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FIT Mastercard Credit Card Review| U.S. News
Designed for cardholders looking to rebuild or establish credit, the FIT™ Platinum Mastercard® sends monthly payment reports to all three major credit bureaus. There is an initial $400 credit limit, and you can double your credit limit after making your first six monthly minimum payments on time. Cardholders have access to Mastercard Zero Fraud Liability Protection (subject to Mastercard guidelines), and you can view your credit score each month when you enroll in e-statements. While you can build credit with this card, you’ll pay a $89 initial processing fee, a $99 annual fee and $6.25 monthly maintenance fee and won’t earn rewards.
- Issuer NameThe Bank of Missouri
- Credit NeededFair/Poor/Bad
- Annual Fee$99
- APR29.99%
- Cash Advance FeeEither $10 or 3% of the amount of each cash advance, whichever is greater.
- Foreign Transaction Fee3% of each transaction in U.S. dollars
On The Bank of Missouri’s secure website.
- Need to rebuild or establish credit but don’t want to pay a security deposit.
- Don’t plan to carry a balance on your card.
- Can budget for the card’s fees.
Using the FIT™ Platinum Mastercard® should be done with the sole objective of rebuilding credit. With no way to earn rewards, cardholders should focus on keeping their monthly spending below 30% of their credit limit and making monthly payments consistently on time. The FIT™ Platinum Mastercard® also has a high APR compared to other similar cards, so try to avoid carrying a balance.
Cardholders can double their credit limit by making their first six monthly minimum payments on time.
Editor’s Take
While the FIT™ Platinum Mastercard® serves well for credit rebuilding, its large and atypical fees, coupled with no way to earn rewards, leaves much to be desired. Cardholders will have to pay a one-time processing fee of $89, an annual fee of $99 and a $6.25 monthly maintenance fee, which is waived for the first year.
For those looking to rebuild their credit, earn rewards and avoid fees, consider the Discover it® Secured Credit Card, which allows cardholders to earn cash back without an annual or monthly maintenance fee.
The FIT™ Platinum Mastercard® does not have any welcome offers or sign-up bonuses.
There are no ways to earn rewards with the FIT™ Platinum Mastercard®. Instead, cardholders should focus on keeping their credit utilization rate low and payments consistent in order to boost their credit score.
U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.
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