Finding a credit card that helps your credit is an incredible feat, which is why we want to talk about the FIT Mastercard®. If you struggle with a poor or minimal credit history, this card might be part of the solution. In this FIT Mastercard review, we’ll discuss everything you need to know about it.
FIT Mastercard® Overview
The FIT Mastercard® is designed to rebuild or establish credit and is excellent for those with low credit scores or no credit at all. It starts with
a $400.00* (subject to available credit) credit limit and requires no security deposit, unlike other cards for those with poor credit histories.
To help you establish or raise your credit, the FIT Mastercard® reports monthly payments to credit bureaus. You can also view your credit score for free each month as long as you opt-in for online statements.
The FIT Mastercard® comes with access to $0 fraud liability coverage and provides automatic credit increases to eligible users after six months. However, the card does require you to have a checking account. It also comes with fairly steep fees and a high APR of 29.99 percent. There’s a $99 annual fee plus a $6.25 monthly maintenance fee after the first year. On top of that, there’s a one-time $89 processing fee, and it costs $30 if you need to add a second cardholder to your account.
- $400 credit limit to start
- Automatic credit increases for eligible customers after only six months
- Can view your credit score monthly
- On-time payments are reported to credit bureaus to help you raise your credit score
- No security deposit required
- Relatively steep annual and monthly fees
- High APR
- No rewards, cash back, or perks
Things To Consider Before Applying For The Fit Mastercard
The Fit Mastercard is great if you have poor credit because it can help you raise your credit score. It’s also ideal if you can’t afford a security deposit like many other credit cards require.
When you’re trying to raise your credit score, it’s important to pay off your card each month. As long as you can do that, the high APR for this card won’t be a problem. However, you should factor in the annual and monthly fees before you apply for the Fit Mastercard. It will cost you nearly $200 up front, and after the first year, you pay $6.25 per month.
It’s also important to remember that this isn’t a rewards card. There are no cash back or points offers as with other credit cards.
So, before applying, ask yourself the following:
- Can I afford the annual and monthly fees?
- Can I pay off this card each month?
- Am I okay with not earning rewards or points?
Features and Benefits Review
Now that you have a general idea of what the Fit Mastercard provides, let’s zoom in on the details. Below we list the major features of this particular card. Then we talk about why you want them.
Low Eligibility Requirements
Most credit card companies require a credit score of 700 or higher and a seven-year credit history, which is unfortunate for those with bad or non-existent credit. To make matters worse, one of the best ways to improve your credit is by making regular monthly payments on a credit card. So, if you have poor credit, getting a credit card is a good idea, but it’s also a challenge.
There are a number of banks that will issue credit cards to people with minimal or poor credit. They don’t require good credit or a lengthy credit history, but they typically ask for a security deposit instead. The security deposit is often $200 at a minimum, which can be a problem for some.
The Fit Mastercard welcomes applicants with lousy credit or minimal credit histories. And they don’t require a security deposit. Those low eligibility requirements mean the Fit Mastercard is attainable for almost everyone.
When you have a poor or minimal credit history, building credit is a major priority, so finding a card that can help you improve your credit score is key. The Fit Mastercard enables you to build your credit in multiple ways, including auto increases, payment reporting, and free credit reports.
Automatic increases can help improve your credit score because they lower your credit utilization ratio. Your credit utilization ratio is the amount of credit you’re currently using divided by the amount of credit you have in total.
In general, a credit utilization ratio of under 30m percent is considered good. However, many experts recommend a utilization ratio of under 10 percent to increase your credit score fast. The higher your credit limit, the easier it is to attain a low credit utilization ratio.
The Fit Mastercard comes with a $400 credit limit for most users. Assuming you make on-time payments for the first six months, that credit limit will increase to $600. After that, the automatic increases will continue every six months as long as you keep making payments.
Credit bureau reporting is another way to help you raise your credit score. In the U.S., the three main credit bureaus are Experian, Equifax, and Transunion. These bureaus keep track of your credit history and use that information to establish a credit score. So you can help improve your credit score faster by reporting the payments you make on your credit card.
The Fit Mastercard comes with automatic reporting, so each time you make a payment on your card, they’ll report it to all three credit bureaus, raising your credit score that much faster.
Finally, the Fit Mastercard comes with free credit reports each month as long as you sign up for online statements. Credit reports will help you keep track of your credit-building efforts. You’ll be able to see what actions are helping it increase, providing tons of positive reinforcement for good credit habits.
Fraud Liability Coverage
The Fit Mastercard also comes with complete fraud liability coverage. So if your card is lost, stolen, or compromised in any way, you aren’t responsible for any charges a thief tries to make.
