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New Millennium Bank »
Credit Card Reviews » Platinum Mastercard |
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In-Depth Credit Card Review: |
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The New Millennium Bank Platinum MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may be having a difficult time in obtaining a standard unsecured credit card.
Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. Perhaps the best benefit is the free companion airline ticket, which is awarded to the cardholder after they have been approved for the card.
The card provides cardholders with a free membership to TheWorldsBestTravelClub.com, which offers discounts on a variety of travel services and provides the cardholder with a $69 cash rebate on their first condo booking. Applicants also have the chance to participate in a referral program that rewards cardholders with up to $50 per approved referral.
Although the APR applied to purchases is above average for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. This card also has a no credit check and a no turn-down policy.
There is an annual fee of $59, which is slightly above average for a secured card, as well as a one time processing fee of $99.95.
It is important to note that a major drawback to the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card.
Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Platinum MasterCard® has to offer.
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| (Review Updated: January 26, 2008) |
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n/a Intro APR (* see notes for details)
19.5% Regular Fixed APR for Purchases
n/a Regular Fixed APR for Cash Advances |
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$59 Annual Fee
25 days Grace Period |
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| Finance Configuration: Average Daily Balance (including new purchases) |
| Additional Cardholders: $12.95 |
| Late Payment Fee: $20 |
| Over-The-Limit Fee: $20 |
| Cash Advance Fee: 2%, $1 minimum, $20 maximum |
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| Minimum Credit Limit: $250 |
| Maximum Credit Limit: see terms* |
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| Type of Reward: None |
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| Additional Features for Platinum Mastercard: |
Access to the referral program to earn up to $50 per referral.
Up to $100,000 in travel accident insurance.
Emergency cash replacement.
Auto rental insurance.
Extended warranty for purchases.
Free companion airline ticket upon enrollment.
Free membership in www.TheWorldsBestTravelClub.com, which offers cardholders a $69 cash rebate on their first condo booking.
See website for additional benefits. |
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| Important Notes for Platinum Mastercard: |
No credit check or turndowns.
Reports to all three major credit bureaus.
No employment verifications.
The card is not available to residents of Puerto Rico, Guam and Canada.
**The maximum credit and deposit limits of $10,000 are based on the applicant's approval for MasterCard®, otherwise the maximum credit and deposit limits are $5,000 per card.
***Application fee is $99.95 for MasterCard® account OR $129.95 for MasterCard® account.
See website for complete terms and conditions of card usage and application disclosure. |
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| Notes: The review on Platinum Mastercard was updated on January 26, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update.
We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application. |
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