomes your credit limit — typically between $200 and $2,500. The card reports to all three credit bureaus, so on-time payments build your credit history.
Unlike a debit card, this is a real credit account. You receive a monthly statement, make payments, and carry a balance if you choose. The card has an annual fee (currently $35) and a variable interest rate that depends on your creditworthiness at the time you open the account. After 18 months of on-time payments, Coastal may convert it to an unsecured card and return your deposit.
The main trade-off is straightforward: you pay to use your own money upfront, but you get a credit file in return. That matters if you have no credit history, a very thin file, or recent damage you're working to repair.
Key Takeaways
- Your cash deposit becomes your credit limit, so a $500 deposit gives you a $500 limit — Coastal holds the deposit the entire time you carry the card.
- The $35 annual fee is charged whether you use the card or not, making it more expensive than some competing secured cards.
- On-time payments report to Equifax, Experian, and TransUnion, so the card builds credit history if you pay the full balance or at least make the minimum payment on time each month.
- After 18 months of on-time payments, you may be converted to an unsecured card with your deposit returned, though conversion is not automatic.
- The interest rate is variable and typically ranges from 18% to 24% depending on your credit profile at approval.
How the Deposit and Limit Work
When you open a First Access account, you choose your deposit amount between $200 and $2,500. Coastal holds this money in a deposit account and uses it as security. Your credit limit equals your deposit — no more, no less. If you deposit $500, you can charge up to $500 on the card.
The deposit stays frozen for as long as you hold the card. You cannot withdraw it or use it to pay your bill. You must make payments from a separate bank account or income source. This is the core difference from a debit card: the deposit is collateral, not your spending money.
If you close the account in good standing, Coastal returns the deposit within 30 to 60 days. If you default on the card, Coastal may explore the deposit to your unpaid balance. Some cardholders increase their deposit over time to raise their limit, though this requires a new deposit and a separate request to Coastal.
Fees and Interest Rates
The First Access Visa charges a $35 annual fee, assessed once per year. This is higher than some competitors — for example, the Discover Secured Card and Capital One Secured Mastercard both have $0 annual fees. Over five years, that $35 per year adds up to $175 in fees alone.
Interest rates on the First Access card are variable and typically fall between 18% and 24%, depending on your credit profile at the time you open the account. If you carry a balance, you pay interest on that balance daily. The card has no grace period for purchases, meaning interest accrues from the transaction date, not from the statement date. This makes carrying a balance more expensive than on cards with a standard 21-day grace period.
There are no foreign transaction fees, which is useful if you travel internationally. There is also no penalty APR (a higher rate for late payments), though late payments do damage your credit score and may trigger a default.
Building Credit With This Card
The First Access card reports to all three major credit bureaus — Equifax, Experian, and TransUnion — every month. This means your payment history builds a credit file from the start. If you make every payment on time, even if you only pay the minimum, the card will improve your credit score over time.
The most effective way to use this card for credit building is to charge a small amount each month (say, $20 to $50) and pay the full balance before the due date. This shows lenders you can manage credit responsibly without costing you interest. Paying only the minimum keeps you in good standing but costs more in interest and takes longer to improve your score.
Credit bureaus track several factors: payment history (35% of your score), amounts owed (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). A secured card helps most with payment history and length of history. After 18 months of on-time payments, you may become may be able to access for conversion to an unsecured card, at which point your deposit is returned and your credit limit may increase.
First Access Versus Other Secured Cards
The First Access card competes directly with the Discover Secured Card, Capital One Secured Mastercard, and the OpenSky Secured Visa. Here is how they compare on the features that matter most:
| Card | Annual Fee | Deposit Range | Interest Rate Range | Conversion Timeline |
|---|---|---|---|---|
| First Access Visa | $35 | $200–$2,500 | 18%–24% | 18 months |
| Discover Secured Card | $0 | $200–$2,500 | 16%–24% | 6 months |
| Capital One Secured Mastercard | $0 | $200–$2,500 | 18%–24% | 6 months |
| OpenSky Secured Visa | $35 | $200–$3,000 | 18%–24% | No set timeline |
The Discover Secured Card is often the stronger choice if you have access to it. It has no annual fee, a lower starting interest rate, and converts to an unsecured card in as little as 6 months instead of 18. The Capital One Secured Mastercard offers the same advantages. Both report to all three bureaus and accept deposits in the same range.
The First Access card makes sense if you cannot open a Discover or Capital One card — for example, if you have a recent bankruptcy or very poor credit history. Some people also prefer Visa over Mastercard for merchant acceptance, though both are widely accepted. The $35 annual fee is a real cost, so factor it into your decision.
Who Should Consider This Card
The First Access Visa is a reasonable choice if you are building credit from zero or repairing it after damage. You need a credit history to get better rates on mortgages, car loans, and future credit cards. A secured card is one of the fastest ways to build that history because approval is nearly automatic if you have the deposit.
You should also have a realistic plan to use the card responsibly. If you cannot commit to on-time payments, a secured card will not help — it will damage your credit further. Before opening any credit card, make sure you can pay at least the minimum balance every month.
If you already have a credit score above 620 or access to a Discover or Capital One card, those are usually better options. If you have no credit history at all or a recent default, the First Access card is worth considering, but compare it to Discover and Capital One first. The $35 annual fee adds up, and the longer conversion timeline (18 months versus 6) means you carry the deposit longer.
How to Open an Account
You can open a First Access Visa account online through Coastal Community Bank's website or by phone. The process takes about 15 minutes. You will need a Social Security number, a valid ID, and proof of address (a recent utility bill or bank statement works). You must be at least 18 years old and a U.S. resident.
Once approved, you choose your deposit amount and arrange to fund it. Coastal accepts bank transfers and checks. After your deposit clears, the card is mailed to you, usually within 7 to 10 business days. You can then set up it and begin using it.
There is no hard credit pull required — Coastal uses a soft inquiry, which does not affect your credit score. However, they do check ChexSystems (a banking history database) and may review your banking history. If you have unpaid bank fees or a history of overdrafts, you may be denied.
Frequently Asked Questions
Can I increase my credit limit without adding more money?
No. Your credit limit is always equal to your deposit. To raise your limit, you must make an additional deposit. For example, if you deposit $500 initially and later deposit another $300, your new limit becomes $800. Each deposit is held separately and must be requested through Coastal.
What happens if I miss a payment?
A missed payment is reported to the credit bureaus and damages your credit score. If you are 30 days late, Coastal may freeze your account. If you are 60 days late, they may explore your deposit to the unpaid balance. If you are 180 days late, the account may be charged off and sent to collections. Always contact Coastal when ready if you cannot make a payment — they may work with you on a payment plan.
Will the card convert to unsecured automatically after 18 months?
Not automatically. After 18 months of on-time payments, you become may be able to access for conversion, but Coastal reviews your account and decides whether to convert. Factors include your payment history, credit score improvement, and account activity. If approved, your deposit is returned and your limit may increase. If denied, you keep the secured card and can reapply later.
Can I use this card if I have a bankruptcy on my credit report?
Yes. Secured cards are designed for people with damaged credit, including recent bankruptcies. Coastal does not require a minimum credit score. However, the more recent your bankruptcy, the higher your interest rate may be. A bankruptcy from five years ago will likely result in a lower rate than one from six months ago.
Is there a grace period for purchases?
No. Unlike most credit cards, the First Access Visa charges interest from the transaction date, not from the statement date. This means if you carry a balance, you pay interest when ready. To avoid interest charges, pay your full balance before the due date each month.