Pick the Right Credit Card

For people with a speckled credit history, sometimes having a low line credit card is the first step back towards credit repair. The First Bank of Delaware Tribute Mastercard Gold Card is a card that aims to help people out in restoring their credit, but that credit restoration comes at a hefty price.




Pros:

• Reports to credit bureaus
• Available for people with spotty credit scores

Cons:

• $222/year in fees
  • $150 annual fee
  • $6/month maintenance fee
• High minimum floor on APR
• APR tied to the highest rate in the trailing 90 day period
• Making the minimum monthly payment will never pay the card off

If you have a poor credit rating, you may be better off checking with your bank and conducting passbook savings loans from banks which report to credit bureaus, such as the Citizens~Union Savings Bank in Falls River, MA.

This card is an option if you are desperate to rebuild your credit and can afford the fees. The $150 annual fee is very stiff. Given low credit limits, the fees can represent potentially half of the available credit. This card scores a 1 out of 10.

This entry was posted on Monday, August 20th, 2007 at 9:41 pm and is filed under Bad Credit Card. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.