Even with fraud liability coverage, it’s crucial to pay close attention to your accounts. The bank won’t know it’s a fraudulent charge unless you call and report it. Once you report an unauthorized purchase, they’ll remove the charge, then send you a new card.
Easy Application Process
Applying for the Fit Mastercard is exceptionally easy. The online application takes less than ten minutes to fill out, and if you’re not comfortable with online forms, you can always call and apply.
As with most credit cards, the application asks for your name, social security number, date of birth, and physical address. You can’t use a PO box to apply.
Usually, you’ll receive an instant decision after clicking submit, and assuming it’s a yes, you’ll receive your card in about three business days. That means, in most cases, you’ll have harnessed the power of credit in about 72 hours!
Of course, in some cases, the bank will need more information before approving you for the Fit Mastercard. If that happens, you can expect a decision in about 30 days. You may need to provide additional documentation, so be sure to check your mail for notifications while you wait.
Use Virtually Anywhere
One of the best things about the Fit Mastercard is that it’s a Mastercard! Mastercard is a trusted financial institution backed by years of experience. The company has been around since 1966 (under their former name, Interbank) and continually sets the standards in safe digital commerce.
Best of all, nearly every merchant that accepts credit will take a Mastercard. In fact, over 37 million merchants accept Mastercard in more than 210 countries and territories! It’s second only to Visa in terms of acceptance rates. That means no matter where you are, you’ll be able to use the Fit Mastercard.
Other Reviews of the Fit Mastercard We Found Online
The Fit Mastercard is ideal for those with a minimal credit history or poor credit scores. It’s also backed by a trusted company that cardholders love. And you don’t have to take our word for it!
We scoured the Internet searching for independent reviews and found more than 1,755 reviews on TrustPilot. The Fit Mastercard has an overall score of 4.8, which is a pretty impressive feat. Below is just a small sampling of what cardholders had to say.
Alternatives To The Fit Mastercard
The Fit Mastercard caters to people with poor or minimal credit histories, but it’s not the only option. There are several alternatives to the Fit Mastercard to consider.
All of the following cards are designed to help you build your credit, and none of them requires a perfect credit score. Depending on your financial situation, some of them may be better than the Fit Mastercard, thanks to lower APRs and rewards.
The Capital One Platinum Mastercard is an excellent option if you have fair credit. Capital One’s example of fair credit includes a limited credit history (under three years) or a default on a loan in the last five years.
If that’s you, this card might be a better option than the Fit Mastercard because there are no maintenance or up-front fees. It also features a slightly lower APR of 26.99 percent.
Like the Fit Mastercard, the Capital One Platinum Mastercard comes with auto credit increases when you reach six months of on-time payments. However, this card does require a security deposit, and the initial credit limit is low, at only $200.
The First Progress Platinum Prestige Mastercard is a great option for those who want to build their credit and can afford a security deposit. Rather than using credit scores to establish your credit-worthiness, the First Progress Platinum Prestige Mastercard issues credit based on the amount of your security deposit.
If your security deposit is high enough, you could receive up to a $2000 credit limit from the start! Like the Fit Mastercard, this card also reports your payments to all three credit bureaus every month.
And, unlike the Fit Mastercard, it comes with a very low APR of only 9.99 percent. This card does come with a $49 annual fee on top of your security deposit. However, there are no maintenance fees to worry about.
Like the First Progress Platinum Prestige Mastercard above, the Discover It Secured Card issues credit based on your security deposit rather than your credit score or history. So if you can afford the up-front deposit, it’s a good option for improving your credit score.
Unlike the other cards on this list, including the Fit Mastercard, the Discover It Secured Card comes with cash back perks. With this card, you get 2 percent cash back on up to $1000 per quarter using the card at gas stations or restaurants. You’ll earn 1 percent cash back on everything else.
On top of that, Discover offers an unlimited cash back match on your first year of purchases, so they’ll match the cash back you’ve earned in the first 12 months with your card, essentially doubling their initial cash back offer.
The Discover It Secured Card doesn’t have annual or maintenance fees, but it does have a 25.24 percent APR. It’s also a Discover card which is accepted in most places but is nowhere as universal as Mastercard.
Fit Mastercard Review: Final Verdict
If you have poor credit or lack a credit history, finding a credit card that helps you rather than hurts you is hard! Many banks won’t issue cards to those with credit issues, and the ones that do often have strict limitations. They tend to want a security deposit of $200 or more.
But the Fit Mastercard is different. It helps you establish or reestablish your credit by reporting payments to credit bureaus, providing automatic credit limit increases, and free credit reports. Plus, it has all the other standard perks like fraud liability coverage and a lightning-fast application process.
As long as you can pay your card off every month and can avoid the relatively high APR, the Fit Mastercard is ideal for helping you raise your credit score. You can check it out for yourself here!