Updated June 8, 2017
Overview: Reports to credit bureaus monthly; unsecured card option; annual fee of $39
Full Card Review
The primor® Secured Mastercard Classic Card is a secured credit card option for people with poor or limited credit. With a secured card, you pay a security deposit prior to opening your card. The security deposit is equal to your credit line between $200 and $5,000. That money is held in savings in case you default on your payments. In addition to that, the security deposit in savings will be earning at an interest rate of 0.15% APY.
The 13.99% APR is an important factor of this card. You will usually find much higher APRs with other secured cards, so this APR is definitely a plus. Lending money to people with poorer credit is risky, which is why you'll usually see very high APRs. It's always best to pay off your balance in full each month, but if you can't, a lower APR will save you some cash in the long run.
With this card, a credit check is not required. So if your credit has taken a hit and you haven't had any success applying for other cards, this is a great option. You are guaranteed approval as long as your monthly income is at least $100 greater than your expenses.
This card also reports your score to the three major credit bureaus, which is important to help build your credit. That is the main difference between a secured credit card and a prepaid card, and reporting to the bureaus is key to improving your credit score.
If you're trying to build credit or improve your current score, a secured card is generally a safe choice. With a reasonable annual fee and lower APR, the primor® Secured Mastercard Classic Card is a smart choice for building credit and learning to manage a credit card.
Rewards and Benefits
- Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
- No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
- Helps strengthen your credit with responsible card use. Reports to three national bureaus
- Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
Requirements, Costs & Fees
- Credit Needed: Fair/Poor
- Purchase APR: 13.99%
- APR for Cash Advances: 18.99%
- Penalty APR: None
- Annual Fee: $39
- Cash Advance Fee: $5 or 5% whichever is greater
- Foreign Transaction Fee: 3%
- Late Payment Fee: up to $29
- Returned Payment Fee: up to $29
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