In order to rectify your credit and get your finances back on track you should look for the most reliable credit cards for bad credit. The First Progress Platinum MasterCard credit card and the Surge MasterCard credit card present a viable option. Have a look at the most popular reviews and opinions about these financial instruments and make an informed decision.
The First Progress Platinum MasterCard Reviews
- Ideal for building your credit
- Regular reporting to all the three major credit agencies every month
- After building a strong credit score you can eventually apply for a better credit card with better terms
- Total control over your credit limit which can be determined by your deposit
- You can start as low as $200 and go up till $2000
- Additional funds can be deposited to raise your credit limit up till $5000
- There is no minimum credit score that you will need to apply for this credit card
- The application process is very simple and fast
- The annual percentage rate of this credit card is relatively low which stands at 9.99 % variable
- If you compare this with other credit cards, their APR can go up till 26%
Now Let's Get To A Review Of The Surge MasterCard Credit Card
- Unsecured Card Access : In case you have bad or no credit at all you have the freedom to build credit with an unsecured credit card. The Surge MasterCard credit card lets you have that freedom and you can easily qualify for a better credit card in the future that has better terms.
- Regular Reporting To Three Major Credit Bureaus : All the payments that you make with your Surge MasterCard credit card are going to be reported to the three major credit bureaus, namely Experian, Equifax and TransUnion. This is a major convenience and using this credit card for your daily purchases will be simplified further with this feature.
- Talking About The Fees Associated With The Surge MasterCard credit Card: Now this is going to be a completely different topic. The reason is that the fees and charges associated with the Surge MasterCard credit card are relatively higher as compared to competitive alternatives available in the market.
- The annual fee for the first year is going to be $125. After that it is going to be $96. The fee will be deducted from your available credit line.
- There is also a monthly maintenance free that amounts to $120. This amount is billed at $10 per month from your credit card.
- There is also an additional card fee which is a standard 30 dollar charge if you add a user to your credit card account.
- The foreign transaction fee associated with this financial instrument is 3%. It is going to be levied at every transaction that you make outside of the United States.
- In addition to this there is a late payment fee which will be charged up to 40 dollars and returned payment fee which is again a $40 amount.
But why should you need these credit cards for bad credit in the first place? How is credit score calculated and what causes it to go bad in the first place? We will answer all these questions but before that we will need to understand what credit score is.
What Is A Credit Score?
Credit cards come with a lot of features and many of them will be beneficial to you. However, some of them might not be so great to begin with like we saw in the section above. To understand the concept of credit score, you should first understand that everybody comes with a certain degree of creditworthiness. Your credit score is decided upon that creditworthiness. A credit report is going to depict the credit history of any individual who uses a credit card. This credit report is going to contain their credit score essentially based upon the transactions that they have carried out with that credit card. It includes their credit behavior, loans and repayments on the same. This is what is meant by their credit score.
In more precise terms, a credit score is a numeric representation of the creditworthiness of any credit card holder. There are a number of organizations that determine this credit score and assign a degree of creditworthiness to a credit card user.
What Causes Your Credit Card To Go Bad?
- Delayed payments on your credit history are going to affect your credit score directly. This is why it is always advised to pay your credit card bills on time.
- Foreclosure is also a big reason for a bad credit score. It is similar to the effect that a loan default has on your credit standing.
- Defaulting on your payments, as said before, is going to directly impact your credit score. It will get worse if the payment is completely charged off.
At the end of the day, credit cards for poor credit are meant to be used diligently and with a calm mind. Use them to start afresh. Use them to write a different financial story.
