You can use your FIT Credit Card to build up your credit and get your finances back into order, but how good is this card truly? This genuine, thorough review will answer all your questions about the FIT Mastercard credit card and will help you figure out whether this is the right card for you. If you have poor credit or no credit history at all and would like to start building one, you’re probably aware of how difficult it is to get approved for a credit card. Any full credit check will leave a negative impact on your score, and the more cards you apply for and get denied, the worse the effect.
- All credit types welcome to apply
- Monthly reporting to the three major credit bureaus
- Initial Credit Limit of $400.00* (Subject to available credit)
- Fast and easy application process; results in seconds
- Use your card at locations everywhere Mastercard is accepted
- Free access to your Vantage 3.0 score from TransUnion* (When you sign up for e-statements)
- Checking Account Required
This is one of the biggest problems for anyone trying to build up their credit. Fortunately, though, there is a solution. You can apply for a poor credit card, such as the FIT Mastercard. These cards are designed for those with a low (or nonexistent) FICO score, they have very low approval requirements, and almost anyone can get them.
What is FIT Credit Card?
The FIT Mastercard credit card is issued by the Bank of Missouri and insured by the Federal Deposit Insurance Corporation (FDIC). It’s commonly known both as a card for bad credit or as a starter credit card. The fact that it’s designed for those with a lower credit rating means that almost anyone can get preapproved for it. The FIT Mastercard has low requirements for its applicants, and there isn’t even a credit score limitation. Whether you have a really bad score or no credit history at all, you can still easily apply and get approved for this card.
FIT Credit Card Details
One of the best features of the FIT Mastercard credit card is that it doesn’t require a security deposit. It’s a rare unsecured credit card for poor credit, and it is your best option if you need a card but have no cash for a security deposit.
As an instant decision card, your credit card issuer will notify you about the status of your application almost immediately. While you would normally have to wait a few weeks before you can find out whether your application has been denied or approved, with the FIT Mastercard, you’ll receive a notification in a few minutes when you apply online.
Once you start using your FIT Mastercard, you can easily get set on the path to improving your score. Your credit usage and activity will be reported to all three of the major credit bureaus: Equifax, TransUnion, and Experian, so as long as you’re using your card responsibly, you’ll quickly notice an improvement in your credit ratings.
Of course, just as your positive credit card activity is reported, so is your negative activity. Running late on payments, not paying your credit card debts, maxing out your credit card, and more will lower your score and increase the cost of your card. So, always try to be a responsible cardholder and pay off your debts on time.
Why Do We Like the FIT Credit Card?
- Available for bad credit. There are quite a few reasons why we like this card. The first one is, of course, that it’s available to those with a bad credit score. Enough people are struggling with bad credit as it is, whether that’s because of their student loans, mortgages, or irresponsible card usage in their youth doesn’t matter. Anyone with a less than ideal score will encounter numerous problems when they’re applying for a new line of credit. There are many cards for bad credit out there, but few of them actually accept applicants with a score below 630. While 630 isn’t an excellent score, it’s far from being considered truly poor. About a third of the population has a score between 300 and 649, and those at the lower end of the scale can rarely find credit cards whose requirements they meet.
- Credit reporting. Fit credit card guarantees free credit reporting to all 3 of the major credit bureaus, monthly. This is the key feature for building credit. Just keep in mind, that all credit activities are reported. Thus using Fit credit irresponsibly, will damage your credit score.
- Free Vantage 3.0 score. Many prime credit cards allow cardholders to access their Vantage 3.0 score for free, but this is a surprisingly rare perk when it comes to credit cards for bad credit. Luckily, when you open your FIT Mastercard account and sign up for e-statements, you get access to the free Vantage 3.0 score from TransUnion. This is an excellent perk as it allows you to keep track of how your credit score is improving with your FIT Mastercard usage.
- No security deposit needed. We also like the FIT card because it doesn’t require you to make a security deposit. Again, there simply aren’t enough unsecured credit cards for those with a lower credit score. While it’s typically best to get a secured credit card if you have poor credit since your rates and fees can be much lower, not everyone can afford to make a security deposit, and not everyone can get approved for this type of card.
- Credit limit increase. As a fit cardholder, you have the ability to make a security deposit to increase your credit limit, if you are not satisfied with the one provided during the pre-qualification process.
- You are pre-approved, instantly. This Bank of Missouri card delivers on its promises, and as long as you meet the age requirements, you can get pre-approved for this card, regardless of your score. Your card usage will be regularly reported to all 3 of the major credit bureaus, so you can slowly work towards improving your score.
