Firstcard.app Review

Based on looking at the website, Firstcard.app presents itself as a financial technology company aiming to help individuals, particularly international students and immigrants without a Social Security Number SSN, build credit in the U.S.

While it emphasizes features like no credit checks, 0% APR, and cashback rewards, the fundamental nature of offering a secured credit card and engaging with the conventional credit-building system, which inherently relies on interest-based financial mechanisms and conventional banking structures, places it in a category that needs careful consideration.

The website highlights a “no APR” feature, but it also advertises “APY” Annual Percentage Yield on deposits, which is essentially interest earned.

This duality, where one side of the transaction is interest-free while the other involves earning interest, is a key point of concern.

Moreover, the entire credit-building system in conventional finance is deeply intertwined with interest riba, making it inherently problematic.

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Here’s an overall review summary:

• Product Type: Secured Credit Builder Card
• Target Audience: International students, immigrants, and individuals with no credit history or bad credit, especially those without an SSN.
• Key Features Highlighted:
  • No credit check or hard inquiry.
  • 0% APR on credit card purchases.
  • Earns APY interest on deposits.
  • Earns up to 15% cashback at partner merchants and up to 10% random cashback.
  • Reports to all three major credit bureaus.
  • Multilingual customer support.
  • FDIC-insured deposits through partner bank.
• Pricing: Subscription-based plans Standard, Plus, Premium with monthly and yearly options.
• Core Issue: While advertised as 0% APR on purchases, the model still involves interest APY on deposits and operates within a financial system heavily reliant on interest-based credit and debt. This makes it unsuitable for those seeking to avoid Riba interest. The goal of “building credit” in this context is to integrate into a conventional financial system built on interest.
• Overall Recommendation: Not recommended due to its involvement in interest-based financial mechanisms, which are not permissible. It steers users towards a system that conflicts with ethical financial principles.

The platform aims to bridge a significant gap for newcomers and those with limited credit history, offering a pathway to establish financial standing in the U.S.

Without the immediate hurdles often associated with traditional credit applications.

They explicitly state “No APR” on their credit cards and feature various cashback incentives, which might seem appealing on the surface.

However, the presence of APY on deposits, along with the fundamental purpose of building a credit score within a system where such scores are primarily used to access interest-bearing loans and other conventional financial products, reveals a reliance on principles that are not ethically sound.

The website also emphasizes “no overspending risk,” which is a positive from a financial literacy perspective, but it doesn’t mitigate the underlying issue of operating within a Riba-based framework.

For individuals striving to align their financial practices with ethical guidelines, engaging with such a system, even for the purpose of “credit building,” is best avoided.

There are alternative approaches to managing finances and establishing trustworthiness without resorting to interest-based tools.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Best Alternatives for Ethical Financial Management

For individuals seeking to manage finances and establish credibility without engaging in interest-based systems, here are some ethical alternatives that focus on responsible spending, saving, and building financial trust through permissible means:

• Halal Investment Platforms:

  

  • Key Features: Invests in Sharia-compliant businesses and industries, avoiding interest-bearing instruments, gambling, alcohol, and other impermissible sectors. Focuses on equity-based investments and ethical asset classes.
  • Average Price: Varies based on platform and investment amount e.g., fractional investing may start at $10, larger investments at higher minimums.
  • Pros: Fully compliant, promotes ethical business, potential for long-term growth.
  • Cons: Returns may differ from conventional markets, fewer options for specific financial products compared to traditional finance.

• Budgeting & Financial Planning Software:

  • Key Features: Tools for tracking income and expenses, setting financial goals, debt management interest-free, and creating savings plans. Focuses on responsible spending and accumulating wealth through permissible means.
  • Average Price: Many free options available. premium versions range from $5-$15/month or $50-$100/year.
  • Pros: Empowers financial control, fosters discipline, helps avoid debt, adaptable to various ethical spending needs.
  • Cons: Requires consistent effort, doesn’t directly build a “credit score” in the conventional sense.

• Islamic Banking Services where available:

  • Key Features: Offers accounts and services structured on Sharia principles, avoiding interest. This includes profit-sharing accounts, interest-free loans Qard Hasan, and ethical trade financing.
  • Average Price: Account fees vary, often similar to conventional banking.
  • Pros: Provides a fully compliant banking ecosystem, supports ethical finance on a larger scale.
  • Cons: Limited availability in some regions, range of services might be narrower than conventional banks.

