Users who post a review directly on the NerdWallet site will not be compensated in any way. The Reflex Mastercard ® is definitely an option, but you could build your credit just as well and keep that $219 in your pocket by instead signing up for a card that doesn't charge an annual or monthly fee. » MORE: How do secured credit cards work? Designed for cardholders looking to bolster their credit scores, the Capital One QuicksilverOne card offers unlimited 1.5% cash back on every purchase. 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 in illegal credit card fees. In theory, the Reflex Card can help you make payments for your essential purchases and pay off bills. , which has a much better APR — lower than the rates on many unsecured cards. As an unsecured credit card, one of the Reflex Mastercard’s main selling points is that it could give you the chance to build credit without putting down a deposit. Our partners cannot pay us to guarantee favorable reviews of their products or services. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. With a secured credit card, the security deposit eventually comes back to you if you maintain a good payment history. Sort By Credit Score: 0 Credit Limit: 500 Age: 45-54. Here is a list of our partners. Along with its high fees, the Reflex Mastercard charges a very high variable APR ranging from 25.9% to 29.99%. However, this does not influence our evaluations. And it, too, earns rewards: 1.5% back on all spending. Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. One of my favorite things to do is to review these cards, in the hopes that somebody will read the review before thinking about applying and end up with a vast array of much better options. CreditCards.com does not include the entire universe of available financial or credit offers. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. No. There’s no minimum spending or maximum rewards. The annual fee is $75 to $99. Privacy Policy. We believe everyone should be able to make financial decisions with confidence. 18%. 1% cash back on eligible purchases including gas, groceries and phone services. Cash advance fee: $5 or 5% of the amount of each cash advance (whichever is greater), Foreign transaction fee: 3% in U.S. dollars (or $1, whichever is greater), Account reviewed for possible credit limit increase after 6 months of on-time payments, Includes free access to your Experian credit score and $0 fraud liability, Pre-qualify and see what kind of fee you’re offered before you apply, Issuer considers alternative credit data (like income and bill payment history) when evaluating applications, not just credit score, Includes money-management tools and free credit reporting. 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. Up to 1.5% cash back on every purchase after making 12 on-time monthly payments. Petal’s issuer can also use its own underwriting model to evaluate creditworthiness, considering such things as income, spending and savings. Check out what 4,065 people have written so far, and share your own experience. Thankfully, you can check if you prequalify for the Reflex Mastercard before you apply. Sign In Sign Up Reflex Mastercard® Card Data last updated on October 13, 2020. $0-$120 annually, billed at up to $10 per month, after the first 12 months. Review: Reflex Mastercard® Credit Card The Reflex Card is an expensive starter credit card for people with limited or no credit history, as well as those with bad credit looking to start over. Pay off your card balance in full each month to avoid high interest charges. 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. When evaluating offers, please review the financial institution’s Terms and Conditions. Just a dollar-for-dollar match. The Reflex Mastercard offers new cardholders an initial credit limit between $300 and $750. True, it can help you build or rebuild credit. 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. While this range is quite low compared to the limits available on credit cards for people with excellent credit, the high-end limit is relatively high for an unsecured credit-building card. By providing my email address, I agree to CreditCards.com’s Most unsecured credit cards granting $300 initially. See related: How long does it take to rebuild credit? All Rights Reserved. Voice your opinion today and hear what 4065 customers have already said. There's an annual fee, but it's  much more palatable. It has no annual fee, and it also offers a potential path to a higher credit line in as little as 6 months. Reports to all three major consumer credit bureaus. Due to its extremely high cost of ownership and enormous APR, the Reflex Mastercard is hard to recommend even for those with severely damaged credit. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Your credit cards journey is officially underway. All Credit Cards Reviews. This card has a $0 annual fee, not to mention ongoing rewards and a bonus phrased this way: "INTRO OFFER: Unlimited Cashback Match – only from Discover. On most cards, this is free. If you don’t pay your credit card bill, you’ll lose some or all of the deposit. If you’re only approved for the minimum credit line of $300, however, your account will be reviewed for a credit limit increase after 12 months. If that’s a problem, consider the OpenSky® Secured Visa® Credit Card. