If you plan to carry a balance, you may be better off with the $0-annual-fee DCU Visa® Platinum Secured Credit Card, which has a much better APR — lower than the rates on many unsecured cards. There's an annual fee, but it's  much more palatable. Even compared to cards designed for people with bad credit, the Reflex Mastercard carries an inordinate number of fees, making it a costly credit-building option, especially after your first 12 months as a cardholder. For a safer, more effective path to building credit, compare secured credit cards. While cash back and other rewards programs are uncommon among credit-building cards, they’re not unheard-of either. Not so with an annual fee. The annual fee is $0. The card’s low-end APR is nearly 60% higher than the current average credit card APR and is high even compared to that of cards designed for bad credit. This is a costly credit card with flimsy benefits, even for those with bad credit. So out of the gate, a credit limit of $500 is really $401 (or $371) because the card has socked you with a fee before you even get it in the mail. This card has a $0 annual fee, not to mention ongoing rewards and a bonus phrased this way: "INTRO OFFER: Unlimited Cashback Match – only from Discover. The card charges a variable interest rate and has a lower-than-average line of credit, though this credit line may increase with financial responsibility. However, all credit card information is presented without warranty. I am very pleased with my reflex credit card company is very great, helps you out and makes sure they answer any questions you have about your card. Given its high fees and limited perks, the Reflex Mastercard falls short of many secured cards. Plenty of better options exist. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Highest: 711. And it, too, earns rewards: 1.5% back on all spending. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Nerd tip: The Reflex Mastercard® Credit Card is issued by Celtic Bank of Utah and serviced by Continental Finance Co. Limit the number of authorized users you add to the card, as each new user incurs a $30 fee. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. 3 Star . The card carries a ton of fees, an extremely high APR and next-to-nothing in the way of perks. The Reflex card is good for someone with bad credit, or perhaps no credit history who wants to build their credit. Users who post a review directly on the NerdWallet site will not be compensated in any way. 37%. Better options exist. Like some other cards for people with bad credit, the Reflex Mastercard® Credit Card requires you to have a checking account. Discover will automatically match all the cash back you’ve earned at the end of your first year! Maintenance fee: None in the first year. Sort By Credit Score: 0 Credit Limit: 500 Age: 45-54. If you are looking at the Reflex credit card for the first time, we are sure the associated fees would make you flinch. And the card earns rewards. On most cards, this is free. This may influence which products we write about and where and how the product appears on a page. There is a $35 annual fee, however. As an unsecured credit card, one of the Reflex Mastercard’s main selling points is that it could give you the chance to build credit without putting down a deposit. If you have any doubt about your ability to pay your card balance in full each month, you should avoid the Reflex Mastercard. Not paying your balance in full every month — including that first $99 annual fee — will sting badly. Petal’s issuer can also use its own underwriting model to evaluate creditworthiness, considering such things as income, spending and savings. You’ll also have to pay a foreign transaction fee of 3% when you use the card abroad and a $30 fee for each authorized user you add to your account. The Reflex Mastercard offers new cardholders an initial credit limit between $300 and $750. With the Reflex Mastercard® Credit Card, your first reflex should be to avoid it. You'll need a minimum $200 security deposit, which will equal your credit line, but deposits can be as high as $2,500. No. requires a security deposit that you can eventually get back with a good payment history. $0-$120 annually, billed at up to $10 per month, after the first 12 months. Pre-qualified offers are not binding. If you have limited or no credit — as opposed to bad credit — you can find alternative cards that have no annual fee, no security deposit requirement. While this is not the most impressive cash back rate, it should help to offset the card’s $39 fee. It can be a good card to regularly track your progress thanks to … This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The card is issued by Celtic Bank and managed by Continental Finance Company, which has been around since 2005 and is the same company behind theVerve Card andFit Mastercard. The Reflex Mastercard offers new cardholders an initial credit limit between $300 and $750. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. That compensation comes in the form of high fees and rates. True, it can help you build or rebuild credit. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. Yours truly Trent smith. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Reflex Mastercard® Review. If you have at least fair credit, the Capital One QuicksilverOne Cash Rewards Credit Card may also offer you access to a higher credit line in as little as six months if you make your monthly payments on time. * Email. Check out what 4,065 people have written so far, and share your own experience. Reflex MasterCard Credit Card Consumer Reviews, Credit Score and Income Needed, Credit Limits 53 Reviews. 