FIT^® Platinum Mastercard^® Review

Who is the FIT^® Platinum Mastercard^® for? 

The FIT Platinum Mastercard is designed for people with no credit history or those with damaged credit. Provided that you make your monthly minimum payments on time and maintain your balances under the credit limit, you can build or rebuild your credit. The card is also accessible to everyone - all credit types are accepted and no security deposit is required. Those who do not have savings or are unable to give up some of their savings will find this card particularly attractive.

The steep fees that come with the FIT Platinum Mastercard are enough to turn many away. In addition to paying a one-time processing fee of $89, you’ll also have to pay a $99 annual fee. After the first year, you will also be charged a monthly maintenance fee that totals $75 annually. Other fees include penalties and a foreign transaction fee. When these fees are deducted from your initial credit limit of $400, you’ll have significantly less spending power. Currently, you can double this credit limit to a decent $800 if you make your minimum payments for the first six months on time.

Benefits

One of FIT Platinum Mastercard’s best features is that it is accessible to everyone. People with all types of credit are accepted, which means that access to the card is open to those with poor or limited credit. The application process is incredibly quick and easy; all you have to do is fill out a form online and you’ll receive your results instantly. You then pay a processing fee to activate your account upon approval. Besides the processing fee, you are not required to pay a security deposit. This is ideal for those with limited savings and who cannot afford a secured credit card.

As a credit builder, FIT Platinum Mastercard reports your monthly payments to the three major credit bureaus. If you pay your monthly bills on time, use your card responsibly, and keep your balances under the initial $400 credit limit, your credit score will improve. Once you have proven that you are a responsible credit card user, your credit limit will then increase, allowing you to make larger purchases and further increase your credit score.

Drawbacks

The fees that come with the FIT Platinum Mastercard are significant. In addition to paying a processing and annual fee during the first year, you’ll also have to pay a $6.25 monthly maintenance fee thereafter - not to mention the extra $30 for adding another user to your account. The annual fee is deducted instantly from your credit limit, leaving your initial credit limit at $301 (or $271 if you choose to have an additional card). A credit limit of this amount will decrease your purchasing power and limit your ability to make any large purchases.

Just when you think you’ve paid enough, you also have to be wary of fees for cash advances, foreign transactions, as well as late and returned payments. FIT Platinum Mastercard also charges a high APR of 29.99% variable on purchases and cash advance. It is one of the highest interest rates among its competitors, therefore, paying off your charges each month is crucial.

Conclusion 

While the FIT Platinum Mastercard does come with a few benefits, its drawbacks are hard to ignore. The hefty fees and low credit limit defeat the entire purpose of the card. For those whose goal is to build or establish their credit, know that there are better credit-building cards out there.