FIT Mastercard Review: A Good Card for Bad Credit?


FIT Mastercard Reviews

If you have a poor credit score, you likely know by now just how difficult it can be to get approved for all those popular credit cards out there. Of course, this also leaves consumers in a catch-22 situation: how will you ever make the necessary, regular payments to improve your credit score if you can’t get approved for a card in the first place?

In situations like this, many turn to secured credit cards—those backed by refundable cash deposits—in order to reboot their credit journeys. However, not all credit cards designed for credit rebuilding require such a deposit. The FIT Mastercard, marketed by Continental Finance, is one such option.

“Great!” you may think, “a credit card that I can get approved for without putting even a penny down!” But is the FIT Mastercard really as good a deal as it seems? Let’s break things down to find out:

FIT Mastercard Fees

You may not have to put down a deposit to maintain a FIT Mastercard account, but you’ll still end up paying some hefty fees in order to do so.

First, there’s a one-time processing fee of $89 that you’ll be responsible for on your initial statement. The FIT Mastercard also carries an annual fee of $99. This equals $188 in fees during the first year alone.

But wait; there’s more! Once you’ve had your FIT Mastercard for twelve months, a monthly maintenance fee of $75 is assessed, charged as $6.25 per billing cycle. Finally, if you’d like to add any authorized users to your account, you’ll be responsible for a one-time fee of $30 per card.

Let’s do a quick thought experiment: say you open a FIT Mastercard and add one authorized user to your account. You’ll start by paying a one-time processing fee of $89, plus $30 for that second user. During the first year, you’ll also pay a $99 annual fee. Once the second year rolls around you’ll pay that $99 annual fee again, plus a monthly maintenance fee of $75.

In this scenario, after 24 months with your FIT Mastercard, you’ll have paid $392 in fees alone. None of this is refundable if you close your account. All of a sudden, this deposit-free, unsecured card might not look quite as appealing as before.

FIT Mastercard: Other Info

The FIT Mastercard carries an APR of 29.99% on both purchases and cash advances, which is high even for cards marketed to those with poor credit.

The cash advance fee is $5 or 5% (whichever is higher), and should you travel abroad, you’ll pay a 3% foreign transaction fee on each purchase.

Finally, it’s worth noting that the FIT Mastercard offers an initial credit limit of $400 for all approved cardholders.

FIT Mastercard: Final Thoughts

If a poor credit score has left most credit cards beyond your reach, and if you don’t have the cash on hand to put down a deposit for a secured card, the FIT Mastercard may be a decent option for you. That said, with high recurring fees and an unforgiving APR, this card isn’t a particularly attractive offer from a financial perspective.

Simply put, when it comes to credit cards for consumers with bad credit, there are certainly better options out there. If you do decide to apply for a FIT Mastercard, consider it a stepping stone toward rebuilding your credit before moving on to bigger and better things!

You can apply for a FIT Mastercard at this link.


Please enter your comment!
Please enter your name here