5%. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Meanwhile, the Reflex Mastercard’s high-end APR rivals that of many store credit cards, which are known for their eye-popping interest rates. For example, if you are assigned the minimum credit limit of $300 and your annual fee is $75, your initial available credit will be $225 (or $195 if you choose to have an additional card).”. Most notably, you’ll get free access to your Vantage 3.0 score from TransUnion when you sign up for e-statements. We believe everyone should be able to make financial decisions with confidence. Credit Card. The credit limit is less any service fees, so customers are left with a credit limit of around $400 once the annual fee has been deducted. Your experience may help others Ok, if I apply I'll share my experience No thanks, just go to the application. Unsecured credit cards for bad credit, however, make raising your credit score a reality – and the Surge Card and Reflex Card are two of the most popular options on the market today. Best 5 Cash Back Business Credit Cards. Posted 12/18 2020 . Reflex Mastercard® ► 2020 Review, Application & Rates " Though it has a high interest rate, this card's sizable credit lines and reporting to the three major credit bureaus make it a very solid choice for applicants with a poor or fair credit history. Unfortunately, however, there’s no guarantee you’ll be approved for the unsecured version of the card. The Reflex Mastercard Credit Card ... Alliant Cashback Visa Signature Credit Card Review: 3% Cash Back First Year, 2.5% Thereafter. In short, these fees are high, especially if you get hit with the monthly maintenance charge after the first year. You are not going to reestablish your credit quickly using this credit card. After all, free access to your credit score and fraud liability coverage are the bare minimum needed if you want to protect and keep tabs on your credit. Your credit cards journey is officially underway. The Milestone® Gold Mastercard®, for example, charges an annual fee of between $35 and $99, and the Credit One Bank® Visa® for Rebuilding Credit charges $0 to $99. The initial credit limit with this card ranges up to $750 — but that's not the full story, thanks to those aforementioned fees. You could instead rebuild your credit with a good secured credit card that doesn’t charge annual fees. Thank you to the representative that I have spoken to. Riddled with fees, including an extremely high variable APR, the Reflex Mastercard is best seen as a last resort and stopgap for credit-builders. You'll need to qualify for membership at that credit union to be eligible for the card. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. Continental Finance and its credit card products have an A+ rating from the Better Business Bureau (BBB), and thousands of Americans use its products to boost their credit scores. More on that later.). There is a, Get started with Reflex Mastercard® Credit Card. 5 Star . Of course, that requires you to put down money up front. Additionally, your annual fee is immediately assessed and deducted from your available credit. The card has an APR of 25.90% - 29.90% Variable APR. There’s no minimum spending or maximum rewards. Due to the fact that I didn’t change my address with Reflex when I moved. Plus, it’s an unsecured card, so you won’t have to tie up hundreds in a deposit just to get started. All. With a secured credit card, the security deposit eventually comes back to you if you maintain a good payment history. , especially if you get hit with the monthly maintenance charge after the first year. High APRs. 4 Star . This is marketed as a regular unsecured credit card, meaning you don’t have to come up with a deposit like you do with secured cards. Capital One QuicksilverOne Cash Rewards Credit Card. If you opt for a secured credit card instead, you can have a bit more control over your credit limit, as your limit will usually match your security deposit. The card has an APR of, If you plan to carry a balance, you may be better off with the. Alternate Pick: No annual fee, plus rewards. NerdWallet strives to keep its information accurate and up to date. Terms apply. These perks are certainly welcome, but they’re far from impressive. And it, too, earns rewards: 1.5% back on all spending. Thankfully, you can check if you prequalify for the Reflex Mastercard before you apply. Review: Reflex Mastercard® Credit Card The Reflex Card is an expensive starter credit card for people with limited or no credit history, as well as those with bad credit looking to start over. You’ll also have a chance at a credit limit increase if you make six consecutive on-time payments. Keep an eye on your credit score, and switch to a card with fewer fees and better terms when it improves. Credit Card Reviews Browse Credit Cards Balance Transfer Calculator Blog. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. However, the card charges other fees, such as a monthly maintenance fee after the first year. The catch is that cards designed for credit-builders tend to be burdened with harsh terms, including high interest rates, big penalties and exorbitant fees. