Cerulean Mastercard® from The Bank of Missouri Review

Choosing the right credit card can often be a daunting task, especially if you’re new to credit or trying to rebuild your credit history. As a financial expert, I’ve reviewed numerous credit cards, and today, I’ll be sharing an in-depth review of the Cerulean Mastercard® from The Bank of Missouri. This card, designed for individuals with no credit history to fair credit (0-669), comes with a unique set of features and fees that can make or break its value for you.
In this review, we will delve deep into every aspect of the Cerulean Mastercard®, providing you with key takeaways, a detailed list of pros and cons, an overview of benefits, and a final conclusion to help you determine if this card is the right fit for your financial needs.

Cerulean Mastercard® Review

In the sea of credit cards available today, the Cerulean Mastercard® stands out due to its accessibility for those with no credit history or fair credit. However, it comes with its own set of costs and benefits that need to be carefully considered before making a decision.

Card Basics

– Annual Fee: $99
– Rewards Program: None
– APR: 25.90% Variable
– Foreign Transaction Fee: 3% in U.S. dollars
– Fraud Liability: $0
– Credit Limit: $300 to $1,000 (potential increase after 6 months)
– Credit Score Requirement: No Credit History to Fair (0-669)

Fees

– Annual Fee: $99
– Cash Advance Fee: Either $5.00 or 5% of the amount of each cash advance, whichever is greater
– Return Payment Fee: Up to $40.00
– Late Payment Fee: Up to $40.00

Cerulean Mastercard® Key Takeaways

When considering the Cerulean Mastercard®, it is essential to weigh its key takeaways:
1. Credit Building Potential: The card is designed for those with limited or poor credit history, offering a pathway to build or rebuild credit.
2. Monthly Reporting: The card reports to the three major credit bureaus (Experian, Equifax, and TransUnion), which is crucial for improving your credit score.
3. High APR: The variable APR of 25.90% is significantly high, which can lead to substantial interest charges if you carry a balance.
4. Annual Fee: At $99, the annual fee is relatively high for a card that does not offer any rewards.
5. No Rewards Program: Unlike many other credit cards, the Cerulean Mastercard® does not offer cashback, miles, or points.
6. Potential Credit Limit Increase: There is a possibility for a credit limit increase after just six months of responsible use.

Cerulean Mastercard® Pros and Cons

Pros

– Accessible to Low Credit Scores: You can apply regardless of your credit score, making it accessible for those with no credit history or poor credit.
– Initial Credit Limit: The initial credit limit ranges from $300 to $1,000, providing some flexibility in spending.
– Potential Credit Limit Increase: After just six months of responsible use, you may qualify for a credit limit increase, which can improve your credit utilization ratio.
– $0 Fraud Liability: You are not responsible for unauthorized charges on your card, offering peace of mind.
– Monthly Reports to Major Credit Bureaus: Regular reporting to Experian, Equifax, and TransUnion helps build or rebuild your credit score.

Cons

– Annual Fee: The $99 annual fee is high, especially for a card without a rewards program.
– High APR: The 25.90% variable APR can result in significant interest charges if you carry a balance.
– Foreign Transaction Fee: The 3% foreign transaction fee can add up if you make purchases outside the U.S.
– No Rewards Program: The lack of cashback, miles, or points makes this card less appealing compared to other options.
– Fees for Cash Advances and Penalties: The cash advance fee (either $5.00 or 5% of the amount, whichever is greater) and penalties for returned and late payments (up to $40.00) can be costly.

Cerulean Mastercard® Benefits

While the Cerulean Mastercard® may not offer the extensive benefits of premium credit cards, it does provide several key advantages that can be valuable for individuals with no credit history or fair credit.

Credit Building

One of the primary benefits of the Cerulean Mastercard® is its potential to help you build or rebuild your credit. The card is designed for individuals with no credit history or fair credit, making it accessible for those who may not qualify for other cards. By using the card responsibly and making timely payments, you can improve your credit score over time.

Monthly Reporting to Major Credit Bureaus

The Cerulean Mastercard® reports your payment history and credit utilization to the three major credit bureaus: Experian, Equifax, and TransUnion. This regular reporting is crucial for building or rebuilding your credit, as it demonstrates your ability to manage credit responsibly.

Fraud Protection

With $0 fraud liability, you are not responsible for unauthorized charges on your card. This provides peace of mind and protects you from potential financial loss due to fraud.

Purchase Protection

The Cerulean Mastercard® offers purchase protection, which can cover eligible purchases against damage or theft. This benefit can be valuable if you make significant purchases and want added protection.

Potential Credit Limit Increase

After just six months of responsible use, you may qualify for a credit limit increase. A higher credit limit can improve your credit utilization ratio, which is a key factor in determining your credit score. Additionally, a higher credit limit provides more flexibility in your spending.

Free Credit Score

The Cerulean Mastercard® provides access to your free credit score, allowing you to monitor your credit progress. Regularly checking your credit score can help you track improvements and identify any potential issues early on.

Conclusion

The Cerulean Mastercard® from The Bank of Missouri is a credit card designed for individuals with no credit history to fair credit. While it comes with several benefits, such as credit building potential, monthly reporting to major credit bureaus, and fraud protection, it also has notable drawbacks, including a high annual fee, high APR, and lack of a rewards program.
For those looking to build or rebuild their credit, the Cerulean Mastercard® can be a valuable tool. The card’s accessibility to individuals with low credit scores and its potential for credit limit increases make it an option worth considering. However, it’s essential to be mindful of the high fees and interest rates, and to use the card responsibly to avoid accumulating debt.
Ultimately, the Cerulean Mastercard® may be a suitable choice if your primary goal is to improve your credit score. If you’re looking for a card with rewards or lower fees, you may want to explore other options. As with any financial decision, it’s crucial to carefully evaluate your needs and compare different credit cards to find the one that best aligns with your financial goals.