April 23, 2024

It is a problem to entry or construct credit score when you’ve gotten poor credit score or little to no credit score historical past. The card_name from Continental Finance is one in all many credit-building bank cards geared towards people with poor credit score. It is an unsecured card, which means you don’t must make a safety deposit to get one, as you do with many bank cards for bad credit report.

The card_name affords credit-building options, similar to month-to-month credit score rating entry and credit score bureau reporting. It additionally expenses quite a lot of charges, not simply an annual price, making it an costly selection for enhancing your credit score.

FITᵀᴹ Platinum Mastercard®

Credit score rating

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TIME’s Take

The card_name is one in all a handful of bank cards supplied by way of Continental Finance. Much like the cardboard issuer’s different choices, it’s aimed toward customers with poor or no credit score. As you would possibly anticipate, the cardboard gives no money again or level rewards, coming with solely fundamental card options and instruments for enhancing your credit score. It has a low preliminary credit score restrict of $400, however cardholders can qualify to make that $800 with constant on-time funds within the first six months. After that further credit score restrict hikes are potential with software and evaluate, as much as $4,000.

What units the card_name aside—and never in a great way—is the cardboard’s price construction. It is an costly affair to get one in contrast with different credit-building playing cards. Continental Finance expenses cardholders a number of charges, together with a annual_fees annual price, a month-to-month upkeep price (waived the primary yr), and a one-time $89 processing price. A number of credit-building playing cards exist with low or no annual charges that supply comparable or higher advantages than the FITt Platinum Mastercard.

Professionals and cons

Professionals:

  • Experiences to the three main credit score bureaus
  • Free month-to-month credit score rating with e-statement signup
  • Alternative to double your preliminary credit score restrict

Cons:

  • Costly charges
  • Excessive APR
  • Requires a checking account

Who’s the cardboard for?

The card_name is for people who’re searching for a credit-building bank card and need to keep away from paying a safety deposit. Due to its price construction and excessive annual share charge (APR), the card_name shouldn’t be a great card for anybody who has established credit score or needs to construct credit score with out paying charges.

Options

You will not obtain many perks with the card_name, but it surely does include just a few options preferrred for cardholders who need to construct their credit score.

Credit score restrict enhance

The card_name comes with a decrease preliminary credit score restrict of $400 for those who’re accepted for the cardboard. Fortunately, you’ll be able to qualify to double your credit score restrict by making the primary six month-to-month minimal funds on time. A most credit score restrict of $4,000 is feasible with repeated software and evaluate.

Month-to-month cost reporting

Continental Finance stories card funds every month to the three main credit score bureaus: TransUnion, Experian and Equifax. By making on-time funds and maintaining your credit score utilization ratio low, you’ll be able to enhance your credit score rating and profile.

Free month-to-month credit score rating

Cardholders who select e-statements obtain free month-to-month credit score rating entry. You may view your Experian Vantage 3.0 rating every month to see your progress as you utilize the card_name and make accountable funds.

Zero legal responsibility safety

As a Mastercard, the card_name comes with Mastercard Zero Legal responsibility Safety. You aren’t held liable for any unauthorized expenses in your bank card.

The high quality print

Curiosity Charges

  • Common APR: reg_apr,reg_apr_type variable.
  • Buy intro APR: intro_apr_rate,intro_apr_duration.
  • Steadiness switch intro APR: balance_transfer_intro_apr,balance_transfer_intro_duration.

Charges

  • Annual price: annual_fees.
  • Processing price: $89.
  • Month-to-month upkeep price: $75 (billed at $6.25 monthly), however waived for the primary 12 months.
  • International transaction price: foreign_transaction_fee.
  • Steadiness switch price: balance_transfer_fees.
  • Money advance price: cash_advance_fee
  • Extra card price: $30.
  • Late cost price: As much as late_payment_fee.
  • Returned cost price: As much as $41.

What might be improved

Annual charges are frequent with bank cards, however with further month-to-month and processing charges, the card_name is an costly card to have. Continental Finance waives the month-to-month charges for the primary 12 months, however nonetheless provides an additional expense for people who want extra time to construct their credit score and finally qualify for a greater bank card.

Card options

Backside line

Contemplate your scenario and necessities to resolve if the card_name is best for you. Are you prepared to pay a number of charges for entry to credit score? Assessment the record of options above to see if it affords sufficient worth or if one other credit-building card can be a greater match.

FITᵀᴹ Platinum Mastercard®

Credit score rating

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Steadily requested questions (FAQs)

What’s the card_name?

The card_name is a credit-building bank card out there from Continental Finance. It carries a annual_fees annual price plus quite a lot of different charges, together with month-to-month upkeep and processing charges. The cardboard affords fundamental options, together with month-to-month credit score reporting, credit score restrict will increase, and free month-to-month credit score rating entry, if you join e-statements.

What credit score rating do you want for a card_name?

Continental Finance would not publicly share credit score rating necessities for its bank cards, however the card_name is geared towards people with poor credit score. All credit score sorts are welcome to use.

What’s the credit score restrict for the card_name?

The cardboard comes with an preliminary credit score restrict of $400, with the chance to double your restrict to $800 complete by making the primary six month-to-month funds on time. Finally, you’ll be able to elevate your restrict to $4,000, however you could periodically apply for a rise and be handed by evaluate every time.

The data offered right here is created independently from the TIME editorial workers. To study extra, see our About web page.

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