What Is First Electronic Bank, and Are Its Credit Cards Right for You?
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Salt Lake City-based First Electronic Bank partners with several financial technology companies — including Cardless, Concora and Imprint — to issue a wide variety of credit cards. Among First Electronic Bank’s portfolio are a credit-building card, along with a collection of store cards and co-branded travel cards.
Whether their cards are a good fit for you can depend on what you’re looking for. The credit-building card charges high fees, but the co-branded cards may benefit anyone who's loyal to those brands.
Here’s a closer look at First Electronic Bank’s credit cards.
For credit-building
The Destiny Mastercard®
The Destiny Mastercard®, which is serviced by Concora, is an unsecured credit card for those who are looking to establish or repair a credit history. However, as with many such unsecured products, this card is expensive to carry. There’s an annual fee of $175 in the first year, and then $49 after that. Plus, after the first year, there’s a $12.50 monthly fee, which adds up to $150 per year.
You can find many superior and less costly credit cards aimed at those with no credit or poor credit (credit scores of 629 or lower), especially if you're able to put down a deposit for a secured credit card. Unlike the fees you'll pay for holding the Destiny Mastercard® , a security deposit is eventually refundable.
For travel
Airline cards
First Electronic Bank issues the Turkish Airlines Miles&Smiles Premier Visa Signature card, in partnership with Imprint. The $99-annual-fee card offers a sign-up bonus, as well as an elevated rewards rate for Turkish Airlines purchases, dining, groceries, entertainment and lodging. But it lacks other travel perks, like airport lounge access or a credit toward TSA PreCheck or Global Entry.
The bank also partners with Cardless on its portfolio of co-branded airline cards for other international carriers, including:
The Avianca lifemiles American Express Elite Card ($249 annual fee) and Avianca lifemiles American Express Card ($99 annual fee). See more about these cards here.
The Qatar Airways Privilege Club Visa Infinite Credit Card ($499 annual fee) and Qatar Airways Privilege Club Visa Signature Credit Card ($99 annual fee). See more about these cards here.
The TAP Miles&Go American Express Credit Card ($79 annual fee).
The LATAM Airlines World Elite Mastercard ($99 annual fee) and LATAM Airlines Mastercard ($0 annual fee). See more about these cards here.
Ultimately, these are relatively niche products. They could be decent picks for loyalists who often fly internationally, but First Electronic Bank doesn't issue any co-branded airline cards for major domestic carriers.
However, many of the international airlines above are already partners for premium travel cards from major issuers like Chase, Citi and Wells Fargo. So you may already have the ability to earn miles with these carriers, indirectly, through an existing card in your wallet.
Hotel cards
Imprint’s World of Westgate Mastercard and Holiday Inn Club Vacations World Mastercard are issued by First Electronic Bank. Both earn rewards on resort purchases, including the mortgage for a timeshare.
Of course, it's an understatement to say that timeshares aren't for everyone and can be very costly. As with First Electronic Bank's co-branded airline cards, these are niche products aimed at a very specific audience.
For shopping
Cardless’ Simon American Express Card, also issued by First Electronic Bank, has a $0 annual fee and earns 5% cash back at Simon Centers, which include Simon Malls, Mills and Premium Outlets (on up to $10,000 in spending per year). You can also earn 10% cash back on gift cards purchased through the Cardless app. All other purchases earn 1% cash back. You must use your card five times per billing cycle to earn rewards.
Imprint’s collection of store cards includes:
The H-E-B credit card ($0 annual fee).
The Eddie Bauer World Mastercard ($0 annual fee).
The Brooks Brothers World Mastercard ($0 annual fee).
The Horizon Hobby Visa credit card ($0 annual fee).
Is a First Electronic Bank credit card right for you?
When it comes to airline, hotel and store credit cards, brand loyalty is key. The more you shop in a specific store, or book travel through a specific airline or hotel chain, the more you stand to benefit from that brand’s credit card. If you’re not wedded to specific brands, a more general rewards credit card could be a better choice — especially if that general rewards card has travel partners to which you can transfer your points.
First Electronic Bank’s credit-building card, the Destiny Mastercard®, serves a different purpose by making it possible for consumers to access credit without a positive credit history. However, the card costs a lot, while other cards for consumers with bad credit have significantly lower fees.
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