• Prepaid Debit Cards with Budgeting Features:

  • Key Features: Allows users to spend only the money loaded onto the card, preventing debt. Some offer robust budgeting tools and spending insights.
  • Average Price: Often free to acquire, some may have monthly maintenance fees $2-$10 or load fees.
  • Pros: Eliminates debt risk, good for managing expenses strictly, no credit check required.
  • Cons: Doesn’t contribute to a credit score, limited features compared to full banking.

• Financial Literacy and Education Resources:

  • Key Features: Books, online courses, and workshops focused on ethical financial planning, debt avoidance, wealth creation through permissible means, and understanding economic principles.
  • Average Price: Many free online resources. books range from $10-$30. courses can be $50-$500+.
  • Pros: Builds foundational knowledge for lifelong financial independence, empowers informed ethical decisions.
  • Cons: Requires self-discipline to learn and apply, no direct financial product.

• Secured Debit Cards Non-Credit Building:

  • Key Features: Functions like a debit card but may require a security deposit. Crucially, these are not credit cards and do not report to credit bureaus, thus avoiding the interest-based credit system. They simply allow spending up to the deposited amount.
  • Average Price: May have a security deposit requirement fully refundable and possibly small monthly fees.
  • Pros: Prevents debt, helps manage spending, no credit check.
  • Cons: Does not build a credit score, limited availability of truly non-credit-reporting options.

• Peer-to-Peer Lending Interest-Free Models:

  • Key Features: Platforms that facilitate direct lending between individuals without interest. These typically involve social or community-based networks where loans are given out of goodwill Qard Hasan or based on profit-sharing arrangements.
  • Average Price: Transaction fees may apply, but no interest.
  • Pros: Fosters community support, avoids interest, provides access to funds for those in need.
  • Cons: Limited availability, may not be widely accessible or regulated like conventional lending, relies heavily on trust.

Understanding Firstcard.app: A Detailed Analysis

Firstcard.app positions itself as a modern solution for individuals looking to establish or rebuild their credit history, particularly targeting international students, immigrants, and those who struggle to get approved by traditional banks.

The core offering is a secured credit builder card, which inherently involves a security deposit.

While the website emphasizes “no APR” on the credit card itself, a deeper dive into the mechanics reveals aspects that warrant scrutiny, especially for those adhering to ethical financial principles that prohibit interest Riba. The platform operates by reporting payment activity to credit bureaus, a foundational aspect of conventional credit building.

The allure of features like cashback and earning APY on deposits, while seemingly beneficial, draws users into a financial ecosystem that is largely predicated on interest.

Firstcard.app Review & First Look: Navigating the Value Proposition

Upon first glance, Firstcard.app appears user-friendly and highly appealing to its stated target audience. Hearst.com Review

The prominent display of “no credit checks,” “no SSN required,” and “0% APR” immediately addresses significant pain points for newcomers to the U.S. financial system.

The website design is clean, with clear calls to action encouraging users to “Get Started.” They also highlight endorsements from publications like Forbes, Time, and CNN, which adds a layer of perceived legitimacy and trust.

The overall impression is one of accessibility and a modern approach to financial inclusion.

• Target Audience Focus: The website explicitly caters to “International Students,” “Immigrants,” and those with “No SSN” or “ITIN.” This niche focus is a strong point, addressing a market segment often underserved by traditional banks.
• Ease of Application: The “You’re pre-approved” messaging simplifies the initial perception of the application process, reducing perceived barriers.
• Transparency Claims: Statements like “We’re transparent with fees” and “No late fees. No overdraft fees. No setup fees. No minimum deposit requirement” aim to build confidence and differentiate them from conventional credit cards.

However, the core mechanism of “credit building” within the conventional financial system is what needs to be critically examined.

While Firstcard.app claims 0% APR on the secured card, the underlying purpose of this card is to create a credit history that allows access to other financial products, many of which are interest-bearing. Mfsmotor.com Review

This forms a subtle but crucial linkage to the Riba system.

Firstcard.app Features: A Double-Edged Sword

Firstcard.app boasts a range of features designed to attract and retain users, primarily focusing on credit building and financial incentives.

These features, while seemingly advantageous, contribute to integrating users into a conventional financial system.

