Keep an eye on your inbox—we’ll be sending over your first message soon. 4 Star . There’s no minimum spending or maximum rewards. Greg Karp is a personal finance expert at NerdWallet. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. It is a card aimed at people with bad credit. High APRs. If you have a limited credit history or are looking to repair your bad credit, signing up for a new credit card can be a great first step. It’s a fee-heavy card with high interest rates and low credit limits. Not so with an annual fee. NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. It doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. Like some other cards for people with bad credit, the Reflex Mastercard® Credit Card requires you to have a checking account. , especially if you get hit with the monthly maintenance charge after the first year. But with a $99 annual fee, 29.99% purchase APR, a $89 process fee and $6.25 monthly fee, it’s hard to recommend this card for that purpose. Share. 3 Star . Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Pre-qualified offers are not binding. The Reflex Mastercard®, issued by Celtic Bank, is one of many credit cards for bad credit or no credit score at all. If you have any doubt about your ability to pay your card balance in full each month, you should avoid the Reflex Mastercard. CreditCards.com is an independent, advertising-supported comparison service. If you plan to carry a balance, you may be better off with the $0-annual-fee DCU Visa® Platinum Secured Credit Card, which has a much better APR — lower than the rates on many unsecured cards. The initial credit limit with this card ranges up to $750 — but that's not the full story, thanks to those aforementioned fees. On most cards, this is free. There's an annual fee, but it's  much more palatable. You’ll also enjoy $0 fraud liability for unauthorized charges. Some secured credit cards and most credit-builder loans also offer relatively low, fixed interest rates. If you don’t pay your credit card bill, you’ll lose some or all of the deposit. And it, too, earns rewards: 1.5% back on all spending. Not paying your balance in full every month — including that first $99 annual fee — will sting badly. Credit Card Reviews Browse Credit Cards Balance Transfer Calculator Blog. Consider the, Petal® 2 "Cash Back, No Fees" Visa® Credit Card, , for example, which is issued by WebBank and touts itself as a low-cost option for those looking to build a credit history. Reports to all three major consumer credit bureaus. The Reflex Mastercard® Credit Card is a fee-heavy card with high interest rates and low credit limits. All Rights Reserved. Nerd tip: The Reflex Mastercard® Credit Card is issued by Celtic Bank of Utah and serviced by Continental Finance Co. Credit limit - Reflex MasterCard Review Reflex MasterCard has the edge over other cards that offer an initial credit limit of $300 since it offers a threshold of $500. Privacy Policy. Expert review. The catch is that cards designed for credit-builders tend to be burdened with harsh terms, including high interest rates, big penalties and exorbitant fees. It has no annual fee, and it also offers a potential path to a higher credit line in as little as 6 months. $0 to $120, billed at up to $10 per month. This is marketed as a regular unsecured credit card, meaning you don’t have to come up with a deposit like you do with secured cards. Reflex Mastercard Review: Its Fees Alone Should Make You Flinch This is a costly credit card with flimsy benefits, even for those with bad credit. Most unsecured credit cards granting $300 initially. 5 Star . Reasonable efforts are made All reviews are prepared by CreditCards.com staff. More on that later.). requires a deposit that determines your credit limit, but it can range from $200 to $2,500, so you have flexibility. NerdWallet's ratings are determined by our editorial team. Discover will automatically match all the cash back you’ve earned at the end of your first year! Along with its high fees, the Reflex Mastercard charges a very high variable APR ranging from 25.9% to 29.99%. And it, too, earns rewards: 1.5% back on all spending. However, if you’re set on an unsecured card, the Reflex Mastercard may be worth it for the first year, if only as stepping stone to better credit and better cards. , which has a much better APR — lower than the rates on many unsecured cards. Pay off your card balance in full each month to avoid high interest charges. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. While such fees will be almost impossible to avoid if you’re looking for an unsecured credit-building card, a few alternatives offer a wider range of potential annual fees, based on your creditworthiness. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Read more. Consider the Petal® 2 "Cash Back, No Fees" Visa® Credit Card, for example, which is issued by WebBank and touts itself as a low-cost option for those looking to build a credit history. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you are looking at the Reflex credit card for the first time, we are sure the associated fees would make you flinch. Some of the reviews on the NerdWallet site were purchased through a third party provider. is issued by Celtic Bank of Utah and serviced by Continental Finance Co. Get essential reads every week with our newsletter. Consider these alternatives, all of which are unsecured credit-building cards that offer cash back rewards programs that will help offset any fees. All financial products, shopping products and services are presented without warranty. The latest batch seem to be for the Reflex Credit Card (I haven’t linked to it, because I don’t want it to rank in the search engines). Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews. It’s a fee-heavy card with high interest rates and low credit limits. Yours truly Trent smith. If that’s a problem, consider the OpenSky® Secured Visa® Credit Card. However, given that you have to pay the same annual fee and monthly fee, it becomes a very expensive secured credit card. And issuers that accept applicants with bad credit (those with FICO scores of 629 or below) need to be compensated for all the customers who will fail to pay their credit card bills. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. Cash advance fee: $5 or 5% of the amount of each cash advance (whichever is greater), Foreign transaction fee: 3% in U.S. dollars (or $1, whichever is greater), Account reviewed for possible credit limit increase after 6 months of on-time payments, Includes free access to your Experian credit score and $0 fraud liability, Pre-qualify and see what kind of fee you’re offered before you apply, Issuer considers alternative credit data (like income and bill payment history) when evaluating applications, not just credit score, Includes money-management tools and free credit reporting. Keep an eye on your credit score, and switch to a card with fewer fees and better terms when it improves. Not so with an annual fee. Plenty of better options exist. Privacy Policy, Essential news and expert tips in your inbox every week. , your first reflex should be to avoid it. You want a chance to build credit without tying up money in a deposit. This is one of it’s most popular features, as the minimum credit rating you’re required to have before you apply for this card is a mere 580. (However, you would still have to come up with at least the annual fee or you’ll quickly be paying exorbitant interest on it. The card also offers a chance at instant approval for online applications, so you may not need to wait days or weeks to hear back on the status of your application. Credit Card. Sort By Credit Score: 0 Credit Limit: 500 Age: 45-54. Plenty of better options exist. If you have limited or no credit — as opposed to bad credit — you can find alternative cards that have no annual fee, no security deposit requirement. October 23, 2019 Written By Bill Hardekopf . Up to 1.5% cash back on every purchase after making 12 on-time monthly payments. Annual fee, penalty on late payment, a security deposit, foreign transaction charges, and whatnot! The Reflex Mastercard is designed for people with a damaged or limited credit history (and a credit score of 580 or better). 5%. One of my favorite things to do is to review these cards, in the hopes that somebody will read the review before thinking about applying and end up with a vast array of much better options. If you are experiencing this issue, then the Reflex Mastercard® credit card from Celtic Bank may be the answer you were looking for. NerdWallet strives to keep its information accurate and up to date. This is on top of your regular annual fee, meaning you could be paying as much as $219 annually after your first year, just to have a Reflex Mastercard account. And if instead of bad credit what you really have is average credit (FICO scores of at least 630), then you have a slew of options better than the Reflex Mastercard® Credit Card. This may influence which products we write about and where and how the product appears on a page. You’ll also have to pay a foreign transaction fee of 3% when you use the card abroad and a $30 fee for each authorized user you add to your account. You could instead rebuild your credit with a good secured credit card that doesn’t charge annual fees. Limit the number of authorized users you add to the card, as each new user incurs a $30 fee. 7%. » MORE: The big problem with easy-to-get subprime credit cards. The Reflex Credit Card is a below-average credit card for beginners.If you are looking to build your credit, there arebetter options available. A number of secured cards charge no annual fee, offer lower APRs and higher credit limits and give you the chance to “graduate” to an unsecured card if you use your card responsibly. Lowest: 0 . Additionally, your annual fee is immediately assessed and deducted from your available credit. You don’t anticipate needing to carry a balance from month to month. All Credit Cards Reviews. Reply. You'll need to qualify for membership at that credit union to be eligible for the card. The annual fee is $0. $0-$120 annually, billed at up to $10 per month, after the first 12 months. Posted 12/18 2020 . It doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. First Progress Platinum Select Mastercard® Secured Credit Card, Get more smart money moves — straight to your inbox. » MORE: NerdWallet's best credit cards for fair or average credit. It also comes with a cash back rewards program that can help reduce your total cost of ownership. If you're wondering whether Reflex Mastercard® is the right card for you, read on. The Reflex Mastercard should offer good approval odds even if you have poor or average credit, but it is an extremely expensive way to build your credit – especially if you need to hang onto the card for more than a year. 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