Surge® Platinum Mastercard® Credit Card Review

In the ever-expanding universe of credit cards, the Surge® Platinum Mastercard® Credit Card stands out for its unique positioning. Designed specifically for individuals with no credit history or poor credit scores, this card aims to provide a pathway to financial stability and credit improvement. However, unlike many other credit cards that lure customers with cashback, miles, or points, the Surge® Platinum Mastercard® offers none of these perks. Instead, its primary appeal lies in its ability to help rebuild credit. Let’s dive deep into a comprehensive review of the Surge® Platinum Mastercard® Credit Card, exploring its features, benefits, drawbacks, and whether it might be the right fit for you.

Surge® Platinum Mastercard® Key Takeaways

– Issuer: Celtic Bank
– Annual Fee: $75 – $99 annually in the first year, $99 annually thereafter
– APR: 24.99% – 29.99% Variable
– Credit Score Requirement: No Credit History to Poor (0-579)
– Credit Limit: Relatively low but potential for increase after six months
– Fees: Includes cash advance fees, foreign transaction fees, late payment fees, and a monthly maintenance fee after the first year
– Benefits: Monthly credit reporting, free monthly credit score, fraud protection, purchase protection, and the potential for credit limit increases

Surge® Platinum Mastercard® Pros and Cons

Pros:

1. Monthly Credit Reporting: One of the most significant benefits of the Surge® Platinum Mastercard® is its monthly reporting to all three major credit bureaus. This feature can be instrumental in helping you build or rebuild your credit score.
2. Free Monthly Credit Score: The card offers free monthly access to your credit score, allowing you to track your progress and make informed financial decisions.
3. Potential Credit Limit Increase After 6 Months: Cardholders may receive a credit limit increase after six months of responsible card use, which can further aid in improving credit scores.
4. Prequalification Without a Hard Check: You can check if you prequalify for the card without a hard inquiry on your credit report, which prevents any initial negative impact on your score.

Cons:

1. High Annual Fee: The card charges a hefty annual fee of $75 – $99 in the first year, which increases to $99 annually thereafter. This fee can be a significant burden, especially for those with limited financial resources.
2. Relatively Low Credit Limit: The initial credit limit is relatively low, which may not be sufficient for all users’ needs and can impact credit utilization rates.
3. Foreign Transaction Fee: The card charges a fee for foreign transactions, making it less ideal for international use.
4. Monthly Maintenance Fee After the 1st Year: After the first year, cardholders are subject to a monthly maintenance fee, adding to the overall cost of holding the card.
5. High APR: With a variable APR ranging from 24.99% to 29.99%, carrying a balance on this card can become expensive quickly.

Surge® Platinum Mastercard® Benefits

Credit Building

The primary benefit of the Surge® Platinum Mastercard® is its potential to help you build or rebuild your credit score. The card reports your payment history to all three major credit bureaus—Experian, Equifax, and TransUnion—on a monthly basis. This consistent reporting can be instrumental in improving your credit score, provided you make your payments on time and keep your credit utilization low.

Free Monthly Credit Score

Another valuable feature is the free monthly access to your credit score. This allows you to monitor your credit progress, identify any discrepancies, and make informed financial decisions. Knowing your credit score is crucial for anyone looking to improve their financial health.

Credit Limit Increase

After six months of responsible card use, you may be eligible for a credit limit increase. This increase can help improve your credit utilization rate, which is a significant factor in your overall credit score. A higher credit limit can also provide more financial flexibility.

Prequalification Without a Hard Check

Before applying, you can see if you prequalify for the Surge® Platinum Mastercard® without a hard inquiry on your credit report. This feature is beneficial because a hard inquiry can temporarily lower your credit score. The prequalification process allows you to assess your chances of approval without any negative impact on your credit.

Fraud Protection

The card comes with built-in fraud protection, ensuring that you are not held responsible for unauthorized transactions. This feature provides peace of mind, knowing that your financial transactions are secure.

Purchase Protection

Purchase protection is another benefit that covers eligible purchases against damage or theft. This can be particularly useful for high-ticket items, providing an additional layer of security for your purchases.

Payment Flexibility

The Surge® Platinum Mastercard® offers flexible payment options, allowing you to manage your finances better. This flexibility can be crucial for individuals who are still learning how to manage credit responsibly.

Fees

Annual Fee

The annual fee is one of the most significant costs associated with the Surge® Platinum Mastercard®. In the first year, the fee ranges from $75 to $99, and from the second year onwards, it remains a flat $99 annually. While this fee is high, it is somewhat justified by the card’s primary purpose of helping individuals rebuild their credit.

Fees for Cash Advances

The card charges either $5.00 or 5% of the amount of each cash advance, whichever is greater. Cash advances are generally not recommended due to their high fees and immediate interest accrual, making this a costly feature to use.

Late Payment Fee

If you miss a payment, you could be charged up to $40 as a late payment fee. This fee is relatively standard across the industry but can add up quickly if you are not diligent about making timely payments.

Return Payment Fee

A return payment fee of up to $40 is charged if a payment is returned for any reason. This fee is another reason to ensure that you have sufficient funds in your account when making payments.

Foreign Transaction Fee

The card charges a fee for foreign transactions, making it less suitable for international use. If you travel frequently, this fee can add up and should be considered when evaluating the card.

Monthly Maintenance Fee

After the first year, a monthly maintenance fee is applied, adding to the overall cost of holding the card. This fee can be a significant disadvantage, especially when combined with the annual fee.

About the Issuer: Celtic Bank

Celtic Bank, the issuer of the Surge® Platinum Mastercard®, is known for offering a range of financial products tailored to meet various consumer needs. The bank has a reputation for providing credit solutions to individuals with less-than-perfect credit histories. Their focus on customer service and financial education makes them a reliable partner for those looking to rebuild their credit.

Customer Service

Celtic Bank offers multiple channels for customer service, including online account management and phone support. This ensures that you can manage your account and get assistance whenever needed.

Manage Your Account & Pay Your Bill

You can manage your Surge® Platinum Mastercard® account online through the issuer’s website, making it convenient to make payments, track spending, and monitor your credit score. The online platform is user-friendly and provides all the necessary tools for effective account management.

Conclusion

The Surge® Platinum Mastercard® Credit Card is a specialized financial product designed to help individuals with no credit history or poor credit scores build or rebuild their credit. While it lacks the perks commonly associated with other credit cards, such as cashback, miles, or points, it offers several features that can be instrumental in improving your financial health.
The card’s most significant benefits include monthly credit reporting to all three major credit bureaus, free monthly access to your credit score, and the potential for a credit limit increase after six months of responsible use. These features make it a valuable tool for anyone looking to improve their credit score.
However, the card comes with several drawbacks, including a high annual fee, relatively low initial credit limit, foreign transaction fees, and a monthly maintenance fee after the first year. Additionally, the high APR makes carrying a balance on this card costly.
In summary, the Surge® Platinum Mastercard® Credit Card can be an effective tool for credit building, but it comes with several costs that need to be carefully considered. If you are committed to improving your credit score and can manage the associated fees, this card can provide a pathway to better financial health. However, if the fees and high APR are prohibitive, it may be worth exploring other credit-building options.
Ultimately, the decision to apply for the Surge® Platinum Mastercard® should be based on your specific financial situation and credit-building goals. By carefully weighing the pros and cons, you can make an informed decision that aligns with your long-term financial objectives.