We then checked to see if they had any introductory or welcome bonuses for new customers. While they lack offers such as an introductory APR or rewards of some sort, there are no cash advance fees/monthly fees for your first year of membership.
When you think about the high fees the card carries, such as the $8.25 service fee charged every month and the cash advance fee (3% or $10) is an excellent offer for new customers.
So, while you won’t earn airline miles or cashback rewards, it is a fine way to build your credit score without spending a bundle or putting down a big deposit.
The card offers you a limit of $300, which is generous for an unsecured card for a person with bad credit. However, you will have your annual fee of $75 taken from that balance. This is the first-year fee, and afterward, it drops to $48 in the years following.
Also, you may be eligible for a credit limit increase after your first year of usage. However, you will have to pay an assessment fee for this at a rate of 20%. So, if you increase your limit by $100, the fee that you will pay will be $20.
Now, we will discuss the drawbacks of the card- namely, the many fees charged with your membership. The card is excellent but notorious for charging its users maintenance and interest fees that are relatively high.
For starters, the APR on this card is 35%. Your interest charges, at minimum, will be one dollar. And, once you sign up for the card, you will have to pay a one-time fee of $95, also known as a program fee.
This is in addition to the $75 first-year fee, which will drop to $48 in the subsequent years. In addition, any supplementary cards you get for partners/spouses will carry a supplementary fee of $29.
Should you miss a payment or incur a returned Tiffin payday loans near me payment fee, the cost associated with that is $40- very high even for a credit card for people with bad credit.
Ultimately, it is a good card for people who are down on their luck but know they can rebuild/repair their credit.
Highlights
- Supplementary cards for spouses are easy to get
- Great if your score is 300 to 670
- No deposit required
Pros
- You can obtain a card for your spouse if necessary
- No cash advance fees or monthly membership fees in the first year
- Limit is small and easy to use for credit repair
Cons
- APR is high
- The annual fees are expensive
Here we have another stylish-looking card- with the contrasting colors of red and black- perfect for people that need a safe way to rebuild their credit while having some buying power of their own.
This handy card sends reports to the three major credit bureaus. At first, you will get $400, and cardholders could increase their limit in as little as six months, provided you are making payments on time.
They also offer Zero Fraud Liability Protection on the card. Plus, you can choose to receive online statements and, in turn, have access to your credit score free of charge every month.
While our initial impression of the card is favorable, we do have to note the high fees and the high APR that comes with it.
For starters, you will be charged a processing fee of $89, an annual fee of $99, and a $6.25 monthly fee. However, they waive that monthly fee during your first year of membership.