• Credit Building for All:

  • Mechanism: Firstcard reports payment activity to all three major credit bureaus Experian, Equifax, TransUnion. This is the primary way it helps users build a credit score.
  • Benefit: For individuals with no credit history, this can be a quick way to establish a positive credit profile, potentially increasing credit scores by “52+ points on average within 3 months,” as claimed by Firstcard user data.
  • Consideration: The ultimate goal of building a credit score is typically to gain access to future loans, mortgages, and other financial products that are often interest-based.

• 0% APR and No Overspending Risk: Americanbranddesigner.com Review

  • Mechanism: The secured card design means users can only spend what they’ve deposited, effectively eliminating the risk of accruing debt and interest charges from unpaid balances.
  • Benefit: This promotes financial discipline and prevents users from falling into high-interest debt traps common with unsecured credit cards.
  • Consideration: While the card itself doesn’t charge APR, the underlying system it feeds into is still interest-based. It’s a “no APR” product in an APR-driven world.

• APY on Deposits:

  • Mechanism: Firstcard offers varying Annual Percentage Yields APY on the money deposited by users 0.75% for Standard, 2.00% for Plus, 4.00% for Premium members.
  • Benefit: Users “earn money while they spend” by having their deposit grow. This is positioned as a significant advantage over traditional savings accounts e.g., “The national average interest rate on savings accounts is 0.42% APY”.
  • Consideration: APY is explicitly interest. This is a direct engagement with Riba, regardless of whether it’s earned on a “secured deposit” or a regular savings account. For individuals seeking to avoid interest, this feature alone renders the product problematic.

• Cashback Rewards:

  • Mechanism: Earn up to 15% cashback at 29,000+ partner merchants and up to 10% random cashback via an in-app spinning wheel. Unlimited cashback is also offered 0.10% to 1% depending on the plan.
  • Benefit: Provides a tangible financial incentive for using the card for everyday purchases.
  • Consideration: While cashback itself is permissible, its integration into a product that also deals with interest APY and facilitates entry into an interest-based credit system complicates its ethical standing within this specific offering.

• Multilingual Customer Support:

  • Mechanism: Support offered in English, Chinese, Japanese, Spanish, and Portuguese.
  • Benefit: Highly beneficial for international users who may face language barriers when dealing with financial institutions.
  • Consideration: An excellent practical feature, but doesn’t address the ethical concerns of the financial product itself.

The dual nature of Firstcard.app – providing a seemingly “safe” entry point into the credit system while simultaneously offering interest on deposits – makes it a complex proposition.

For those prioritizing financial discipline and avoiding debt, the 0% APR and no overspending features are attractive. Boarderie.com Review

However, for anyone adhering to principles that prohibit interest Riba, the APY on deposits and the broader objective of building a conventional credit score present an irreconcilable conflict.

Firstcard.app Pros & Cons: An Ethical Perspective

When evaluating Firstcard.app through an ethical lens, particularly concerning the avoidance of interest Riba, the balance of pros and cons shifts dramatically.

While some features offer practical benefits, the fundamental connection to interest-based finance makes the product ethically problematic.

Cons From an Ethical Stance:

• Direct Engagement with Riba Interest: The most significant drawback. Firstcard.app explicitly offers “APY” Annual Percentage Yield on user deposits. APY is a form of interest, which is strictly prohibited. This alone renders the product impermissible for those committed to avoiding Riba.
  • Data Point: The website advertises “Earn up to 4.00% APY” on deposits, directly engaging in interest.
• Integration into an Interest-Based Credit System: The primary purpose of Firstcard is to build a credit score that is reported to major credit bureaus. While the secured card itself has 0% APR, the credit score built is fundamentally a metric used to access interest-bearing loans, mortgages, and other financial products in the conventional banking system. By facilitating the building of this score, Firstcard acts as a gateway to Riba-laden financial instruments.
  • Data Point: Firstcard users “see their credit scores increase 52+ points on average within 3 months,” according to Firstcard’s own user data, pushing them further into the conventional credit system.
• “No APR” as a Partial Truth: While the card doesn’t charge interest on balances, it promotes earning interest on deposits, which creates an asymmetrical engagement with Riba. It might give a false sense of being “interest-free” when it’s not entirely so.
• Subscription Fees: Users pay a monthly or annual fee $4.99 – $12.99/month or $72 – $144/year to use a service that still connects them to an interest-based system. This means paying for something that ultimately leads to engagement with what is prohibited.
• Foreign Transaction Fees for lower tiers: While the Premium plan offers 0% foreign transaction fees, the Standard and Plus plans have 3% and 1.5% respectively. This can be a burden for the very international audience they target.

