Alternatives to The Build Mastercard

Alternatives to The Build Mastercard

December 16, 2020         Written By Bill Hardekopf

The Build Mastercard is a card designed for people who had serious credit problems. It charges setup and maintenance fees to offset that risk. It is marketed as an affordable alternative to payday loans for customers who are trying to establish, strengthen or rebuild their credit history.

But the card carries significant fees. To open a new account, you have to pay a one-time account setup fee of $53 and an annual membership fee of $72. These set-up and maintenance fees are charged to your account before even began using your card, thus reducing the amount of credit that was initially available. For example, if you receive a $500 line of credit, then your initial available credit will be $375, which is $500 minus the $72 membership fee and the $53 account setup fee.

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Top Features:

Perfect credit not required; Reports to major credit bureaus

The Build Mastercard has no grace period. With most credit cards, you can avoid interest charges by paying your monthly statement balance in full. The period between the statement closing date and the payment due date is known as the card’s grace period. Since the Build Mastercard has no grace period, it began charging interest on purchases and cash advances on the date of the transaction. The standard interest rate for purchases and cash advances is a very high 29.9% APR, which is a variable interest rate that goes up or down based on the Prime Rate.

There are a number of credit cards for people who have a low credit score that may be much more attractive than the Build Mastercard:

First Access Visa® Credit Card

The First Access Visa® Credit Card has an easy and secure online application. You will be charged a program fee but only if you are approved for the card. Once approved, you will have access to a certain credit limit, and your timely payments will be reported to all three credit bureaus. You may be able to receive your card more quickly with optional Expedited Processing (additional fee applies).

Milestone® Mastercard® – Less Than Perfect Credit Considered

The Milestone® Mastercard® – Less Than Perfect Credit Considered is a nice option for those with bad credit. You can pre-qualify for a card and it will not impact your credit score. Cardholders receive fraud protection in the event of a stolen card, and have mobile access to their account at any time. Your account history is reported to the three major credit bureaus. There is an annual fee ranging from $35 to $99. The ongoing APR is 24.90%. The foreign transaction fee is 1%, less than the average for the industry.

For those without access to high-end credit cards, these cards are great options. You might have to deal with security deposits and other fees that higher end credit cards may not have. In addition, most of these cards will not give you rewards programs that are offered to consumers with good credit scores. If you need access to a line of credit in order to make purchases from month to month, you should look at the listed cards and figure out which one best fits your lifestyle.

Featured Card

Top Features:

Perfect credit not required; Reports to major credit bureaus

The information contained within this article was accurate as of December 16, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.