Review Of The Reflex Mastercard

Review Of The Reflex Mastercard

October 23, 2019         Written By Bill Hardekopf

The is a credit card for consumers who have less than optimal credit. If you have struggled with your finances at some point in your life or have never had a credit profile, then the Reflex Mastercard may be a card you should consider, especially if you don’t have the money to put down as a deposit for a secured credit card. It might be fairly easy to be approved for this card, as long as you have a checking account. But you should know that the rates and fees of this card are very significant and may outweigh some of the benefits of the card.

What Bank Issues The Reflex Mastercard?

Celtic Bank issues the Reflex Mastercard. The bank was founded almost 20 years ago and is headquartered in Salt Lake City. It is a privately-owned industrial bank which is known for helping to finance small businesses. In 2013, Celtic Bank was rated as one of the leading SBA lenders in the United States.  nationally since 2013.

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Only consumers with a checking account will be approved for the . The card can help you build or establish your credit profile since it reports to all three major credit bureaus. So if you make your payments on time and pay at least the minimum payment each month for a significant amount of time, you should start to see your credit score increase. Since the Reflex Mastercard is an unsecured card, you are able to obtain the card without having to put down a security deposit. The application process is very straightforward, and you should find out if you are approved in a very short amount of time. Once approved, you will receive a credit limit of up to $500. If you use the card prudently for a year, you may see that credit limit increased to as much as $2,000.

But anyone interested in the Reflex Mastercard needs to be aware of the very high rates and fees associated with this card. It has one of the highest APRs of any card on the market. So if you carry a balance, you will pay a steep financial penalty with this significant interest rate. The card also comes with a very substantial annual fee during the first year; this decreases your credit limit during the first month of usage. The annual fee drops slightly in subsequent years, but beginning in year two, there is a maintenance fee that is assessed every month. The combination of this annual fee and the monthly maintenance fee makes the card one of the most expensive cards to carry of any card in the industry.

If your application is declined, you may be offered a secured card which means you will need to put down a security deposit of either $50, $100, $150 or $500. If you ever wanted to close this account, your security deposit will be totally refundable once you pay off your entire balance.

The Reflex Mastercard will have almost universal acceptance in the United States since it is part of the Mastercard network.

Is The Reflex Mastercard Right For Me?

The may be an option for individuals attempting to establish or rebuild their credit, and who would rather not put down a security deposit for a secured card. It is essential to have a checking account in order to be considered for this card. If used responsibly for a period of time, the card could help improve your credit score since your account activity will be reported every month to each of the major credit bureaus. But since the card has on of the highest APRs in the industry, as well as very substantial annual fees and monthly maintenance fees (after year one), there are much less costly cards on the market. Here are some options to consider:

 

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The is an attractive choice for people with a limited credit history. Customers receive an initial line of credit but can increase that credit line after making their first five monthly payments on time. The standard interest rate is 26.99% (Variable), which applies to new purchases and cash advances. This card includes fraud protection, as well as extended warranty coverage which automatically adds a year to the manufacturer’s policy on covered items. There is no annual fee or any foreign transaction fees on this card.

 

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If you have limited or no credit, the is one of the only cards available that offers cash back rewards on all purchases with no limits. Cardholders receive 1.5% cash back on all of their purchases. The interest rate of 26.99% (Variable) will apply to both new purchases and cash advances. Capital One also offers QuicksilverOne cardholders the opportunity to increase their credit line after making their first five monthly payments on time. There is a $39 annual fee for this card, and no foreign transaction fees imposed on charges processed outside of the United States.

 

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Citi is another major issuer that offers a secured credit card to people with limited credit or no credit. When you apply for the , new customers put up a refundable security deposit of between $200 and $2,500. When they are approved for the card, the cardholder’s credit limit will be equal to the amount of the security deposit. This secured card also reports to all three major credit bureaus. The Citi Secured card can be used anywhere Mastercard is accepted. It has a standard APR 23.99% (Variable) for purchases. There is no annual fee for this card, but it does have a 3% foreign transaction fee.

 

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The is one of the best secured cards on the market, and is a solid choice for people with limited or no credit. New applicants first submit a refundable security deposit of $49, $99, or $200, depending on their creditworthiness. Then, you will receive a credit line between $200 and $3,000, and the card works like any other credit card. You will receive a statement each month, and must make a minimum payment. Capital One reports regularly to all three major credit bureaus, helping you build up your credit history. You will get access to a higher credit line if you make on-time payments for the first five months of being a cardholder. The standard interest rate for purchases as well as cash advances is 26.99% (Variable). There is no annual fee or foreign transactions fees for this card.

 

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The is offered by Green Dot Bank and has an annual fee of $39. In addition, it has a relatively low APR of 13.99% (Fixed). This card reports your payments to the three major consumer credit bureaus, allowing you to build your credit by making on-time payments. Credit lines are available from $200 to $5,000. There are no processing or application fees on this card.



The information contained within this article was accurate as of October 23, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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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.
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