First National Bank of Omaha Secured Visa Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 20.24% (variable).
  • Purchase intro APR: None.
  • Rewards: None.
  • Annual fee: $0.
  • Late fee: Up to $40.
  • Credit score: Bad to Good (300-739).
  • Compare cards here.

Benefits

  • Fraud protection: As a First National Bank of Omaha Secured Visa Card account holder, you’ll receive free and unlimited fraud protection. The bank constantly monitors your account and if fraudulent activity is suspected, you’re contacted immediately to review the transactions. If it’s determined that the activity in question is fraudulent, First National Bank of Omaha will reimburse you for the total charges.
  • Credit score updates: Through your First National Bank of Omaha Secured Visa Card online account, you can view your FICO credit score. The score is updated monthly so you’re able to track your progress and ensure you’re building your credit score.
  • Chip card: The physical First National Bank of Omaha Secured Visa is equipped with advanced chip technology. The chip contains encrypted information that better protects you against fraud and enhances your account’s security.
  • No annual fee: Secured credit cards frequently carry annual fees, but the First National Bank of Omaha offers a free alternative for borrowers in need of a credit-building option. The card does carry high interest and late payment fees, however, so borrowers must still be diligent to take full advantage.

Drawbacks

  • High APR: If you don’t pay off your card balance in full, you’ll owe interest on the remaining balance. The 20.24% variable APR is a little steep when compared to other cards, in part a result of the card carrying no annual fee. You can avoid this interest by making payments for your full balance on time each month.
  • Security deposit required: When you sign up for the First National Bank of Omaha Secured Visa Card, be prepared to provide a hefty security deposit. The amount you provide also serves as your credit limit and can be between $300 and $5,000, in multiples of $50.
  • No rewards program: Unlike many other secured cards from different banks, the First National Bank of Omaha Secured Visa Card isn’t associated with a rewards program. While you can’t earn cash back or rewards points toward prizes, if you’re a responsible borrower, the card will help you increase your credit score and build a positive credit history.
  • Additional fees: There’s a 3% foreign transaction fee in U.S. dollars and if you request a cash advance, you’ll pay $15 or 5% of the amount of the advance. For a balance transfer, you’ll owe $10 or 5% of the transfer amount. Late payment will cost you up to $40 and for a returned payment, you’ll pay up to $35. However, there are no annual or monthly fees associated with the card.

What Can You Expect From the First National Bank of Omaha Secured Visa Card?

When you apply for the First National Bank of Omaha Secured Visa Card, the bank reviews your application and runs an inquiry into your credit history. However, even if you have little credit history or a low credit score, you may still be approved for the card. You’re responsible for providing a security deposit of at least $300. Once you’re an account holder, you’ll gain access to several card features.

Increase Your Own Credit Limit

As a secured card account holder, you have control over your own credit limit. The security deposit you provide determines how much credit is available through your First National Bank of Omaha Secured Visa Card. You can add to your security deposit in $50 increments to increase your credit limit.

If you’re a responsible borrower who makes on-time and regular payments, you may qualify to increase your credit limit without providing an additional deposit after seven months. If you continue to maintain a good payment history for at least 11 months, you may qualify to receive your deposit back automatically.

Sign Up for an Online Account

Once you’re a First National Bank of Omaha Secured Visa Card account holder, you can sign up for an online account for free. When you sign into your online account through the website or mobile app, you’re able to review recent transactions or pay your bill. You can also review your credit score and sign up for customized account alerts, such as when a purchase is made using your card.

Who Should Get the First National Bank of Omaha Secured Visa Card?

Consumers who are focused on building positive credit history or increasing their credit scores may benefit from signing up for the First National Bank of Omaha Secured Visa Card. Applicants should be prepared to provide a security deposit of at least $300 when applying for the card.

With hefty late fees and a high APR, the First National Bank of Omaha Secured Visa is best for consumers who are prepared to make full on-time payments each month. The lack of an annual fee makes this card a relatively low-cost option for responsible borrowers who can avoid the high late fees and interest rates.

Compare other secured cards and learn more here.


Image Source: https://depositphotos.com/