Mr Credit CardNew Millennium Bank Credit Card Review
Summary - The New Millennium Bank Credit Card is a very interesting secured credit card as it gives you membership to The WorldsBestTravelClub.com and guarantees your approval for the card. Let's take a look at the details.
Deposit and Credit Limits - The New Millennium credit card is a secured credit card and hence requires that you deposit of anywhere between $300 and $5,000. You will be given a credit limit of up to your deposit amount. You are allowed to get both a Visa® and a Mastercard®, which means that you can deposit a total of $10,000 and get a credit limit of $10,000 if you decide to get two cards.
Fees and APR - The New Millennium Bank credit card charges a $59 annual fee. The apr is a fixed 19.50% and they use the average daily balance method (including new purchases) to calculate monthly balance. There is however, no grace period, which means you will incur finance charges even if you pay in full each month. There is a one-time application fee of $69.95 or $99.95 if you apply for both a Visa® and Mastercard®.
Travel Incentives - As an incentive, New Millennium Bank is offering a FREE companion ticket after card approval if you buy a roundtrip ticket (from API) within the Continental US with a minimum ticket price of $349.00 (during low season 9/15 to 1/15) or $379.00 (during high season 1/16 to 9/14). This promotion alone will probably recoup both the one-time application fee and first year annual fee. Furthermore, you will also get a cash rebate of $69.00 when you make your first Condo booking throught TheWorldsBestTravelClub.com.
Other Travel Benefits - The New Millennium credit card is one of the few sub-prime cards that offer travel benefits like emergency cash transfers, free $150,000 accident insurance, free auto rental insurance, free extended warranty protection. You get to enroll in TheWorldsBestTravel Club.com
Credit Agency Reporting - Your credit card activities are reported to the three major credit agencies, Equifax, Experian and TransUnion.
GUARANTEED APPROVAL OR REFUND OF DOUBLE THE PROCESSING FEE
New Millennium Bank does not do any credit checks and you are most likely to get approved for the card. In fact on their website, they guarantee that they will refund double your processing fee in the unlikely event that you do not meet the minimum requirements of being above 18 years old (19 in certain states), a valid residential address and a valid social security number. Read their site terms and conditions for more details.
Summary - The New Millennium Bank credit card is one of the rare sub-prime secured credit card that gives travel benefits. The Free companion ticket that you are entitled to will more than pay off the one-time application fee required for this card (and maybe even your first year annual fee). You are also almost guaranteed approval for your application. The only negative aspect of this card is that there is no grace period and you will incur finance charges even though you pay your balance in full.
If you are looking to build or rebuild your credit and have been turned down a few times, and/or you travel quite a bit and could make use of the travel club membership, then you should definitely consider the New Millennium Bank Credit Card.
Positives
- TheWorldsBestTravelClub.com membership
- FREE companion rountrip ticket
- $69.00 cash rebate upon first Condo booking with TheWorldsBestTravelClub.com
- Travel benefits like travel accident insurance, auto rental insurance
- No grace period
Negatives
| New Millennium Credit Card | |
| Credit Limits | 100% of bank deposit, $300-5,000 |
| Credit Agency Reporting | Reports to three major credit bureaus |
| Card Benefits | |
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$150,000 travel insurance Auto rental insurance Extended warranty protection Free roundtrip companion ticket around 48 states Continental USA with a purchase of ticket from API Membership in "The World's Best Travel Club.com" |
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| Cost/Fees/Interest rates | |
| Annual Fees | $59.00 |
| One time Processing Fees | $69.95, $99.95 if you want both Visa and Mastercard |
| Rush Processing Fees | $12.00 |
| Co-applicant Fee | $10.00 |
| Purchase APR | 19.50% Fixed |
| Cash Advance APR | 19.50% Fixed |
| Min Finance Charge | $0.50 |
| Grace Period | No grace period |
| Balance Calculation Method | Average Daily Balance (including new purchases) |
| Cash Advance fee | 2% min $1.00, max $20.00 |
| Over-the-credit-limit fee | $20.00 |
| Late Payment fee | $20.00 |