Tribute MasterCard Review
The Tribute MasterCard is often used to help rebuild a low credit score. It is an unsecured bad credit card.
The First Bank of Delaware issues this card. They are a reputable sub prime lending institution.
Your card can be used to improve your credit score. It will create a positive payment history on your credit by making your on time monthly payments.
This factor is heavily weighted when your score is being calculated. In addition it will improve your ratio of available credit to debt. This ratio is how the bureaus decide if you are in over your head or can afford the new credit line.
You will have an annual fee with this card; this is common with bad credit cards. Your APR will be 19.50% which is the industry standard.
Your initial credit limit will be $300. Your card does have monthly credit reporting to all three major bureaus.
This card is unique because they are committed to approving most applicants. If you credit is severely damaged you can still be approved for this card, however instead of a $300 limit your card will have a $70 limit.
However using your card responsibly and you will have limit increases for both cards. There are no finance charges and no account set up fees for your card.
There is no application fee and you have free online account access. In addition there is no minimum income requirement and easy approval.
With both the $300 credit limit and $70 credit limit card you will be eligible to receive periodic credit limit increases. In addition you will have a 30 second online decision when you apply.
For your credit to benefit the most from your card you should keep your balance at 20% of your limit. This will help because it shows that you do use your card and you are using it responsibly.
In sum we do suggest the Tribute MasterCard to anyone with a damaged credit history. You can use it to create a positive payment history and improve your ratio of available credit to debt.
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