The
FIT™ Platinum Mastercard® is an expensive unsecured credit card for people with bad credit or limited credit history. It charges a one-time fee of
$95 before the account is even open, then follows that up with an annual fee, which is joined by a monthly fee after 12 months. In return, FIT Mastercard users get a $400 credit limit and monthly reporting to the three major credit bureaus. There aren’t any rewards or other noteworthy perks.
The FIT Card’s relatively high limit could make it helpful for emergencies, but any balance you carry from month to month will accrue interest at a very high rate. Furthermore plenty of far less expensive credit cards report to the major credit bureaus on a monthly basis and can help you build or rebuild your credit standing. As a result, applying for the FIT Mastercard Credit Card is not worth it for most people.
What I Like About the FIT Credit Card
$400 minimum credit limit
Unsecured credit cards for people with limited or bad credit usually have a starting credit limit of $300. Having an extra $100 to work with from the FIT Mastercard makes it more suitable for emergency expenses that you don’t have enough cash on hand to cover.
Monthly credit-bureau reporting
Your FIT Mastercard account information will be reported to the three major credit bureaus each month. That gives you the opportunity to add positive information to your credit reports, thereby making any negative information already in your file gradually seem less important. To take advantage of this opportunity, make sure to pay your bill on time every month and keep your balance well below your credit limit.
Easy to get
You can get the FIT Card with limited credit history or even a bad credit score. Even though approval is not guaranteed, this card is a lot easier to qualify for than most other unsecured credit cards.
What I Don’t Like About the FIT Credit Card
$95 one-time fee
Pretty much only unsecured credit cards for people with bad credit charge this type of one-time administrative fee, which is assessed prior to account opening and is not subtracted from your initial available credit.
High annual fee
The FIT Mastercard is about $99 - $194 more expensive than the average credit card offer the first year, depending on whether you count the processing fee (which the average credit card does not have). From the second year on, it’s roughly $275 more expensive than the average card, considering both the annual fee and the monthly fees that kick in.
$12.50 monthly fee, starting year two
If you decide to apply for the FIT Mastercard, aim to close your account before it turns one year old. Otherwise, an already expensive credit card will become even more so. Besides, if you manage your account responsibly, you should be able to improve your credit enough to qualify for a better offer after 12 months.
35.90% (Fixed) APR
The FIT Card’s APR is far too high for comfort. You should only carry a balance from month to month if there’s an emergency. For context, the average credit card offer has an APR of
about 22.76%.
Checking account required
Most credit card issuers require applicants to have a bank account to use for monthly bill payments on their credit card account. It’s not a universal requirement, however, as there are some
credit cards with no bank account needed.
No upgrade options
There’s no higher-tier FIT card that you can graduate to once you demonstrate that you’re a responsible cardholder. This could make it harder to qualify for a good second credit card after using this account for a while.
To get personalized recommendations for the best credit cards with high approval odds, youcan
sign up for a free WalletHub account. You’ll also get customized credit-improvement advice and daily credit score updates.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
