Assent Platinum 0% Intro Rate Mastercard® Secured from Synovus Bank Review

When it comes to credit cards, finding the right one can often be a daunting task. With a plethora of options available, each with its unique features, benefits, and drawbacks, discerning which card best suits your needs can be overwhelming. The Assent Platinum 0% Intro Rate Mastercard® Secured from Synovus Bank is an intriguing option, especially for those who are either building or rebuilding their credit. However, its lack of rewards and certain fees make it a card that requires careful consideration. In this comprehensive review, we’ll delve into the various aspects of this card to help you make an informed decision.

Assent Platinum 0% Intro Rate Mastercard® Secured from Synovus Bank Review

The Assent Platinum 0% Intro Rate Mastercard® Secured from Synovus Bank is specifically designed for individuals with no credit history or those with poor credit scores (ranging from 0-579). As a secured credit card, it requires a security deposit, which acts as collateral and typically matches your credit limit. This feature makes it accessible to those who might not qualify for traditional credit cards due to their credit scores.

Key Features:

– Annual Fee: $0
– APR: 29.24% Variable
– Cash Advance Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
– Return Payment Fee: Up to $30
– Late Payment Fee: Up to $41
– Credit Score Requirement: No Credit History to Poor (0-579)

Assent Platinum 0% Intro Rate Mastercard® Secured Key Takeaways

No Rewards Program

One of the most notable aspects of the Assent Platinum 0% Intro Rate Mastercard® Secured is the absence of a rewards program. Unlike many other credit cards that offer cash back, miles, or points, this card does not provide any such incentives. This can be a significant drawback for those who are accustomed to reaping rewards from their spending.

No Annual Fee

On the plus side, the card does not charge an annual fee, which is a relief for those who are budget-conscious. This feature ensures that you won’t have to worry about an additional cost just to keep the card active.

High APR

The card carries a high variable APR of 29.24%. This is quite steep, especially when compared to other secured credit cards. It is crucial to pay off your balance in full each month to avoid incurring interest charges, which can quickly add up.

Secured Card with No Credit History Requirement

The card is accessible to individuals with no credit history or those with poor credit scores. This makes it a viable option for those looking to build or rebuild their credit. The required security deposit provides a safety net for the issuer and gives the cardholder a chance to demonstrate responsible credit use.

Fees

While the card has no annual fee, it does come with other fees. The cash advance fee is either $10 or 3% of the amount of each cash advance, whichever is greater. The return payment fee can be up to $30, and the late payment fee can be up to $41. These fees can add up, so it’s essential to manage your payments carefully.

Assent Platinum 0% Intro Rate Mastercard® Secured Pros and Cons

Pros:

Quick & Easy Online Application

The application process for the Assent Platinum 0% Intro Rate Mastercard® Secured is straightforward and can be completed online. This convenience is especially beneficial for those who prefer to handle their finances digitally.

No Annual Fee

The absence of an annual fee is a significant advantage, particularly for those who are just starting to build their credit and may not want to incur additional costs.

Accessible to Those with Poor Credit

The card is designed for individuals with no credit history or poor credit scores. This accessibility provides an opportunity for those who might otherwise struggle to obtain a credit card to build their credit.

Cons:

No Rewards

The lack of a rewards program is a considerable drawback. Many other credit cards, including secured cards, offer some form of rewards, whether it’s cash back, points, or miles. The absence of such incentives makes this card less appealing for those who want to earn rewards on their spending.

High APR

The high variable APR of 29.24% is another significant disadvantage. This rate is relatively high compared to other secured credit cards, and carrying a balance can result in substantial interest charges.

Foreign Transaction Fee

The card charges a foreign transaction fee, which can be a deterrent for those who travel internationally. This fee can add up quickly and make using the card abroad more expensive.

Assent Platinum 0% Intro Rate Mastercard® Secured Benefits

Fraud Protection

The Assent Platinum 0% Intro Rate Mastercard® Secured offers fraud protection, which is a standard feature for most credit cards. This protection ensures that you are not held liable for unauthorized charges made to your account, providing peace of mind.

Free Credit Score

Cardholders have access to their credit score for free. This feature is particularly beneficial for those who are building or rebuilding their credit, as it allows them to monitor their progress and stay informed about their credit standing.

Purchase Protection

The card comes with purchase protection, which can cover eligible purchases against damage or theft within a certain period. This benefit adds an extra layer of security when making purchases.

Travel Assistance

While the card is not specifically geared towards travelers, it does offer some travel assistance services. However, it’s important to note that the foreign transaction fee can make using the card abroad less cost-effective.

Building Credit

The primary benefit of the Assent Platinum 0% Intro Rate Mastercard® Secured is its ability to help individuals build or rebuild their credit. Responsible use of the card, such as making timely payments and keeping balances low, can positively impact your credit score over time.

Conclusion

The Assent Platinum 0% Intro Rate Mastercard® Secured from Synovus Bank is a card designed for those with no credit history or poor credit scores. Its primary appeal lies in its accessibility and the opportunity it provides to build or rebuild credit. With no annual fee and a straightforward application process, it offers a viable option for individuals looking to establish or improve their credit.
However, the card’s drawbacks cannot be overlooked. The lack of a rewards program, the high variable APR of 29.24%, and the presence of fees such as the foreign transaction fee, cash advance fee, return payment fee, and late payment fee make it less appealing compared to other secured credit cards on the market.
In conclusion, the Assent Platinum 0% Intro Rate Mastercard® Secured is best suited for individuals who are focused solely on building their credit and do not prioritize rewards or low-interest rates. If you fall into this category and are committed to using the card responsibly, it can serve as a valuable tool in your credit-building journey. However, if you are looking for a card that offers rewards or lower fees, it may be worth exploring other options. Ultimately, the decision should be based on your specific financial goals and needs.