Limited Pros from a general, non-ethical stance: Shop.icaregifts.com Review

• Accessibility for Newcomers: Firstcard provides a rare opportunity for international students and immigrants without an SSN to begin building a credit history, which is crucial for many aspects of life in the U.S. e.g., renting an apartment, getting utility services.
• Financial Discipline: The secured nature of the card prevents overspending and accumulating debt, fostering responsible financial habits.
• Cashback Rewards: The ability to earn cashback on everyday purchases can provide a small financial benefit.
• Multilingual Support: This is a valuable practical feature for a diverse user base.

In conclusion, for those who prioritize avoiding interest in their financial dealings, Firstcard.app, despite its attractive features and targeted solutions, fundamentally falls short due to its direct offering of APY on deposits and its role in building a credit score within an interest-based conventional financial framework.

The “pros” are heavily outweighed by the core ethical conflict.

Firstcard.app Pricing: Understanding the Subscription Model

Firstcard.app operates on a subscription model, offering different tiers with varying benefits and costs.

This is a departure from traditional credit cards, which often have annual fees or interest charges as their primary revenue streams.

While a subscription model itself isn’t inherently problematic, the services it grants access to are what need to be scrutinized. Virpil-controls.eu Review

Firstcard offers three main plans: Standard, Plus, and Premium, available on both monthly and yearly billing cycles.

Opting for a yearly plan offers a discount, promoting longer-term commitment.

• Standard Plan:

  • Monthly: $4.99/month
  • Yearly: $72/year Saves $11.88 annually compared to monthly
  • Features: Credit building, credit monitoring, in-depth credit report, up to 15% Merchant Cashback, up to 10% Random Cashback, 0.10% Unlimited Cashback, 0% APR, 0.75% APY, 3% Foreign transaction fee.

• Plus Plan:

  • Monthly: $8.99/month
  • Yearly: $108/year Saves $23.88 annually compared to monthly
  • Features: All Standard features, plus: 0.50% Unlimited Cashback higher than Standard, 2.00% APY higher than Standard, 1.5% Foreign transaction fee lower than Standard.
• Premium Plan: Redseafish.com Review

  • Monthly: $12.99/month
  • Yearly: $144/year Saves $35.88 annually compared to monthly
  • Features: All Plus features, plus: 1% Unlimited Cashback highest, 4.00% APY highest, 0% Foreign transaction fee.

Analysis of Pricing from an Ethical Standpoint:

The pricing structure itself is transparent, and the tiered benefits are clear.

However, the ethical concern arises because a portion of the value proposition in each tier is directly tied to interest APY. Users are paying a subscription fee to access a service that, among other things, allows them to earn interest on their deposits, which is contrary to ethical principles.

For instance, a user paying for the Premium plan is paying $144 annually for a service that includes a 4.00% APY.

This means they are paying for the privilege of engaging in an interest-bearing transaction. Myfancard.com Review

While credit monitoring and cashback are also part of the package, the inclusion of APY as a core feature of the value proposition compromises the entire offering from an ethical perspective.

It’s important to note that the website mentions a “free” tier option on one of its pricing comparison tables, stating “$4.99/month or $48/year” with 0.75% APY. This seems contradictory to the initial pricing structure and might indicate an older or introductory offer. However, even if a “free” option exists, if it includes APY, the core ethical issue remains.

Ultimately, while the subscription model offers predictability in costs, the revenue generated from these subscriptions is linked to facilitating services that involve interest, making it problematic for those seeking to adhere to ethical financial guidelines.

Firstcard.app vs. Ethical Financial Alternatives: A Comparison

Directly comparing Firstcard.app to other “competitors” in the traditional credit card space isn’t the most relevant approach from an ethical standpoint.

Instead, it’s more beneficial to contrast Firstcard.app’s model with genuinely ethical financial alternatives that prioritize interest-free transactions and responsible wealth management. Octb.us Review

Firstcard.app Model:

• Core Offering: Secured credit builder card aiming to build credit score.
• Interest Involvement:
  • Credit Card: 0% APR on purchases claimed.
  • Deposits: Explicitly offers APY interest on user deposits 0.75% – 4.00%.
  • System: Facilitates entry into the conventional credit system, which is fundamentally built on interest-bearing debt.
• Pros General: Accessible for immigrants/international students, no SSN required, prevents overspending, cashback.
• Cons Ethical: Directly engages in Riba APY on deposits, integrates users into an interest-based financial ecosystem.

