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It will report monthly to all three major bureaus. Simply by paying your monthly bill on time you can build a positive payment history.
This is a heavily weighted factor when your score is determined. You card is issued with a $300 credit limit. There is no application fee or minimum income requirement.
Your card will initially have a limit of $300. After you have retained your account for six months and have shown financial responsibility by keeping your balance under the limit and consistently paying your monthly minimum. Your limit can then be increased.
This is unsecured, which means that you do not need to deposit money into your account before you use it. It enables you to borrow money for purchases, simply on your promise of paying it back. You do not need to worry about your money being tied up as you would with a secured card.
However because this is the riskiest type of lending you will have to pay some fees. For example there is an annual fee of $150.
In addition there is a monthly account maintenance fee of $9.95 or 119.40 annually. And a 24.5% interest rate on this card.
It is true that because this is unsecured it will help to build your credit the most effectively. However we feel that these fees are just to high a price and there are better and more cost effective tools.
In addition you need to know that some of these fees are charged upfront. When you activate your card you will already have a considerable balance to pay off.
This is an unprecedented time in sub prime lending as many offers have simply vanished from the market. And the FDIC has cracked down on other lenders to change their marketing tactics.
However there are still some good companies that do want to help give you a second chance and without having you pay through the roof.
Article Source: http://www.articlemotron.com
Review of the bad credit Tribute Mastercard. This is an unsecured card that will report monthly to all three major credit bureaus.
For more about a suggested Bad Credit Credit Card or for a full review of the Tribute Credit Card visit us.
Tags: Articles Finance tribute card tribute gold card tribute gold mastercard tribute gold credit card tribute mastercard www.tribute.com www.tributemastercard.comPlease Rate this Article
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