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. That compensation comes in the form of high fees and rates. You'll need to qualify for membership at that credit union to be eligible for the card. Yours truly Trent smith. This is especially disappointing given the card’s high fees, as even 1% back on select purchases would help offset the Reflex Mastercard’s high cost of ownership. It can be a good card to regularly track your progress thanks to … Of course, there’s no guarantee you’ll be offered a $750 limit. Our opinions are our own. There is a $35 annual fee, however. The issuer says all credit types are welcome to apply. You'll need a minimum $200 security deposit, which will equal your credit line, but deposits can be as high as $2,500. Just a dollar-for-dollar match." While this range is quite low compared to the limits available on credit cards for people with excellent credit, the high-end limit is relatively high for an unsecured credit-building card. The card charges a variable interest rate and has a lower-than-average line of credit, though this credit line may increase with financial responsibility. If you have limited or no credit — as opposed to bad credit — you can find alternative cards that have no annual fee and no security deposit requirement. Our partners compensate us. You can request a credit limit increase after 6 months of on-time payments, $75-$99 per year, plus $0-$120 per year (assessed as $0-$10 monthly) in maintenance fees after your first year, Features: Free access to your Vantage 3.0 score from TransUnion when you sign up for e-statements, $0 fraud liability for unauthorized charges, chance at instant approval, preapproval available. Unsecured credit cards for bad credit, however, make raising your credit score a reality – and the Surge Card and Reflex Card are two of the most popular options on the market today. If you're wondering whether Reflex Mastercard® is the right card for you, read on. 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. Most notably, you’ll get free access to your Vantage 3.0 score from TransUnion when you sign up for e-statements. Additionally, there's a 5% cash advance fee ($5 minimum), and a 3% foreign transaction fee. The deposit would have to be paid before the account is opened. Foreign transaction fee: 3% of each transaction in U.S. dollars. And while it’s still not the cheapest option, the card offers good approval odds even with poor credit. However, given that you have to pay the same annual fee and monthly fee, it becomes a very expensive secured credit card. NerdWallet strives to keep its information accurate and up to date. Apply. The annual fee is, 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, NerdWallet's best credit cards for fair or average credit. If you opt for a secured credit card instead, you can have a bit more control over your credit limit, as your limit will usually match your security deposit. Like some other cards for people with bad credit, the, . More on that later.). You’ll also have a chance at a credit limit increase if you make six consecutive on-time payments. Reflex Mastercard® Review. Thanks, we'll follow up soon. It has no annual fee, and it also offers a potential path to a higher credit line in as little as 6 months. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. There’s no minimum spending or maximum rewards. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. Limit the number of authorized users you add to the card, as each new user incurs a $30 fee. 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. It has a variable purchase APR that ranges from 25.9% up to 29.99%. You only plan to use the card for small purchases. Better options exist. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Keep an eye on your inbox—we’ll be sending over your first message soon. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. Greg Karp is a personal finance expert at NerdWallet. I called the following day and talked to costumer services, and they were a lot of help by walking me through what the problem was and how to solve it. Posted 12/18 2020 . By providing my email address, I agree to CreditCards.com’s Alternate Pick: No annual fee, plus rewards. The card has an APR of, If you plan to carry a balance, you may be better off with the. You’ll also enjoy $0 fraud liability for unauthorized charges. A number of Credit One Bank credit cards, for example, offer at least 1% cash back on some everyday purchases. Luckily, though, you may be able to increase your Reflex Mastercard credit limit after as little as six months of on-time payments. Get essential reads every week with our newsletter. The Reflex card is good for someone with bad credit, or perhaps no credit history who wants to build their credit. Reasonable efforts are made While cash back and other rewards programs are uncommon among credit-building cards, they’re not unheard-of either. Discover will automatically match all the cash back you’ve earned at the end of your first year! It doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. While such fees will be almost impossible to avoid if you’re looking for an unsecured credit-building card, a few alternatives offer a wider range of potential annual fees, based on your creditworthiness. 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. You want a chance at a higher limit than you’ll find on most unsecured credit-building cards. 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. Request a credit limit increase after six months of on-time payments. Plenty of better options exist. The Reflex Mastercard offers new cardholders an initial credit limit between $300 and $750. Useful. The Reflex Mastercard® Credit Card is a fee-heavy card with high interest rates and low credit limits. Reflex MasterCard Credit Card Consumer Reviews, Credit Score and Income Needed, Credit Limits 53 Reviews. All financial products, shopping products and services are presented without warranty. And the card earns rewards. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. 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. The information, including card rates and fees, presented in the review is accurate as of the date of the review. » MORE: The big problem with easy-to-get subprime credit cards. No. 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. This may influence which products we write about and where and how the product appears on a page. Foreign transaction fee: 3% after the first 12 months. All financial products, shopping products and services are presented without warranty. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews. It is not our partner’s responsibility to ensure all posts or questions are answered. Reply. For a starter credit card, the Reflex Mastercard has an initial credit limit between $300 and $750, with the potential to increase after 6 months. , your first reflex should be to avoid it. 1 Star 2 Star 3 Star 4 Star 5 Star . » MORE: NerdWallet's best credit cards for fair or average credit. 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