Ethical Financial Alternatives e.g., Halal Finance Principles:

• Core Offering: Focuses on real asset-backed transactions, profit-sharing, risk-sharing, and community support rather than debt and interest. Examples include:
  • Qard Hasan Goodly Loan: Interest-free loans provided as a benevolent act.
  • Murabaha Cost-Plus Financing: A permissible mode of financing where the bank buys an asset and sells it to the customer at a profit margin.
  • Musharakah/Mudarabah Partnership/Profit-Sharing: Joint ventures where profit/loss is shared.
  • Takaful Islamic Insurance: Cooperative system of mutual protection and aid.
• Interest Involvement: Strictly avoids all forms of interest Riba, both in lending and borrowing, and in earning on deposits.
• Pros Ethical:
  • Riba-Free: Adheres to ethical principles by completely avoiding interest.
  • Equity & Risk Sharing: Promotes fair and just financial relationships.
  • Real Asset-Backed: Transactions are tied to tangible assets and productive economic activity.
  • Social Responsibility: Often emphasizes ethical investments and community welfare.
• Cons:
  • Limited Availability: Fewer institutions and products globally compared to conventional finance.
  • Complexity: Some structures might be perceived as more complex than simple interest.
  • No Conventional Credit Score Building: These alternatives do not build a “credit score” in the conventional sense, as that system is linked to Riba. This means individuals might face challenges in accessing conventional interest-based loans or mortgages, which is the very thing to be avoided.

Comparison Summary:

Feature	Firstcard.app	Ethical Financial Alternatives
Primary Goal	Build conventional credit score and provide a secured card, earn cashback.	Facilitate ethical transactions, wealth management, and financing without interest.
Interest Riba	Problematic: Offers APY interest on deposits. facilitates entry into an interest-based credit system.	Avoids Completely: Strict prohibition on all forms of interest Riba.
Credit Scoring	Actively builds a conventional credit score reported to major bureaus.	Does not engage in conventional credit scoring as it’s tied to interest-based lending. focuses on trustworthiness through real assets and payments.
Accessibility	Highly accessible for those without SSN seeking conventional credit.	Limited availability of full-fledged institutions. knowledge and adoption might be lower in some regions.
Financial Discipline	Promotes discipline by preventing debt on the card.	Inherently promotes discipline by focusing on real transactions, risk-sharing, and avoiding debt accumulation.
Fees/Costs	Subscription fees.	Transaction fees or profit-sharing. no interest charges.

For someone dedicated to ethical financial principles, Firstcard.app’s model, despite its innovations for newcomers, fundamentally engages with interest Riba through its APY offerings and its role in building a conventional credit score.

Therefore, ethical financial alternatives, though sometimes less ubiquitous in the U.S. Ewooow.com Review

Conventional market, offer a truly compliant pathway to financial independence and growth.

The path to financial stability does not need to involve interest.

How to Approach Financial Management Ethically: An Alternative Perspective

For individuals seeking to manage their finances and establish credibility without engaging in interest-based systems, an alternative approach is necessary.

This involves focusing on real asset-backed transactions, profit-sharing, and prudent financial planning, rather than relying on credit scores built through interest-based lending.

