Myfirstdigitalcard.com is a preapproved notice for the First Digital NextGen offered by Synovus Bank. It comes with an APR of over 35%. For most, there is also an annual fee, a monthly maintenance fee, a program setup fee (application approval fee), and fees for additional cards.
The starting credit limit is $300 and the odds of approval for nearly anyone who hasn't had a recent bankruptcy are good. With all of this taken together, the First Digital NextGen is a difficult credit card to recommend.
The First Digital NextGen card is meant to help people establish a credit history or build credit. However, with all the fees they charge in addition to the high interest, this isn't a great card or even a good card for any applicant.
This credit card is in the "last choice" category, and that's only if you have the cash upfront to pay all of the setup fees as soon as you get the card to avoid very high interest and possible penalties if the payment processing takes too long. Long processing times (and related fees) are a common complaint made by current First Digital NextGen customers.
Myfirstdigitalcard.com Interest Rates
The interest rate for the First Digital NextGen is exceptionally high. However, unlike other fees and expenses, paying interest is completely avoidable if you don't carry a balance or take out a cash advance.
For purchases and cash advances, there is 35.99% APR. However, purchases don't begin to draw interest until 21 days after the close of each billing cycle, giving you a 21 day grace period on purchases. However, cash advances may start to draw interest the day they are processed, with no grace period or normal billing cycle exceptions.
Myfirstdigitalcard.com Credit Limits
The starting credit limit for the First Digital NextGen is $300 for all applicants. However, considering fees, the starting credit line for most customers will be less than $150 with a similar first payment. This is due to setup fees and the annual fee being charged directly to the credit card for the first billing cycle. No maximum credit limit is stated.
- Annual Fee – The annual fee for the First Digital NextGen card is $75 for the first year and $48 each year after that.
- Monthly Fee – The monthly fee is waived for the first year. After the first year, the monthly fee is $6.25 per month or a total of $75 per year.
- Application Fee (Program Fee) – Depending on what your creditworthiness is, as determined by the company that offers the First Digital NextGen card, you could be charged a fee of up to $95 for your application to be processed and approved.
- Cash Advance Fee – The cash advance fee for the First Digital NextGen card is the greater of $10 or 3%.
- Foreign Transaction Fee – Foreign transactions are prohibited with the First Digital NextGen credit card.
- Late Payment Fee – The late payment fee is $29 if you haven't had any late or returned payments in the last 6 months. If you have had a late or returned payment in the last 6 months, the late payment fee for the First Digital NextGen card will be $39.
- Return Payment Fee - The returned payment fee is $29 if you haven't had any late or returned payments in the last 6 months. If you have had a late or returned payment in the last 6 months, the returned payment fee for the First Digital NextGen card will be $39.
- Authorized User Fees – Every additional card you have will cost $29 per year, including the first year. The fee will be charged on the date when the card was requested, not the date when it is first received.
- Balance Transfer Fee – Balance transfers to the First Digital NextGen credit card are currently not allowed. As such, there is no balance transfer fee.
- Credit Limit Increase Fee – While the authorization process for a credit limit increase is free, the actual increase will cost a fee equal to 25% of the credit line increase that has been approved and accepted. For example, if your credit line is increased by $150, you will have to pay a fee of $37.50.
- Expedited Payment Fee – Payments can take several days to be processed by the company offering the First Digital NextGen credit card. If a payment is still processing when the due date rolls around, you will receive a late fee. Instead, you could choose to make a telephone payment and pay a fee to have it “expedited” or processed in a single business day (or two, on rare occasions.) The fee for this expedited payment is $10.
Rewards Program Information for Myfirstdigitalcard.com
There is no rewards program for the First Digital NextGen credit card. There is also no way to lower or recoup annual, monthly, program, and other regular fees. There are no other cost-saving programs or benefits that the First Digital NextGen provides.
Pros – Advantages of the First Digital NextGen Credit Card
While there are a lot of disadvantages to be had with the First Digital NextGen credit card, there are also two small advantages.
- Permissive Credit Score Requirements – You don't need a good credit score to qualify for good approval odds with the First Digital NextGen credit card program.
- 21 Day Grace Period on Purchases – Unlike several other cards meant to help rebuild credit with low credit score requirements, the First Digital NextGen offers a grace period for purchases.
Cons – Disadvantages of the First Digital NextGen Credit Card
While the First Digital NextGen card is easy to apply for and has very high approval odds for just about everyone, some disadvantages come with accepting this offer of credit.
- Fees on Top of Fees – The First Digital NextGen credit card is very expensive to have. If you are in the lowest credit score bracket, the costs on this card could easily double for the first and second years, compared to someone with a marginally better score. In either case, however, the fees are there and very high.
- Exceptionally High Interest – At over 35% APR, this is some of the highest interest you will find. It's avoidable if you don't take out a cash advance or carry a balance, but long payment processing times can make this tricky.
- No Foreign Transactions – This card is not allowed to be used outside of the country or to make a foreign purchase.
- Restrictions on Online Purchases and At Gas Pumps – Some online purchases are prohibited, even if they are not specifically stated.
- Low Credit Limit – The initial credit limit is $300 and though credit line increases can be granted with a review of your account and a 25% fee, as outlined above, achieving a high credit line in this way is difficult.
The First Digital NextGen credit card has high interest and high fees. It's meant to help people build up their credit and provide widespread acceptance of both applications and transactions of all kinds. It lives up to one of these things.