2 Star . Maintenance fee: None in the first year. Users who post a review directly on the NerdWallet site will not be compensated in any way. That compensation comes in the form of high fees and rates. 1 Star . 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 safer, more effective path to building credit, compare secured credit cards. Terms apply. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. 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. 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. Discover will automatically match all the cash back you’ve earned at the end of your first year! You could instead rebuild your credit with a good secured credit card that doesn’t charge annual fees. Check the data at the top of this page and the bank’s website for the most current information. It also comes with a cash back rewards program that can help reduce your total cost of ownership. Discover will automatically match all the cash back you’ve earned at the end of your first year! Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. You’ll earn 1% back on eligible purchases to start, with this rate increasing to 1.25% after you make six on-time monthly payments and to 1.5% after 12 on-time monthly payments. Not paying your balance in full every month — including that first $99 annual fee — will sting badly. However, all credit card information is presented without warranty. And if instead of bad credit what you really have is average credit (FICO scores of at least 630), then you have a slew of options better than the Reflex Mastercard® Credit Card. Greg Karp is a personal finance expert at NerdWallet. You want a chance at a higher limit than you’ll find on most unsecured credit-building cards. By providing my email address, I agree to CreditCards.com’s may also offer you access to a higher credit line in as little as six months if you make your monthly payments on time. Consider the, Petal® 2 "Cash Back, No Fees" Visa® Credit Card, , for example, which is issued by WebBank and touts itself as a low-cost option for those looking to build a credit history. Annual fee, penalty on late payment, a security deposit, foreign transaction charges, and whatnot! It can be a good card to regularly track your progress thanks to … CreditCards.com is an independent, advertising-supported comparison service. With a secured credit card, the security deposit eventually comes back to you if you maintain a good payment history. There’s no minimum spending or maximum rewards. Thank you to the representative that I have spoken to. Some of the reviews on the NerdWallet site were purchased through a third party provider. Of course, there’s no guarantee you’ll be offered a $750 limit. See if you’re Pre-Qualified with no impact to your credit score, Free access to your Vantage 3.0 score from TransUnion* (When you sign up for e-statements). This is a … And the fees don’t stop there. Privacy Policy, Essential news and expert tips in your inbox every week. This may influence which products we write about and where and how the product appears on a page. It’s a fee-heavy card with high interest rates and low credit limits. 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. Like some other cards for people with bad credit, the Reflex Mastercard® Credit Card requires you to have a checking account. There’s no minimum spending or maximum rewards. With a secured credit card, the security deposit eventually comes back to you if you maintain a good payment history. 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. More on that later.). to maintain accurate information. The Reflex Credit Card is a below-average credit card for beginners.If you are looking to build your credit, there arebetter options available. 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. It is not our partner’s responsibility to ensure all posts or questions are answered. Thankfully, you can check if you prequalify for the Reflex Mastercard before you apply. When your credit score is less than perfect, especially with everything going on, obtaining access to a credit card can prove to be complicated. 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. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. Credit Card Reviews. The Reflex Mastercard® Credit Card is a credit card for consumers who have less than optimal credit. Limit the number of authorized users you add to the card, as each new user incurs a $30 fee. It belongs to the Mastercard credit card network but is issued by Celtic Bank … On most cards, this is free. This means credit-builders should carefully consider which cards they apply for and only try for those that offer decent approval odds. See related: How long does it take to rebuild credit? In most cases, a secured card will be a better credit-building option. Keep an eye on your inbox—we’ll be sending over your first message soon. 37%. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Reasonable efforts are made , your first reflex should be to avoid it. Though you may well end up paying $99 annually with each of those cards, you at least have a chance at a lower fee. Our opinions are our own. 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. 18%. While cash back and other rewards programs are uncommon among credit-building cards, they’re not unheard-of either. Reflex Mastercard® is a credit card issued by Celtic Bank. 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 catch is that cards designed for credit-builders tend to be burdened with harsh terms, including high interest rates, big penalties and exorbitant fees. 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. This is a costly credit card with flimsy benefits, even for those with bad credit. Designed for cardholders looking to bolster their credit scores, the Capital One QuicksilverOne card offers unlimited 1.5% cash back on every purchase. And you can pay the deposit in installments if needed. Best 5 Cash Back Business Credit Cards. Our partners compensate us. You get a chance to practice good financial habits and build your track record as a responsible cardholder, which will help you qualify for better terms in the future. Your experience may help others Ok, if I apply I'll share my experience No thanks, just go to the application. Read more. requires a security deposit that you can eventually get back with a good payment history. Not so with an annual fee. Meanwhile, the Reflex Mastercard’s high-end APR rivals that of many store credit cards, which are known for their eye-popping interest rates. Alternate Pick: No annual fee, plus rewards. Keep in mind that this limit isn’t inclusive of the service fees, so you’ll be left with about … The issuer says all credit types are welcome to apply. Please see our Terms of Use and Posting Guidelines for more information. Disclosure: These responses are not provided or commissioned by the bank advertiser. Pre-qualified offers are not binding. You only plan to use the card for small purchases. And it, too, earns rewards: 1.5% back on all spending. 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. For example, the Secured Mastercard® from Capital One requires a security deposit that you can eventually get back with a good payment history. Reports to all three major consumer credit bureaus. You plan to switch to a different card as soon as your credit score improves. Its biggest benefits are monthly reporting to the three major credit bureaus and free access to your Vantage 3.0 score from TransUnion when you sign up for e-statements. Credit limit - Reflex MasterCard Review Reflex MasterCard has the edge over other cards that offer an initial credit limit of $300 since it offers a threshold of $500. True, it can help you build or rebuild credit. 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. Consider the Petal® 2 "Cash Back, No Fees" Visa® Credit Card, for example, which is issued by WebBank and touts itself as a low-cost option for those looking to build a credit history. Our partners cannot pay us to guarantee favorable reviews of their products or services. No thanks, just go to the application. Due to the fact that I didn’t change my address with Reflex when I moved. See the online credit card applications for details about the terms and conditions of an offer. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. Reflex MasterCard Credit Card Consumer Reviews, Credit Score and Income Needed, Credit Limits 53 Reviews. October 23, 2019 Written By Bill Hardekopf . Pay off your card balance in full each month to avoid high interest charges. 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. A number of Credit One Bank credit cards, for example, offer at least 1% cash back on some everyday purchases. It’s a fee-heavy card with high interest rates and low credit limits. You'll need a minimum $200 security deposit, which will equal your credit line, but deposits can be as high as $2,500. 1% cash back on eligible purchases right away. Unfortunately, the Reflex Mastercard is no exception. 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. 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. Average Score: 414. NerdWallet strives to keep its information accurate and up to date. You are not going to reestablish your credit quickly using this credit card. By providing my email address, I agree to CreditCards.com’s 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. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. In theory, the Reflex Card can help you make payments for your essential purchases and pay off bills. However, given that you have to pay the same annual fee and monthly fee, it becomes a very expensive secured credit card. 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