• Embrace Debt-Free Living: The primary goal should be to avoid debt entirely. This means saving up for purchases instead of borrowing, and making informed decisions about necessities.
  • Actionable Tip: Create a strict budget and stick to it. Use budgeting apps or spreadsheets to track every dollar in and out. This provides clarity and control.
• Cash is King or Debit is Queen: Rely primarily on debit cards linked to your own funds. This ensures you only spend what you have, eliminating the possibility of accruing interest-bearing debt.
  • Actionable Tip: Use a Prepaid Debit Card or a standard debit card from a bank. Ensure it has strong fraud protection.
• Build Savings and Assets: Instead of building a credit score to access loans, focus on building a strong savings reserve and acquiring real, productive assets. This demonstrates financial responsibility and capability in a way that is ethically sound.
  • Data Point: A significant emergency fund 3-6 months of living expenses is a crucial aspect of financial security, far more important than a high credit score for borrowing.
• Ethical Investment: If investing, seek out Sharia-compliant investment opportunities that focus on real economy activities and avoid prohibited sectors e.g., alcohol, gambling, conventional banking, arms.
  • Actionable Tip: Explore Halal Investment Platforms that screen investments for compliance.
• Rent Payments as Proof of Reliability: For newcomers needing to establish a track record for housing, some landlords may accept consistent rent payments as proof of reliability, even without a conventional credit score. Having a strong savings account or a reputable guarantor can also help.
  • Actionable Tip: Discuss your financial situation openly with potential landlords and offer alternative proofs of financial stability.
• Utility Bills and Other Regular Payments: Consistently paying utility bills electricity, water, internet on time can sometimes be used as a form of non-traditional financial history, although this varies widely by service provider and region.
• Community-Based Lending Qard Hasan: In some communities, interest-free loans Qard Hasan are available through benevolent organizations or individuals. This fosters mutual support without Riba.
  • Actionable Tip: Research local community centers or religious organizations that might offer such programs.
• Financial Education: Invest time in learning about ethical financial management principles. Understanding the pitfalls of interest and the benefits of debt-free living is paramount.
  • Actionable Tip: Read books on personal finance that emphasize saving, budgeting, and ethical investment.

By adopting these principles, individuals can achieve financial stability, acquire assets, and engage in the economy without compromising their ethical convictions.

Giftymize.com Review

The focus shifts from accumulating a credit score for borrowing to accumulating real wealth and demonstrating trustworthiness through responsible spending and saving.

How to Navigate Firstcard.app Subscription: Cancellation & Ethical Considerations

While Firstcard.app offers a subscription model for its services, and the details for cancellation might be found within their terms of service or help center, the primary ethical consideration here is whether one should engage with the service at all, given its involvement with interest APY. For those who may have inadvertently signed up or are considering it, understanding the cancellation process is essential to minimize engagement with ethically problematic financial mechanisms.

General Steps to Cancel a Firstcard.app Subscription Based on common app/service practices:

1. Review Terms of Service and Fees Page: Before initiating cancellation, always check the “Terms of Use” and “Fees” pages on the Firstcard.app website e.g., firstcard.app/terms-of-use, firstcard.app/fees. Look for specific clauses related to cancellation policy, any potential fees for early cancellation though they claim “no setup fees” and “no minimum deposit requirement,” specific cancellation terms for subscriptions can vary, and how deposits are returned.
2. Access Your Account: Log into your Firstcard.app account, either via their website or mobile application.
3. Locate Subscription Settings: Navigate to your account settings or profile. Look for sections labeled “Subscription,” “Plans,” “Manage Account,” or “Billing.”
4. Initiate Cancellation: Within the subscription settings, there should be an option to “Cancel Subscription” or “Change Plan.” Follow the on-screen prompts. You may be asked to confirm your decision or provide a reason for cancellation.
5. Contact Customer Support: If you cannot find the cancellation option within the app/website, or if you encounter issues, contact Firstcard.app’s customer support directly. They offer multilingual support.
   • Email: [email protected]
   • Help Center: firstcard.app/help-center check for contact numbers or live chat options if available.
6. Confirm Cancellation: Ensure you receive a confirmation email or message stating that your subscription has been successfully canceled. Keep this for your records.
7. Manage Your Deposit: Since Firstcard is a secured card, your initial deposit will be held by their banking partner Regent Bank, Member FDIC. Upon cancellation and closure of the secured card account, you should be able to retrieve your deposit. Clarify the process for deposit return with customer support and monitor your bank account for the refund.

Ethical Considerations for Cancellation: Eccotemp.com Review

The act of cancelling a subscription to a service like Firstcard.app, particularly if it involves interest APY, is a step towards disengaging from financial practices that are not permissible.

It aligns with the principle of avoiding Riba and seeking alternative, ethical means of financial management.

Even if there are nominal cancellation processes or waiting periods, the commitment to avoiding interest outweighs these minor inconveniences.

It’s important to remember that true financial stability and ethical living are not dependent on a conventional credit score built through interest-based mechanisms.

By canceling such services, you reaffirm your commitment to a debt-free, interest-free financial pathway. Enov.one Review

FAQ

What is Firstcard.app?

Firstcard.app is a financial technology company that offers a secured credit builder card primarily aimed at international students and immigrants in the U.S., particularly those without a Social Security Number SSN, to help them establish a credit history.

How does Firstcard.app claim to help build credit?

