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issued by New Millenium Bank: |
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about New Millenium Bank Platinum Visa/Mastercard |
The New Millennium Bank Platinum Visa®/MasterCard®, issued
by New Millennium Bank, is designed for those with limited or poor credit
who may be having a difficult time in obtaining a standard unsecured
credit card.
Most often, secured credit cards do not have any additional perks or
benefits, however, this card does provide several benefits including
auto rental insurance, up to $100,000 in travel accident insurance,
and an extended warranty for purchases. The card also provides cardholders
with a free membership to TheWorldsBestTravelClub.com, which offers
discounts on a variety of travel services. Perhaps the best benefit
is the free companion air ticket, which is awarded to the cardholder
after they have been approved for the card.
Although the APR applied to purchases is above average for a secured
card, this card does apply interest to the deposit amount required to
secure the account, which is a nice benefit. In addition, the rates
of return that are applied to the deposit are higher than what most
secured cards have to offer. This card also has a no credit check and
a no turndown policy.
There is an annual fee of $59, which is slightly above average for
a secured card, as well as a one time processing fee of $69.95 ($99.95
if the applicant would like to be issued both a Visa® and a MasterCard®).
It is important to note that a major drawback to the card is that there
is no grace period for purchases. This means that interest will be applied
immediately to any charges made with the card.
Therefore, those who do not mind accumulating finance charges once
a transaction is posted, can afford the $300 minimum deposit, and need
to establish credit, will benefit most from what the New Millennium
Bank Platinum Visa®/MasterCard® has to offer. |
