Fit Mastercard – How To Apply
The Fit Mastercard Credit Card helps individuals with limited or poor credit rebuild through responsible use.
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As a starter card, it reports to all three major credit bureaus (Experian, Equifax, and TransUnion), providing cardholders with the opportunity to establish and improve their credit score over time.
This feature makes it a valuable tool for those looking to build a positive credit history. However, it’s important to note that the Fit Mastercard comes with high fees and interest rates.
These fees can include an annual fee, monthly maintenance fees, and high APRs on purchases, which can quickly add up if balances are not paid off in full each month. As a result, this card should be used cautiously and primarily as a temporary solution for rebuilding credit.
Fit Mastercard
Easy Approval Process High APRHow does the Fit Mastercard work?
The Fit Mastercard works as a stepping stone for those seeking to improve their credit profile. Here’s how it operates:
- Accessible Approval: The card is designed for people with less-than-perfect credit, making approval more attainable compared to traditional credit cards.
- Reports to Credit Bureaus: Regular reporting to Experian, Equifax, and TransUnion helps build or rebuild your credit score.
- Modest Credit Limit: Cardholders typically receive an initial credit limit of $400, which can increase with consistent on-time payments and responsible usage.
- Unsecured Card: Unlike secured credit cards, the Fit Mastercard doesn’t require a security deposit to open an account.
- Account Management: Users can manage their accounts online or through the card issuer’s mobile app, ensuring easy access to balances, payments, and statements.
Main benefits of Fit Mastercard
The Fit Mastercard offers features aimed at credit improvement:
- Credit Building: By reporting payment activity to all three credit bureaus, the card supports credit growth when used responsibly.
- No Security Deposit Required: The card provides access to credit without the need for an upfront deposit.
- Wide Acceptance: As part of the Mastercard network, the card is widely accepted at merchants and ATMs worldwide.
- Potential for Credit Limit Increases: Demonstrating responsible use can lead to credit limit increases over time.
- Online Account Access: Manage payments and monitor spending through an easy-to-use digital platform.
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Cons of Fit Mastercard
Despite its benefits, the Fit Mastercard comes with significant downsides:
- High Fees: The card has numerous fees, including a program fee, annual fee, and monthly maintenance fees, which reduce its value.
- High APR: With an interest rate of up to 35.99%, carrying a balance can become very expensive.
- Low Initial Credit Limit: The starting credit limit is $400, but after fees are deducted, your available credit will be significantly lower.
- No Rewards Program: Unlike other credit cards, the Fit Mastercard doesn’t offer cashback, points, or other incentives.
- Best for Short-Term Use: Due to its high costs, this card is not ideal for long-term financial strategies.
APR and Fees
The Fit Mastercard is one of the more expensive credit-building cards on the market. Key costs include:
- Program Fee: A one-time fee of $89 to open the account.
- Annual Fee: $99, billed in the first billing cycle.
- Monthly Maintenance Fee: $6.25 per month (after the first year), totaling $75 annually.
- Additional Fees: Includes a $30 fee for additional cards and up to $41 for late payments.
- APR: A variable rate of up to 35.99%, making it critical to pay off balances in full each month to avoid high-interest costs.
How to apply for the Fit Mastercard
Applying for the Fit Mastercard is a straightforward process, designed with accessibility in mind for those with low credit scores. Here’s a step-by-step guide to applying for the card:
- Visit the Application Page: Start by navigating to the official Fit Mastercard website. This will provide you with all the necessary details and the application form to begin the process.
- Provide Your Information: You’ll need to submit personal and financial information, including your income, social security number, and other relevant details. This information is required to assess your eligibility and creditworthiness.
- Review the Terms: Before proceeding, carefully review the card’s fees, interest rates, and the credit-building features. Make sure you understand the cost structure, as the card includes fees like annual and monthly maintenance fees, as well as high APRs.
- Submit Your Application: After ensuring that all your information is accurate and you’re clear on the terms, submit the application. The approval process is typically quick, and once approved, the card can be used shortly after activation.
While the Fit Mastercard offers an accessible way to build or rebuild credit, it’s important to carefully consider the terms and use the card responsibly to avoid high fees and interest charges.
