FIT Mastercard® Credit Card Review

Navigating the world of credit cards can be daunting, especially if you’re starting with no credit history or a poor credit score. One of the many options available to you is the FIT Mastercard® Credit Card, a product of The Bank of Missouri. This card stands out because it doesn’t offer traditional rewards like cashback, miles, or points, but it could be a stepping stone towards building or rebuilding your credit. In this extensive review, we’ll dive deep into the FIT Mastercard® Credit Card, examining its features, benefits, fees, pros, and cons to help you determine if it is the right card for your financial journey.

FIT Mastercard® Credit Card Review

The FIT Mastercard® Credit Card is designed for individuals with no credit history or those with poor credit scores (generally defined as a FICO score between 300 and 579). The card’s primary appeal lies in its accessibility, as it provides a pathway for consumers to build or rebuild their credit when other options might be limited.

Annual Fees and APR

The FIT Mastercard® Credit Card comes with a $99 annual fee that increases to $125 annually after the first year. This is relatively high compared to other credit cards in the same category. Additionally, the card carries a 29.99% variable APR, which is on the higher end for credit cards. This high APR means that carrying a balance on this card can be very expensive, so it’s crucial to pay off the balance in full each month to avoid accruing interest.

Credit Limit and Fees

The card offers a reasonable credit limit that may increase over time with responsible use, but it does not require a security deposit, which is a significant advantage for many users. Other fees include:
– Cash Advances: Either $10 or 3% of the amount of each cash advance, whichever is greater.
– Return Payment: Up to $41.
– Late Payment: Up to $41.
– Foreign Transaction Fee: The card carries a foreign transaction fee for purchases made outside the United States, which can add up quickly if you’re a frequent traveler.

Credit Building Features

The FIT Mastercard® Credit Card reports to the three major credit bureaus (Experian, Equifax, and TransUnion), which is essential for building or rebuilding your credit score. Regular, on-time payments and responsible use will reflect positively on your credit report, potentially leading to an improved credit score over time.

Issuer

The Bank of Missouri is the issuer of the FIT Mastercard® Credit Card. The bank offers several card types to meet different consumer needs and provides online account management, which makes it easier to track spending, make payments, and monitor your credit score.

FIT Mastercard® Credit Card Key Takeaways

– Target Audience: Individuals with no credit history or poor credit scores.
– Annual Fee: $99 annually, increasing to $125 annually after the first year.
– APR: 29.99% variable.
– Credit Limit: Reasonable, with the potential for increases over time.
– No Rewards Program: The card does not offer cashback, miles, or points.
– Credit Building: Reports to all three major credit bureaus.
– Issuer: The Bank of Missouri.

FIT Mastercard® Credit Card Pros and Cons

Pros

– Credit Building Potential: Reports to all three major credit bureaus, which can help build or rebuild credit over time.
– Low Eligibility Requirements: Easier to qualify for compared to some other credit cards.
– Reasonable Credit Limit: Provides a reasonable credit limit that may increase with responsible use.
– No Security Deposit: Unlike many cards for poor credit, no security deposit is required.
– Credit Score Access: Provides access to your credit score, helping you monitor your credit progress.

Cons

– High Annual Fee: $99 annually, increasing to $125 annually after the first year.
– High APR: 29.99% variable APR, making it expensive to carry a balance.
– High Extra Fees: Includes fees for cash advances, returned payments, and late payments.
– Foreign Transaction Fee: Charges a fee for purchases made outside the United States.
– No Rewards Program: Does not offer cashback, miles, or points.
– No Sign-Up Bonus: Lacks a sign-up bonus that many other cards offer.

FIT Mastercard® Credit Card Benefits

Payment Flexibility

The FIT Mastercard® Credit Card offers flexibility in payment options. You can manage your account and make payments online through The Bank of Missouri’s website. This convenience can help you stay on top of your payments and avoid late fees.

Fraud Protection

The card includes fraud protection features, which safeguard your account from unauthorized transactions. This is a standard feature among credit cards but is particularly reassuring for those building credit and becoming familiar with credit card usage.

Free Credit Score

Access to your credit score is a valuable tool in your credit-building journey. The FIT Mastercard® Credit Card offers this feature, allowing you to monitor your progress and make informed financial decisions.

Purchase Protection

While the card does not offer rewards, it includes purchase protection, which can be beneficial in case of disputes over purchases or issues with goods and services.

Poor Credit

The FIT Mastercard® Credit Card is tailored for individuals with no credit history or poor credit scores. Its acceptance threshold is lower than many other cards, making it a viable option for those with limited credit options.

About the Issuer

The Bank of Missouri is a reputable financial institution that offers a range of credit card products to meet various consumer needs. Their online account management and customer service options provide additional support to cardholders, ensuring a positive user experience.

Conclusion

The FIT Mastercard® Credit Card is a practical choice for individuals looking to build or rebuild their credit. Its primary strengths lie in its accessibility and the potential for credit growth. By reporting to all three major credit bureaus, the card provides a pathway to improve your credit score over time.
However, the card comes with significant drawbacks, including a high annual fee, a high APR, and various extra fees. These costs make it crucial for users to manage their accounts diligently, paying off the balance in full each month to avoid interest charges.
The absence of a rewards program and a sign-up bonus might be a dealbreaker for some, but for those focused on credit building, the FIT Mastercard® Credit Card could serve as a valuable tool. If you use the card responsibly and keep an eye on fees, it can help you establish a solid credit foundation, opening the door to more favorable credit options in the future.
When considering the FIT Mastercard® Credit Card, weigh the pros and cons carefully. If the primary goal is to build or rebuild credit, and you can manage the high fees and APR, this card may be a suitable option. Otherwise, you might want to explore other credit cards with lower fees and additional benefits.
In summary, the FIT Mastercard® Credit Card is not without its flaws, but it offers a viable pathway to improved credit for those with limited options. By understanding its features and managing your account responsibly, you can leverage this card to achieve better financial health and access more rewarding credit card options in the future.