With Fit Mastercard, swift processes are the norm, from approval stages to credit limit assessments and improving credit ratings. Its rise in popularity in 2022 is attributed to its accessibility even for those with imperfect scores.
Issued by the Bank of Missouri, geographical boundaries aren’t an issue; the card caters to people across the US. It’s a lifeline for those with weak credit aiming to enhance their scores. While it may lack in the rewards department, the card shines as a foundational credit builder.
Continue reading to delve deeper into Fit Mastercard’s functionality, approval procedures, and its standout features.
How does Fit Mastercard operate?
Designed for easy application, the Fit Mastercard appeals especially to those with compromised credit scores. Following an online approval, a $400 credit limit welcomes you. Its initial limit is commendably higher than many unsecured counterparts, but significant purchases would require a waiting period for limit evaluations.
Timely payments are crucial. A distinct advantage of this card is its monthly reporting mechanism to all three primary credit bureaus: TransUnion, Experian, and Equifax. Hence, boosting credit scores becomes expedited compared to traditional cards. A note of caution: for individuals with at least average scores, this might not be the ideal pick due to its elevated APR for balances and penalties.
Secured or Unsecured?
Many with compromised scores grimace at the thought of secured credit cards due to the obligatory security deposits. The good news? Fit Mastercard remains unsecured, offering a rare opportunity for those on their credit enhancement journey.
Fit Mastercard’s Salient Features
Beyond not demanding security deposits or impeccable scores, here’s what you can expect:
• Caters to diverse credit scores.
• Offers an initial $400 credit limit.
• Potential to double your limit within half a year.
• Complimentary unrestricted access to your Experian credit score.
• Accepted universally (wherever Mastercard is valid).
• Free online account management via the Fit Mastercard app.
• Inclusive of zero-liability fraud protection.Certain stipulations apply: for instance, the first six months require punctual payments to be eligible for a credit limit surge. Additionally, to benefit from Experian score access, e-statement registration is necessary.
Potential Downsides
If fees make you flinch, be wary. The Fit Mastercard comes with several, some even diminishing your credit limit, like the initial $89 setup fee.
Is Fit Mastercard Your Match?
If you’re seeking an unsecured card, willing to bear additional fees, and are on a mission to reconstruct your credit, this could be your card. But remember, it’s no magic wand for credit augmentation. Responsible handling and punctual payments are the cornerstones. Balances are discouraged due to the high fees and APRs.
APR and Fee Overview
Targeted at those with weaker credit scores, it’s not surprising that the Fit Mastercard has steeper rates and multiple fees:
• Annual fee: $99
• Monthly maintenance: $6.25 (post-first year)
• APR: 29.99%
• Cash advance fee: 5% or $5
• Processing charge: $89
• Foreign transaction: 3%
• Late/returned payment: $40
Missing payments or maintaining balances can exponentially increase your expenses.
Approval Procedure
Securing approval for the Fit Mastercard is straightforward and quick. Simply visit the official website or contact the provider directly. Provide essential details, post which a comprehensive credit evaluation ensues. Nonetheless, the approval rate is promising, ensuring most applicants a positive outcome.
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