The
FIT™ Platinum Mastercard® is an expensive unsecured credit card for people with bad credit or limited credit history. The Fit Mastercard charges a one-time fee of
$89 before the account is even open, then follows it up with a
$99 annual fee, which is joined by a monthly fee after 12 months. In return, Fit Mastercard users get a $400 credit limit and monthly reporting to the three major credit bureaus. There aren’t any rewards or other noteworthy perks.
The card’s relatively high limit could make it helpful for emergencies, but any balance you carry from month to month will accrue interest at a very high rate. Furthermore, there are lots of far less expensive credit cards that report to the major credit bureaus on a monthly basis and can help you build or rebuild your credit standing. As a result, most people should take a pass on applying for the Fit Mastercard Credit Card. Nevertheless, you can learn more about whether or not the Fit Card is befitting your situation below.
Fit Mastercard Review Highlights: - $89 one-time fee. Pretty much only unsecured credit cards for people with bad credit charge this type of one-time administrative fee, which is assessed prior to account opening and is not subtracted from your initial available credit.
- $99 annual fee. This makes the Fit Mastercard roughly $77 per year more expensive than the average credit card offer and $99 per year more expensive than the best secured credit cards.
- $6.25 monthly fee, starting year two. If you decide to apply for the Fit Mastercard, aim to close your account before it turns one year old. Otherwise, an already expensive credit card will become even more so. Besides, if you manage your account responsibly, you should be able to improve your credit enough to qualify for a better offer after 12 months.
- $400 minimum credit limit. Unsecured credit cards for people with limited or bad credit usually have a starting credit limit of $300. Having an extra $100 to work with from the Fit Mastercard makes it more suitable for emergency expenses that you don’t have enough cash on hand to cover. Also, cardholders have the ability double their credit limit after the first 6 on-time monthly minimum payments.
- 29.99% (V) APR. The Fit Card’s APR is far too high to warrant carrying a balance from month to month, except in a true emergency. For context, the average credit card offer has an APR of about 22.89%.
- Monthly credit-bureau reporting. Information about your Fit Mastercard account will be reported to the three major credit bureaus each month. That gives you the opportunity to add positive information to your credit reports, thereby making any negative information already in your file gradually seem less important. In order to take advantage of this opportunity, make sure to pay your bill on time every month and keep your balance well below your credit limit.
- Checking account required. Most credit card issuers require applicants to have a bank account to use for monthly bill payments on their credit card account. It’s not a universal requirement, however, as there are some credit cards with no bank account needed.
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Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.