First Equity Visa Card

First Equity Visa Card for Businesses

This card is offered through First Equity, which is a financial corporation dealing mainly in small businesses. Credit cards offered through this company are not for personal use, but instead are intended to be used by small business owners and their employees. Although the card is a business card, this company does take personal financial information into consideration when reviewing a credit application. Even if a small business is relatively profitable, the credit score of the applicant will still be taken into consideration.

If a cardholder defaults on payments to this card, the delinquent status will be reported to credit bureaus in both the name of the small business and the name of the cardholder. In other words, although the card is attached to the credit of the small business, it still has the potential to affect the personal credit history of the cardholder.

Apply for a Card

Applying for a First Equity Visa Card is not as easy as applying for other cards. There is no online application available to the general public, and there is no specific phone number to call in order to apply. Instead, this company distributes applications to credit-worthy small businesses and asks them to apply using a unique code issued by First Equity.

After receiving an invitation, applicants can either fill in the application and return it through the mail, or they can apply online using the unique application code number accompanied by the invitation.

If you receive an application in the mail and would like to apply, but cannot locate the code issued to you, then you can look up your business on the First Equity website. The search engine will ask for your company's name and zip code. If your business is in the First Equity database, you will be allowed to proceed with the application without the code.

Cardholder Concerns

An Internet search for information regarding the First Equity Visa Card will yield several results containing various complaints from account holders. Some of the recurring concerns about this company include:

• The company is hard to reach when questions arise. The contact page on the First Equity website only lists mailing addresses and a link to send an e-mail for questions. There is no phone number listed for customer service inquiries.
• The interest rate offered is not the interest rate received. Some cardholders complain that they were promised a certain interest rate, but received a higher one.
• The spending limit offered is not the spending limit received. Complaints exist of account holders expecting a higher credit limit than they actually received.
• Conditions of the card are different than initially offered. Although some cardholders received generous spending limits, they were not granted full access to the spending limit. This resulted in declined transactions.

Every credit card company will experience unhappy customers at one time or another, so the presence of complaints against First Equity does not absolutely indicate that the company is conducting business in a poor manner. Informed consumers will take all factors into consideration before deciding whether to apply for a credit card.

Equity Credit Cards

Although the name First Equity may lead some people to believe that this card is somehow tied to an equity line of credit, it is not. This card is strictly for small businesses and it has nothing to do with the equity or mortgage of the small business.