New Millennium Bank Platinum Visa®/MasterCard® is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.
This is a secured credit card that is secured by your deposit in an interest earning savings account. Your secured card is seen as a credit card and only you and the bank know that it is secured by your funds in the bank. Each month, the bank will report to the 3 major credit bureaus, so by managing your account and making your monthly payment on time, this is the surest way to build or re-build your credit.
Being a secured credit card means that there are no credit checks no turn down policy. However you must have at least $300 to $5,000 to act as security deposit.
There is an annual fee of $59 and a one-time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®).
Unlike most secured credit cards you get a number of benefits like auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. You also get a free companion airline ticket, which is awarded to the cardholders upon approval.
You also get free membership to TheWorldsBestTravelClub.com, which offers discounts on a variety of travel services and provides cardholders with a $69 cash rebate on their first condo booking. The card also offers referral program that rewards cardholders with up to $50 per approved referral.
While the New Millennium Bank Platinum Visa®/MasterCard® does have a high APR the card does apply interest to the secured deposit amount. Their is also no grace period for purchases so interest will be applied immediately to any charges made with the card. |
