Say goodbye to your bad credit score! Surge your score into the stratosphere with the Surge Mastercard. It’s one of the top credit cards for those looking to rebuild their credit. But, is it the right card for you? Below, we list its features, pros, cons, and how to make it work for you.
Surge Mastercard Features:
- Credit Limit: $500 to start. Certain cardholders will be eligible for an increase after a few months.
- Minimum Credit Rating: Low – 300 to 640.
- APR (Annual Percentage Rate): 29.99%.
- Deposit Requirement: $0, $50, $100, $150, or $500. The card ranges from unsecured, partially-secured, to secured, depending on your creditworthiness.
- Annual Fees: $125 membership fee for the first year. $96 for each following year.
- Monthly fees: No monthly fees for the first year. $10 monthly for the following years.
- Grace Period: 25 days before interest accrues.
- Late Fee: $38.
- Reporting: They report to all three credit bureaus to help build credit history.
Where This Credit Card Shines
– Fast Approval
The application process is fast and easy. You’ll find out if you qualify immediately and will have the card in-hand within ten days. The approval rates for the Surge Mastercard credit card are very high.
If you qualify for the unsecured option, you won’t be required to make a deposit. Most secured cards require you to deposit the entire credit limit amount for collateral against any missed payments. This is a great option for those looking for just a starter credit card.
– Credit Limit
The card limit gives you access to up to $500 worth of funds. Lower spending limits are available (as low as $50) depending on your credit and spending habits. Cardholders can request to increase their limit after a few months of consecutive, on-time payments.
The Surge Card reports to all three credit bureaus. Your monthly payments will establish credit history and should raise your score, which is essential when rebuilding your credit.
How To Surge Wisely
Like with any credit card, you must be confident that you can pay on time and not miss any payments. That is the key to using the Surge Mastercard wisely. Late payments will negatively affect your credit score, undermining the whole point of a credit builder card. The $38 late fee should deter you from making late payments. Not carrying a balance month-to-month will save you a lot of money in interest payments as well.
The only thing about this card that’s not practical is the high $125 annual fee ($96 after the first year) and the $10 monthly fee after the first year. However, this card’s intended and best use is as a stepping stone until you can eventually build up your credit and get a more affordable card.
If you have a poor credit score and are looking for a way to improve it, this card is a good place to start. Your on-time payments will be directly reported the bureaus, which grant you your credit rating. It would be wise to stop using this card once you’ve raised your credit due to the very high fees. Use the Surge Mastercard to get your credit where you want it to be. Click here to apply today!
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