Procuring credit cards often depends on your credit score and account balance. Any credit score that the credit card issuing bank feels does not meet its standard can lead to your credit card application cancellation. Further, there is always a requirement for a security deposit to avail of credit card facilities. In this context, the Fit credit card is a breath of fresh air as there is no stringent need to maintain a good credit score or put in a high-security deposit.
The Fit credit card, issued by the Bank of Missouri and partnered with the MasterCard network, has received mixed responses since it hit the market. It comes with some attractive benefits and at the same time charges high fees on certain aspects. Cardholders with unstable income and a dicey credit score seem to have been mesmerized by this card. Moreover, we delve deeper and understand the MasterCard Fit. To create an unlimited number of Mastercard numbers, click here.
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Let’s Discuss About Fit Credit Card
We are going to discuss about fit credit card one by one.
- The card comes at an annual fee of $99.
- The Fit MasterCard processing fee is $89. This payment is done while signing up and is a one-time thing.
- Apart from the annual fee, you must pay a monthly cost of $6.25. But, this waiver is applicable for the first twelve billing cycles after purchasing the card.
- The Fit MasterCard credit limit provided at the beginning is $400. However, You can extend it to a maximum of $800 in six months.
- For every Add-on card, the fee is $30.
- The foreign currency markup is 3%, and the cash advance fee is 5%.
- The card comes with variable interest rates of 29.99% for a regular APR and 29.99% for a cash advance APR. See this article for the best credit cards with the lowest forex markup.
- A user can avail benefits of this card even with a bad credit score. The servicer of Fit credit card, Continental Finance, is more liberal, with FICO scores falling below 580.
- The Fit card has responsibility. Meanwhile, the US’s three top credit card bureaus must get reports from the card. The customer profits from developing a low credit score. Making monthly payments and not defaulting helps in building credit to a stable level.
- As stated above, the card provides an initial credit limit of $400. Fit allows you to double this limit (to $800) in six months. However, the only requirement is that the user must not default on any payment and pay the required fees on time.
- After doubling your credit limit, you can still go higher. However, it depends on Fit, which will review your payments and recommend an increase in credit limit.
- The maximum credit limit achievable (as of now) is $3000.
- The card has a unique feature of generating e-statements along with displaying your credit score. In addition, It helps in tracking the credit score every month and validating if there’s an increase or decrease. Want to generate a dummy credit card? Check out now!
- Firstly, there is a dedicated website for the card for online banking where a user can make payments, review statements, track credit scores and do a host of other functions 24/7.
- Users can use a mobile app on their smartphone to add to the website.
- Cash advances are provided after the completion of ninety-five days from the day of account opening. Click here, to generate unlimited visa card numbers.
Benefits Of Fit Credit Card
- The cardholder is not responsible for any fraudulent payments. However, If the card is stolen or lost, the cardholder is not held accountable, and all purchases (if made) post the loss of the card are not charged to the cardholder.
- Cardholders can check their credit scores for free by generating monthly statements and analyzing how they are faring.
- Users with a bad credit score or a varying credit score can easily apply for this card.
- The card offers an increase in credit limit within six months of purchasing the card limit itself. Further, this credit limit can increase up to $3000.
- Being on the MasterCard network, this card comes with a MasterCard ID Theft Protection that protects personal data and prevents fraud or misuse of the card identity. There is a provision of emergency assistance in case of loss of the card.
- The card offers a discount of 15% on MasterCard partnered airport service.
- The Fit card is unsecured and does not burden the cardholder with the condition of paying a security deposit before purchasing the card.
- MasterCard being a big brand, has its perks and benefits.
- The card reports to three highly authentic credit bureaus, increasing accountability and transparency. Know more frequently asked questions about credit cards.
Shortcomings Of The Fit Card
- Firstly, the card charges a considerably higher fee with the requirement of a monthly, annual, and one-time processing fee. Most credit card users might find such exorbitant fee collection unnecessary.
- The interest rate of 29.99% for a regular APR and cash advance APR is on the higher side.
- This card’s major flaw is that it doesn’t give customers any incentives, cashback, or reward points for their transactions. Concerning purchases, what stands apart from credit cards concerning other cards is the provision of rewards. So that, the Fit card fails to satisfy this main criterion.
- While the card initially charges a one-time processing fee, there is no provision of welcome offers or signing-up bonuses, which are offered in abundance by other credit cards.
- The card does not allow a balance transfer to take place. A cardholder cannot transfer debt on the Fit card or transfer an obligation of another card onto Fit. In layperson’s terms, a Fit MasterCard has no facility for debt consolidation.
- The late fee charged is also relatively high, in the range of $40 to $45. Read this article to generate unlimited JCB card number.
To which bureaus do the Fit MasterCard report?
The Fit credit card reports every credit to these three bureaus: Experian Equifax TransUnion
The card is issued by which bank?
The issuer of this card is the Bank of Missouri, while the servicer is Continental Finance.
What is the target audience of this card?
Based on Fit credit card reviews, this card has been popular amongst those with unstable income and who do not maintain a good credit score. It is also quite outgoing with those who do not wish to pay a security deposit while purchasing a credit card.
How is the Fit card in comparison to other cards?
The Fit MasterCard has advantages over other credit cards since it does not look at your credit score and eliminates the need for a security deposit. However, if you are looking for a card with rewards, travel facilities, cashback, etc., this is not the card for you.
To sum up, we have a wide range of Fit Mastercard reviews for you in this article, and now you can think of purchasing a Fit MasterCard.
The Fit Mastercard is not suitable as a general credit card simply because it offers no incentives such as rewards and cashback. This card is helpful if you recently started a job or have problems managing your funds. However, towards the high end in terms of fees in the long run.
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- 1 Let’s Discuss About Fit Credit Card
- 2 FAQs
- 3 Conclusion