Equity Credit Card
Only available by invitation, the First Equity credit card is a small business credit card offered to small
entrepreneurs deemed to be the most creditworthy.
First Equity has been a leading provider of credit cards to small businesses for a long time now. As of press time,
First Equity offers the First Equity Platinum Small Business Card in both MasterCard and Visa.
First Equity sends invitations to small businesses encouraging them to apply by mail or online. No phone
applications are accepted in order to avoid identity theft or fraud. Applications for the First Equity
credit card are usually processed within four weeks. After this period, the applicant will receive a
mailed approval or rejection letter. Another week will be needed to have the First Equity credit card delivered. An
excellent credit rating is needed to get approval for this card. At least, a FICO score of 781 is recommended.
Other requirements that may be needed for application include a business phone and address, tax I.D. number, and
other proof of business.
The First equity credit card is issued and managed by Columbus Bank and Trust Company. The only reward attached to
the card is the cash back offer. Cardholders get to earn up to 5% cash rebate when the card is used for qualified
purchases. The basic fees attached to the First Equity credit card include an annual fee of $0 or $39 (depending on
the applicant’s creditworthiness) and an APR of up 9.9% (again, based on the applicant’s creditworthiness). First
Equity also gives a minimum of 20 days grace period to cardholders who pay their bills in full and on time.
The First Equity credit card comes in Platinum Premier, Platinum Plus, and Platinum Classic. The First Equity
Platinum Premier Card comes with a 0% APR, the Platinum Plus with 6.9%, and the Platinum Classic comes with an APR
Other perks attached to the First Equity credit card include a working credit line of up to $50,000, a customized
business name printed at the top of the card, and free supplementary cards for the business’ employees.
Consumer reviews about the First Equity credit card are mixed. A few positives include the improvement of
their credit report on Experian and the gradual increase of their credit limit and decrease of their interest rate.
A few others, however, are annoyed by the vague answers from customer service reps and the misleading interest
rates when the credit card is offered. People are also surprised about the sudden hike of their interest rates when
they receive their first bill.
Source: Credit Cards For People With Bad Credit Rating
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