Having zero or poor credit history can be a huge stumbling block for getting a Credit Card with favorable rates and APRs.
Without a doubt, there’s no worse feeling than walking into a shop and being denied a card based on poor credit history.
If you’ve been scouring the market for good Credit Cards and all your applications seem to hit a brick wall, the Reflex MasterCard might be a viable option.
Unlike other cards, the Reflex card can either be secured or unsecured, depending on your
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credit score.
The major drawback is that it comes with relatively higher interest rates and many fees, especially if you have low credit.
That said, it’s worth looking at a holistic view of the card before making a decision.
Let’s take a look.
Table Of ContentsReflect MasterCard statsMonthly and annual maintenance chargesCash advance chargeInterest ratesLate and returned payment feesCredit limit - Reflex MasterCard ReviewCredit score checkCashback rewardsWho should apply for this card?Quick tips on getting a Credit Card on bad credit1. Be careful of prepaid cards2. Check your score3 .Learn good credit habits4. Start with cards for poor credit5. Consider retail stores6. Move on to better cardsReflex MasterCard pros1. Two versions2. Higher credit limit3. Fast approval4. Improves your creditworthiness5. Free account access6. FlexibilityReflex MasterCard Review - Cons1. Credit line cap2. No rewards3. Annual fees4. High APR5. Monthly fees6. Foreign transaction fees7. Additional feesHow to apply for the Reflex MasterCardAlternatives to the Reflex credit card1. Credit One Bank Platinum Visa2. Discover It Secured Credit Card3. Capital OneReflex MasterCard FAQsHow do I apply for the card?How long should I wait for approval?When will I get the credit card?How do I activate the card?How do I manage my account?What is my initial credit limit?Does my account activity get reported to the three bureaus?Conclusion
Reflect MasterCard stats
At a glance, this Credit Card comes with the following features.
Low approval requirements – you can get the card even with bad creditInitial credit limit - $500 with potential for a raise after six monthsAcceptance – any outlet where MasterCard is acceptedFraud liability - $0 for unauthorized chargesCredit reporting – all the three credit bureausCredit check – free monthly credit score check where includedInterest rate – 29.9%APR – variableCash advance fee – 5% or $5, whichever is higherAdditional card fee – 303% foreign transaction chargeReturned payment charge - $40Monthly fee – it is free in the initial year; after which you start paying $10 per month.Annual fee - $99Variable APR for cash advance
One notable element of this card is that you can use it anywhere where MasterCard is accepted.
A comprehensive review of the fees is as outlined below.
Monthly and annual maintenance charges
The Reflex MasterCard comes with a $0 monthly fee in the first year of usage, after which you start paying $10 per month.
Before you start using the card, the annual fee is set to $99, which you start paying right away.
The exciting bit about the annual fee is that it reduces your credit limit by $99, so if you start with a limit of $500, it will be reduced to $401. At the same time, if you opt for a second card, the credit limit would be reduced to $371.
Cash advance charge
Cash advance fees have the same interest rates as purchases, with the only difference being on the day the interest builds.
Besides this interest, you’ll be charged a cash advance fee of $5 or 5%, whichever turns out to be higher.
Remember that a cash advance is a costly way of obtaining liquid money, so it is wise to avoid it at all costs. Although it does not eat out a few of your credit score points, it impacts your credit utilization ratio – which in turn tanks your credit score.
Interest rates
The interest rate is 29.9% adjustable APR.
Since this is a variable rate, it is subject to variation dep
about 1 year ago
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