Mr Credit CardNew Millennium Bank Secured Gold Card Review
Summary - The New Millennium Bank secured gold visa or mastercard is a secured credit card that will appeal tothose with poor credit. 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®.
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 Secured Gold Visa® or Mastercard® will appeal to those who have very poor credit. 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. There is also an application fee which many secured credit cards these days do without.
Positives
- No credit checks and hence almost guaranteed approval
- 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 |
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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 |