First Electronic Bank, nestled in Salt Lake City, has teamed up with several fintech firms like Cardless, Concora, and Imprint to offer an expansive range of credit cards. Among their selection, you’ll find credit-building options, along with a mix of store and co-branded travel cards that cater to different spending needs.
The suitability of these cards largely hinges on individual priorities. For instance, while the credit-building card might impose hefty fees, the co-branded options could work wonders for brand devotees.
Now, let’s dive deeper into what First Electronic Bank has to offer in the realm of credit cards.
### For Building Credit
#### The Destiny Mastercard®
If you’re aiming to establish or rebuild your credit history, the Destiny Mastercard® serviced by Concora might catch your eye. It’s an unsecured card that’s easy to obtain, albeit with pricier terms. Prepare for a $175 annual charge in the first year, which then drops to $49. However, keep in mind the $12.50 monthly fee after year one, culminating in a $150 yearly expense.
Those looking for affordable alternatives might find better luck with secured credit cards, especially if submitting a refundable deposit isn’t an issue. This route often proves more economical and offers tangible financial benefits over the Destiny Mastercard®’s maintenance fees.
### For Travel
#### Airline Cards
First Electronic Bank offers the Turkish Airlines Miles&Smiles Premier Visa Signature card through a collaboration with Imprint. With a $99 annual fee, this card provides a sign-up bonus and elevated rewards for Turkish Airlines purchases, dining, groceries, entertainment, and lodging. However, perks like airport lounge access or credits for TSA PreCheck or Global Entry are conspicuously absent.
Additionally, First Electronic Bank has a partnership with Cardless to deliver co-branded airline cards for select international carriers. While these cards cater to frequent international flyers, it’s worth noting the absence of options for major domestic airlines.
Alternatively, if you already have a card from a major issuer like Chase, Citi, or Wells Fargo, you might have opportunities to earn miles with several international airlines through existing rewards programs.
#### Hotel Cards
It’s worth mentioning that first-timers might want to consider carefully before dabbling in timeshare-related products due to their cost. Similar to their airline card counterparts, these hotel cards from First Electronic Bank appeal to very specific audiences.
### For Shopping
The Simon American Express Card from Cardless, another offering by First Electronic Bank, charges no annual fee and provides 5% cash back at Simon Centers like Simon Malls, Mills, and Premium Outlets (capped at $10,000 annually). It also offers a generous 10% cash back on gift cards via the Cardless app, with all other purchases netting 1%. Remember, though, you’ll need to use the card five times per billing cycle to earn those rewards.
Imprint also offers a suite of store cards that can complement your shopping habits.
### Is a First Electronic Bank Credit Card Right for You?
Choosing the right card boils down to loyalty. If you find yourself consistently shopping or traveling with particular brands, then their specific credit cards might offer tangible benefits. However, if your shopping and travel habits are more varied, a general rewards credit card with transferable points could be a smarter choice.
The Destiny Mastercard® offers a path to credit for those with no positive history, albeit at a higher cost. For those with less-than-optimal credit, quieter alternatives with lower fees might prove more favorable.
