FIT Mastercard®can be very helpful to rebuild your credit and it requires no deposit!
Rebuild your credit with the FIT Mastercard® credit card! Check out our full review and learn all the benefits of this card.
FIT Mastercard® credit card: Rebuild your credit!
Are you looking for a new credit card? If so, the FIT Mastercard® may be worth considering! Especially if you have a bad credit score and want to rebuild it!
It offers an easy and fast application process and accepts applicants with bad or no credit. Interested? Read on and learn more about the pros and cons of this credit card.
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All you need to know about the FIT Mastercard® credit card
FIT Mastercard® is an unsecured card issued by the Bank of Missouri. It is perfect for rebuilding or establishing credit since it reports your monthly payments to 3 major bureaus.
Once approved, the FIT Mastercard® credit card offers a good credit limit for its cardholders with fair credit score.
After 6 months, if you make your monthly minimum payments on time, you can double your credit limit!
Although it may be suitable for raising your credit, it comes with several different fees you must be aware of. It starts with a 29.99% APR, which shows to be higher than average.
You must also pay an annual fee, which will be debited from your account once it is open.
A monthly maintenance fee is also charged. Also, if you request to have an additional card, it will charge you another fee.
So, if you don’t want to pay this fee, check no for the extra card in the application form.
FIT Mastercard®credit card is undoubtedly a good option if you want to increase your credit score, but remember to pay attention to its fees.
FIT Mastercard® credit card details
This card will offer you great benefits. However, you must be aware of its disadvantages too. Check below the pros and cons of this credit card.
- No Security Deposit: One of the notable advantages of the Fit credit card is that it does not require a security deposit. This can be particularly beneficial for individuals who may not have the financial means to provide a deposit upfront but still wish to access a credit-building tool.
- Mastercard Affiliation: As a Mastercard, the Fit credit card offers widespread acceptance. Cardholders can use it for transactions at a multitude of locations, including both physical stores and online merchants. The Mastercard network’s extensive coverage enhances the card’s convenience and utility.
- Credit-Building Opportunity: The Fit credit card is designed with a focus on credit-building or rebuilding. For individuals with limited or damaged credit histories, responsible use of this card, including timely payments, can contribute to improving their creditworthiness over time.
- Flexibility for Everyday Purchases: The Mastercard affiliation not only provides broader acceptance but also allows users to make a variety of everyday purchases, from groceries to online shopping. This flexibility can be advantageous for individuals seeking a practical and versatile credit tool.
- Accessibility: The Fit credit card may be more accessible to individuals with varying credit profiles, making it an option for those who might face challenges qualifying for other credit cards with more stringent requirements.
- Quick Application Process: Credit cards focused on credit-building often streamline the application process. The Fit credit card may offer a relatively quick and straightforward application, allowing users to obtain a credit line more efficiently.
- Potential Credit Limit Increase: With responsible credit management, cardholders may have the opportunity to see an increase in their credit limit over time. This can provide added financial flexibility and contribute to a positive credit history.
The Fit credit card comes with several drawbacks that potential cardholders should carefully consider:
- Fee Structure: The Fit credit card is associated with a fee structure that some users may find burdensome. In addition to a standard annual fee, cardholders are required to pay a one-time processing fee of $89, which must be settled using an alternative payment method before card activation. There’s also a $99 annual fee, immediately charged upon activating the card, impacting the initial spending capacity. The card incurs a $75 maintenance fee, waived for the first 12 months but billed monthly thereafter at $6.25, adding to the overall cost. These fees accumulate to $188 for the first year and $174 for subsequent years, excluding potential extra charges like a $30 fee for an additional card or a $41 fee for late or returned payments.
- Low Initial Credit Limit: While the typical starting limit is R$1,000, it can be higher or lower depending on your individual circumstances. The $99 annual fee is deducted upfront, leaving an initial spending power of only $301. While there is a potential credit limit increase to $800 after six months of on-time minimum payments, the overall numbers may be disappointingly low for many users, impacting their credit utilization and access to funds.
- High Annual Percentage Rate (APR): For users unable to pay their Fit credit card balance in full each month, the card carries a high annual percentage rate (APR) of 29.99%. While this rate is not uncommon for credit cards designed for individuals with less-than-perfect credit, it is notably higher than the average. This elevated APR can lead to substantial interest charges, particularly when factoring in interest on various fees. Making only minimum monthly payments further compounds the issue, affecting the already limited credit limit.
What is the credit score necessary to apply?
This card will certainly help you raise your score. So, if you have bad credit, you won’t need to worry when applying for this card.
You can apply for this credit card with a poor FICO Score (300-579) or without credit.
Since the FIT Mastercard® reports your monthly payments to significant bureaus, you can build or rebuild your credit standing.
Learn how to get the FIT Mastercard® credit card.
Applying for the FIT Mastercard® credit card is quick and simple. You can apply online and get a result in seconds.
Want to apply for this card? Read the following article and learn more about the application process.
About the author / Beatriz Vieira
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