Review: First National Bank of Omaha Credit Cards

first-national-bank-omaha-credit-cardFirst National Bank of Omaha, through its First Bankcard division, offers a number of credit cards that have decent features but definitely not the best on the market. Below we offer an overview and review of all the cards offered by First National Omaha:

  • The and are no-annual-fee cash back credit cards both with a 1% rebate formula on all purchases, which is not very competitive with the many other cash back credit cards on the market.

  • The is a standard points rewards card. You earn 1 point per dollar charged to the card, and points can be redeemed toward gift cards, merchandise, travel rewards, etc. Nothing particularly interesting about this card; every card-issuing bank offers one just like it. See better rewards cards here.
  • The or are all about the interest rate. Depending on your credit history, you can get an interest rate of 9.99%, 14.99%, or 19.99%. (Compare these to the 15.99% – 22.99% range for the First National reward cards) You’ll also get a 0% rate on purchases and balance transfers for the first 12 months you have the card, which the reward cards above also offer. (Note that there’s a 3% fee on balance transfers.)
  • The is a whole different animal than the cards above. It is a credit card designed for those with no credit history or a bad credit history. As such, it requires what amounts to a security deposit. You put down a deposit of anywhere from $300 to $5000, and the card has a credit limit equaling the amount of your deposit. (Your deposit does earn a small amount of interest.) Note that you pay off the credit card just like any other — your security deposit is just collateral, and is not used to pay your balance unless you stop making payments. If you do make your payments on time each month, this card can help you create a good credit history or at least help you start fixing your past bad history if you’ve had credit problems. There is a small $19 annual fee that is separate from your security deposit.

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