- Mobile App. Another rarity among credit cards is a mobile app, and it’s another benefit of the FIT card. You can access your account online 24/7 through the mobile app, and even handle your bills and debts through it.
What Should You be Aware of?
- High rates and fees. Unsurprisingly, the high rates and fees are the biggest issues with this card. With the FIT card, you’ll have to pay a one-time processing fee when you open your account; then, you’ll be hit with an annual fee. You’ll have monthly maintenance fees after your first year of usage, and if you want to include someone else as an authorized user of your account, you’ll have to pay for that as well. The card can become expensive, especially if you’re not careful with how you use your credit. While there’s no such thing as free money, this card could be easily improved by reducing some of these rates and fees.
- Low credit limits. The next thing that we think can be improved with the FIT Mastercard is the credit limit. The initial credit limit that you’ll be offered is $400. Now, comparing to the typical limit of $200 on most secured credit cards, this isn’t so bad. Once you’ve paid the high fees, what you’re left with is less than $400. You should also consider the fact that your credit utilization ratio affects your credit score. If you want to improve your score, you should use less than 30% of your credit limit. This means that you’ll have to limit your monthly spending to less than $120. So, you won’t be able to make any big purchases with this card.
- No rewards or bonuses. Lastly, the FIT card can be significantly improved by offering signup bonuses and rewards. Currently, you cannot collect any rewards with this card, and there are no bonuses for new cardholders. The card’s sole value is rebuilding your credit.
Usage and Applications
Fit credit card is a simple credit rebuilding card. Its sole purpose is to help you build up your credit, so in that sense, your credit card usage can be quite limited. With this card, you cannot get cashback rewards, there are no benefits for frequent travelers, and you cannot collect points. With this in mind, you shouldn’t be using the FIT as your primary card. The lack of any additional perks and the fact that you’ll have a rather low credit limit means that you should reserve this card only for the minimum necessary monthly purchases.
We recommend that you keep your FIT credit card utilization ratio as low as possible, and try not to carry a balance as your interest rates can easily accumulate. So, try and minimize your card spending and ensure that you can always pay off your debts in full and on time – it will be the best way to rebuild your credit. A word of caution – it normally takes 7 to 10 days for your payments to process, so it’s in your best interest to pay your credit card debts as soon as possible.
For most cardholders, this card is a means to an end. Since many of those with a bad credit score or no credit history cannot get approved for any other card, the FIT credit card is used to rebuild their credit ratings and allow them to get approved for another card with more favorable rates and fees. All this doesn’t mean that it’s a bad card to have, quite the contrary. Responsible card usage will definitely help you rebuild your credit, even if you’re doing it from scratch. It’s important that you’re aware that this card is designed to be used solely as a credit rebuilding card.
Your activity will be reported to all 3 of the major credit bureaus monthly. This will allow you to improve your credit quickly, and this, in turn, will make you eligible for other credit cards that offer additional perks and better rates and fees.
RELATED: Credit Reporting Cards Explained
What are Associated Fees and Costs?
As mentioned a few times throughout this article, FIT credit cards are renowned for their unfavorable rates and fees. Many of the competitors do offer lower costs for their cards, but once again, if you have a bad credit score, you’ll have difficulties getting pre-approved for other offers. Not to mention that most cards for poor credit are secured credit cards, meaning that you will have to make a security deposit that will equal your credit limit. With this card, you aren’t required to make a security deposit unless your credit score is uncommonly low. Although, if you want to increase your credit limit to $500 or more, you’ll likely have to deposit upwards of $150.
- Variable Annual Percentage Rate (APR) for purchases
- Variable APR for cash advances
- One-time processing fee
- Annual fee. See No Annual Fee Cards
- Monthly maintenance fee (billed after the first 12 months of card usage)
- Additional card fee for including another authorized card user
- Cash advance fee
- Foreign transaction fee
- Late payment fee
- Returned payment fee
How Easy and Convenient Is It to Use the FIT Card?
Using the FIT Mastercard couldn’t be simpler nor more convenient. You can use this card for in-store and online purchases wherever Mastercard is accepted, and that’s almost everywhere. The Mastercard network is available in over 210 countries around the world. If a merchant accepts credit card payments, they will most likely accept your FIT Mastercard.
Remember, though, just because you can use your FIT Mastercard in stores across the globe doesn’t mean that this is the best idea. With a high foreign transaction fee of 3%, it’s best to use this card only within the borders of the USA. (See No Foreign Transaction Fee Cards)
What are Qualification Requirements?