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Many or all of the products featured here are from our partners who compensate us. Credit One Bank Visa for Rebuilding  Credit, Unlike the Reflex Mastercard, the Credit One Bank Visa for Rebuilding Credit does not charge a monthly maintenance fee. Of course, there’s no guarantee you’ll be offered a $750 limit. You could instead rebuild your credit with a. that doesn’t charge annual fees. Great, you can create an account later. None in the first year. But some applicants won’t qualify for an unsecured card and will be required to put down a security deposit, up to the full amount of the credit limit, according to the card’s terms and conditions. It also comes with a cash back rewards program that can help reduce your total cost of ownership. And the fees don’t stop there. Apply. The card also offers a chance at instant approval for online applications, so you may not need to wait days or weeks to hear back on the status of your application. Discover will automatically match all the cash back you’ve earned at the end of your first year! , which has a much better APR — lower than the rates on many unsecured cards. This is not a great card for people who carry a balance. I went to use my credit card, and I noticed it would not work. Per the card’s terms and conditions: “Some of these set-up and maintenance fees will be assessed before you begin using your card and will reduce the amount of credit you initially have available. Consumer Rating: Apply Here . Reports to all three major consumer credit bureaus. And issuers that accept applicants with bad credit (those with FICO scores of 629 or below) need to be compensated for all the customers who will fail to pay their credit card bills. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. It is a card aimed at people with bad credit. This means if you’re assigned a $300 limit and a $99 annual fee, you’ll start off your card membership owing $99, with $201 available to spend – just two-thirds of the credit limit you may have expected. Unfortunately, the Reflex Mastercard is no exception. The deposit would have to be paid before the account is opened. Keep an eye on your inbox—we’ll be sending over your first message soon. When you click on If you have limited or no credit — as opposed to bad credit — you can find alternative cards that have no annual fee and no security deposit requirement. He previously worked at the Chicago Tribune and wrote two money books. Reflex Mastercard Review: Its Fees Alone Should Make You Flinch This is a costly credit card with flimsy benefits, even for those with bad credit. For a starter credit card, the Reflex Mastercard has an initial credit limit between $300 and $750, with the potential to increase after 6 months. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews. All financial products, shopping products and services are presented without warranty. All reviews are prepared by CreditCards.com staff. You don’t anticipate needing to carry a balance from month to month. 1% cash back on eligible purchases including gas, groceries and phone services. Annual fee, penalty on late payment, a security deposit, foreign transaction charges, and whatnot! It’s a fee-heavy card with high interest rates and low credit limits. 7%. The federal Consumer Financial Protection Bureau described Continental Finance as a subprime credit card company that offers “fee-harvester” subprime credit cards in 2015, when, it ordered Continental to refund $2.7 million, The big problem with easy-to-get subprime credit cards. Such monthly fees are uncommon even among credit-building cards. It is not our partner’s responsibility to ensure all posts or questions are answered. The Reflex Mastercard credit card is purposefully made for credit repair, which makes its approval ratings very high. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. Given expensive fees, a high APR and a general lack of features, the Reflex Mastercard® Credit Card isn’t a helpful choice for building credit. requires a deposit that determines your credit limit, but it can range from $200 to $2,500, so you have flexibility. Read more. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. If you are experiencing this issue, then the Reflex Mastercard® credit card from Celtic Bank may be the answer you were looking for. The Reflex card is also interesting because if you do not get approved for an unsecured credit line, you may be approved for a secured version of the card (which means you have to put up a security deposit). Up to 1.5% cash back on every purchase after making 12 on-time monthly payments. Additionally, since the issuer considers alternative credit data in its approval decisions, it’s a great option for someone with limited credit but a good income and bill payment history. However, given that you have to pay the same annual fee and monthly fee, it becomes a very expensive secured credit card. Though the Reflex Mastercard reports to the national credit bureaus and could help you improve your credit with responsible use, its high cost makes it hard to justify for most credit-builders. NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Disclaimer: NerdWallet strives to keep its information accurate and up to date. » MORE: The big problem with easy-to-get subprime credit cards. You plan to switch to a different card as soon as your credit score improves. Write A Review. All financial products, shopping products and services are presented without warranty. The Reflex Mastercard is designed for people with a damaged or limited credit history (and a credit score of 580 or better). 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