Reflex® Platinum Mastercard® Credit Card Review

Navigating the world of credit cards can be tricky, especially when you’re looking for a card that fits your unique financial needs. With so many options available, it’s crucial to understand the specifics of each card to make an informed decision. In this review, we’ll delve into the Reflex® Platinum Mastercard® Credit Card, a card issued by Celtic Bank that caters to individuals with no credit history to good credit scores. This comprehensive review will explore the key aspects, benefits, pros and cons, and overall value of the Reflex® Platinum Mastercard® Credit Card.

Reflex® Platinum Mastercard® Credit Card Review

The Reflex® Platinum Mastercard® Credit Card is designed for individuals who are building or rebuilding their credit. Unlike many other credit cards, this card does not offer cash back, miles, or points. Instead, it focuses on providing access to credit for those who may have a limited or poor credit history. This card can be a stepping stone for individuals who are looking to improve their credit score and gain access to better financial products in the future.

Annual Fees and Rates

One of the most important aspects to consider when evaluating a credit card is the fees and interest rates associated with it. The Reflex® Platinum Mastercard® Credit Card comes with a variable annual fee that ranges from $75 to $99 for the first year and a fixed annual fee of $99 thereafter. This can be a significant cost, especially for individuals who are trying to manage their finances carefully.
The regular APR for this card is 29.99% variable, which is quite high compared to other credit cards on the market. This high APR means that carrying a balance on the card can quickly become expensive, making it essential for cardholders to pay off their balance in full each month to avoid accruing interest.
The card also has other fees that potential cardholders should be aware of, including:
– Cash Advances: Either $5.00 or 5% of the amount of each cash advance, whichever is greater.
– Returned Payment Fee: Up to $41
– Late Payment Fee: Up to $41
– Monthly Maintenance Fee: This fee can be an additional cost depending on the cardholder’s creditworthiness and account status.
– Additional Card Fee: There may be fees for adding authorized users to the account.
– Foreign Transaction Fee: This fee applies to purchases made outside of the United States.

Credit Limit and Application Process

One of the standout features of the Reflex® Platinum Mastercard® Credit Card is the potential for a higher credit limit. While the initial credit limit may vary based on the applicant’s creditworthiness, the card issuer offers the possibility of increasing the credit limit over time with responsible use. This can be beneficial for cardholders looking to improve their credit utilization ratio, which is a key factor in determining credit scores.
The application process for the Reflex® Platinum Mastercard® Credit Card is straightforward, and all credit scores are welcome to apply. Additionally, potential applicants can check if they prequalify for the card without affecting their credit score. This prequalification process can provide a sense of whether the applicant is likely to be approved before submitting a formal application.

Reflex® Platinum Mastercard® Credit Card Key Takeaways

The Reflex® Platinum Mastercard® Credit Card has several key takeaways that potential cardholders should consider:
1. No Rewards Program: This card does not offer any cash back, miles, or points, making it less attractive for those seeking rewards.
2. High Annual Fees: The card comes with a high annual fee, especially after the first year, which can be a significant cost for cardholders.
3. High APR: The regular APR of 29.99% is high, making it important for cardholders to pay off their balance in full each month.
4. Credit Building Opportunity: The card is designed for individuals with no credit history to good credit scores, providing an opportunity to build or rebuild credit.
5. Prequalification Option: Potential applicants can check if they prequalify without affecting their credit score.

Reflex® Platinum Mastercard® Credit Card Pros and Cons

Pros

1. Chance to Get a Higher Credit Limit: The card offers the possibility of increasing the credit limit over time with responsible use, which can help improve the credit utilization ratio.
2. All Credit Scores Welcome: The card is accessible to individuals with no credit history to good credit scores, making it a viable option for a wide range of applicants.
3. Reports to Three Bureaus: The card issuer reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which can help cardholders build or rebuild their credit.
4. Prequalification Without Affecting Credit Score: Potential applicants can check if they prequalify for the card without a hard inquiry on their credit report.
5. No Deposit Required: Unlike secured credit cards, the Reflex® Platinum Mastercard® Credit Card does not require a security deposit, making it more accessible for some individuals.

Cons

1. No Rewards Program: The card does not offer any rewards, which can be a drawback for those seeking to earn cash back, miles, or points on their purchases.
2. High Regular APR: The 29.99% variable APR is high, making it costly to carry a balance on the card.
3. High Annual Fee: The annual fee ranges from $75 to $99 for the first year and is fixed at $99 thereafter, which can be a significant expense for cardholders.
4. Monthly Maintenance Fee: Depending on the cardholder’s creditworthiness and account status, there may be an additional monthly maintenance fee.
5. Additional Card Fee: There may be fees for adding authorized users to the account.
6. Foreign Transaction Fee: Purchases made outside of the United States incur a foreign transaction fee.

Reflex® Platinum Mastercard® Credit Card Benefits

While the Reflex® Platinum Mastercard® Credit Card may not offer rewards, it does come with several benefits that can be valuable for cardholders:

Payment Flexibility

The Reflex® Platinum Mastercard® Credit Card offers payment flexibility, allowing cardholders to choose from various payment options. This can include making payments online, over the phone, or by mail. The flexibility in payment options can help cardholders manage their finances more effectively.

Fraud Protection

The card comes with robust fraud protection features, including zero liability for unauthorized charges. This means that if the card is lost or stolen, cardholders are not responsible for any fraudulent transactions made on their account. This provides peace of mind and security for cardholders.

Free Credit Score

Cardholders have access to their free credit score through the card issuer’s website or mobile app. This can be a valuable tool for individuals looking to monitor their credit and track their progress over time. Regularly checking their credit score can help cardholders identify any issues or discrepancies that need to be addressed.

Purchase Protection

The Reflex® Platinum Mastercard® Credit Card offers purchase protection, which can cover eligible purchases against damage or theft for a certain period after the purchase date. This benefit can be useful for cardholders who want added protection for their purchases.

Credit Building Opportunity

One of the primary benefits of the Reflex® Platinum Mastercard® Credit Card is the opportunity to build or rebuild credit. By using the card responsibly, making on-time payments, and keeping the credit utilization ratio low, cardholders can improve their credit score over time. This can open the door to better financial products and lower interest rates in the future.

Conclusion

The Reflex® Platinum Mastercard® Credit Card is a viable option for individuals who are looking to build or rebuild their credit. While it does not offer rewards and comes with high fees and interest rates, it provides access to credit for those with no credit history to good credit scores. The potential for a higher credit limit, prequalification without affecting the credit score, and reporting to all three major credit bureaus are significant advantages for those looking to improve their credit.
However, the high annual fee, high APR, and additional fees may be a drawback for some cardholders. It’s essential for potential applicants to carefully consider their financial situation and goals before applying for this card. For those who are focused on building their credit and can manage the associated costs, the Reflex® Platinum Mastercard® Credit Card can be a stepping stone to better financial opportunities in the future.