New Millennium Bank Platinum Visa®/MasterCard®

Our Review:

The New Millennium Bank Platinum Visa or MasterCard, issued by New Millennium Bank, is made for those with limited or poor credit who may be having a difficult time in obtaining a standard unsecured credit card.

More often then not, secured credit cards are not known to have any additional benefits or perks. However, this card does provide several benefits including auto rental insurance, up to $100,000 in travel and accident insurance, and an extended warranty for purchases benefit. Maybe the best benefit of all is the free companion airline ticket feature, which is awarded to the cardholder after they have been approved for the card!

The card provides you with with a free membership to a travel club which gives discounts on a number of travel related services and provides the cardholder with a $69 cash rebate on their first condo booking. You could also have the chance to jump into a referral program that rewards cardholders with up to $50 per approved referral!

(MMMMMM...maybe I should look into this.)

Although the APR is applied to purchases is a bit more than most other offers for a secured card, this card does apply interest to the deposit amount required to secure the card account, and that aint so bad. There is no credit check or a turn down policy for this card (subject to terms and conditions).

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 $99.95 ($129.95 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 and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Platinum Visa/MasterCard has to offer.