One of the reasons why this starter credit card is such a popular choice among cardholders is the fact that it’s easy to qualify for it. Your credit history doesn’t matter much, although your score will have an impact on your credit limit and on whether or not you’ll need to pay a certain amount in security deposit.
To qualify for a FIT Mastercard, you only need to meet their age requirements. So, you have to be 18 years old or older if you hope to get approved for this card. A word of caution, however – if you live in Alabama, you need to be at least 19 years old to apply for this credit card.
The next requirement is that you have to be a US resident with a valid current address within the United States.
Of course, you will need some sort of an account if you wish to make deposits to your credit card. For your FIT Mastercard application to be approved, you will need a checking account. Unfortunately, if for some reason you do not have a checking account, or are not able to open one, your card application will not be accepted.
How do I Apply for the Fit Credit Card?
Applying for the FIT Mastercard is a quick process with even quicker results. You can easily and safely apply for your new card online, and you will almost instantly be notified about the status of your application. Before you start your application process for any credit card, it’s always a good idea to get all the necessary documents and have them on hand. This will ensure that your application goes smoothly and quickly. For the FIT card, you will need to provide a few pieces of personal information. Some of the information is required by federal law as financial institutions are obligated to collect, verify, and record personally identifiable information of all account holders.
What Information Do I Need to Provide for Pre-approval?
The information that you will need to provide to get pre-approved includes:
- Your full name
- Your social security number
- Date of birth
- Valid, current physical address (No P.O. box)
- Estimated gross monthly income
- Your phone number
Once you’ve filled in all the required information and completed your application process, you should be notified almost immediately about the status of your application. If you don’t receive immediate feedback, this doesn’t automatically mean that your application has been denied. In some cases, your credit card issuer might need to collect additional pieces of information before a decision on your application can be reached. This can take up to 30 days. If your application has been denied, most issuers will let you know exactly why they didn’t approve it. You can always contact the issuer to find out more.
The Bottom Line
All credit cards come with their own pros and cons, and so does the FIT credit card. Designed for those with a poor credit score, this credit card can help you on your path to achieving better financial stability and improving your score, but this comes at a cost. The high rates and fees might act as a deterrent for some, but seeing how it’s one of the rare credit cards that accept those with very poor credit or no credit history at all, it can be a handy card to have.
At the end of the day, every cardholder has a unique financial situation that dictates what makes a good and what makes a bad credit card for them. Before you decide to apply for any credit card, it’s important to do thorough research. Look into different types of credit cards, learn about the different issuers, and see your every option. If possible, you should also consult with a personal financial advisor who can give you the best advice for your current situation.
Applying for a new line of credit should never be taken lightly. Just like your FIT credit card can help you improve your credit, it can damage it even further with irresponsible usage. So, consider all your options carefully, and determine whether this card is the right choice for you.
How do I Contact the FIT Mastercard Support?
- FIT Account Info: Sign In To Fit Mastercard. Application: click here
- Automated Account Information: 1-866-449-4514
- Payments: 1-800-518-6142 (7 a.m. – 10 p.m. Mon-Fri, 8 a.m. – 4 p.m. Sat / EST)
- Lost/Stolen Card Reporting: 1-800-556-5678
- Customer Service: 1-866-449-4514 (Customer Care Specialists are available 7 a.m.–10 p.m. Mon–Fri, 9 a.m.–4 p.m. Sat / EST)
- FIT Payments by Phone: 1-800-518-6142 (7 a.m – 10 p.m. Mon-Fri, 8 a.m – 4 p.m. Sat / EST)
Payment of FIT Card Processing Fees
P.O. Box 8099
Newark, DE 19714-8099
Payments on FIT Account
P.O. Box 31292
Tampa, FL 33631-3292
FIT Address & Phone
P.O. Box 3220
Buffalo, NY 14240-3220
Anyone who is 18 or older and a US resident can apply for the FIT Mastercard. The card is specifically designed for those with a bad credit score or no credit history at all and can be a useful tool that will help you reach better financial stability. Getting approved for this card is easy – all you need to do is fill in the online application form, and you’ll normally receive immediate feedback on whether your application’s been denied or approved. It doesn’t take much to get approved – you only have to be of the required age and have a checking account. Your card usage will be regularly reported to all 3 of the major credit bureaus, so as long as you’re a responsible cardholder, you stand to benefit from this card and improve your score.