Firstcard.app helps build credit by reporting payment activity from its secured credit builder card to all three major credit bureaus Experian, Equifax, TransUnion. Users are expected to see an increase in their credit scores based on on-time payments.

Is Firstcard.app suitable for individuals without an SSN?

Yes, Firstcard.app explicitly targets and accepts applications from international students, immigrants, and foreigners without an SSN, making it accessible for this demographic to start building a credit history.

Does Firstcard.app charge interest APR on its credit card?

Firstcard.app explicitly states “0% APR” on its secured credit builder card, meaning users do not pay interest on outstanding balances.

However, this applies to the spending aspect, not the earnings on deposits. Csmacro.com Review

Does Firstcard.app offer interest APY on deposits?

Yes, Firstcard.app offers Annual Percentage Yield APY on the money deposited by users.

The APY varies by subscription plan, ranging from 0.75% to 4.00%, which is a form of interest.

What are the main ethical concerns with Firstcard.app?

The primary ethical concern is its direct involvement with interest Riba through the APY offered on deposits.

Additionally, its purpose of building a conventional credit score integrates users into a financial system largely based on interest-bearing loans and debt.

What are the subscription plans for Firstcard.app?

Firstcard.app offers three subscription plans: Standard, Plus, and Premium, with both monthly and annual billing options. Mucahost.com Review

Prices range from $4.99/month Standard to $12.99/month Premium, with discounts for annual payments.

Does Firstcard.app offer cashback rewards?

Yes, Firstcard.app offers cashback rewards, including up to 15% at partner merchants and up to 10% through a “random cashback” spinning wheel in their app, as well as unlimited cashback 0.10% to 1% depending on the plan.

Are deposits with Firstcard.app FDIC-insured?

Yes, money in a Firstcard account is insured up to $250,000 through their bank partner, Regent Bank, which is a member of the FDIC. This provides security for the deposited funds.

How does Firstcard.app compare to traditional credit cards?

Firstcard.app is a secured credit card with 0% APR, aiming to prevent overspending and debt, unlike many traditional unsecured credit cards that can have high APRs.

It also specifically caters to those without a credit history or SSN, a market segment often underserved by traditional banks.

Can I get a secured credit card without an SSN from Firstcard.app?

Yes, Firstcard.app is designed to allow individuals to apply for and obtain a secured credit card even if they do not have a Social Security Number, accepting ITINs instead.

What are the fees associated with Firstcard.app?

Firstcard.app charges monthly or annual subscription fees for its plans.

While it claims “no APR or interest,” “no late fees,” “no overdraft fees,” and “no setup fees,” foreign transaction fees may apply depending on the chosen plan 3% for Standard, 1.5% for Plus, 0% for Premium.

How quickly can Firstcard.app users expect to see a credit score increase?

According to Firstcard user data, users with a credit score below 500 observed an average increase of 52 points within 3 months of their first purchase using Firstcard with on-time payments.

Does Firstcard.app provide credit monitoring?

Yes, credit monitoring is a feature included in all Firstcard.app subscription plans Standard, Plus, Premium to help users track their credit report and score.

What languages does Firstcard.app customer support offer?

Firstcard.app offers multilingual customer support in English, Chinese, Japanese, Spanish, and Portuguese to better serve its diverse user base.

What are ethical alternatives to using Firstcard.app for financial management?

Ethical alternatives include focusing on debt-free living, using only debit cards or prepaid cards, building savings and real assets, exploring Halal investment platforms, and seeking out interest-free community loans Qard Hasan.

How does “APY” on deposits relate to interest Riba?

APY, or Annual Percentage Yield, is the real rate of return earned on an investment, taking into account compounding interest.

Any form of earning a fixed or predetermined return on deposited money, without real risk or profit-sharing from a tangible asset, is considered Riba interest and is ethically prohibited.

Does Firstcard.app have a minimum deposit requirement?

No, Firstcard.app states there is “No minimum deposit requirement” for its secured credit card.

Can using Firstcard.app negatively impact my credit score?

While Firstcard.app aims to help build credit, late payments or defaulting on your secured card obligations would still be reported to credit bureaus and could negatively impact your credit score, similar to any other credit product.

What should I do if I want to cancel my Firstcard.app subscription?

To cancel your Firstcard.app subscription, log into your account to find the cancellation option in your settings or contact their customer support directly via email [email protected] or through their help center.

Ensure you receive confirmation of cancellation and understand the process for retrieving your security deposit.