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| Credit Card Review |
The New Millennium Bank Secured Platinum Visa®/MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.
Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits, including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. New Millennium Bank already offers the New Millennium Bank Secured Platinum Visa®/MasterCard® online. Perhaps the best benefit is the free companion airline ticket, which is awarded to cardholders upon approval.
The card offers a free membership to TheWorldsBestTravelClub.com, which offers discounts on a variety of travel services and provides cardholders with a $69 cash rebate on their first condo booking. New Millennium Bank has announced the New Millennium Bank Secured Platinum Visa®/MasterCard®. The card also offers referral program that rewards cardholders with up to $50 per approved referral.
Although the APR applied to purchases is above average for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. One such card that offers these incentives is the New Millennium Bank Secured Platinum Visa®/MasterCard®. This card also has a no credit check and no turn-down policy.
There is an annual fee of $59, which is slightly above average for a secured card, as well as a one-time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®).
It is important to note that a drawback of the card is that there is no grace period for purchases. Choose the New Millennium Bank Secured Platinum Visa®/MasterCard®. This means that interest will be applied immediately to any charges made with the card.
Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Platinum Visa®/MasterCard® has to offer.
Most Attractive Feature: No credit check for new applicants; guaranteed approval; free companion ticket upon enrollment; travel-related benefits.
Least Attractive Feature: No grace period; annual fee.
Apply Now For New Millennium Bank Secured Platinum Visa®/MasterCard®
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Note: The review
of this New Millennium Bank Secured Platinum Visa®/MasterCard® from New Millennium Bank was updated on June 10, 2008
*Terms and Conditions
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| Key Card Information |
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APR (Purchases): |
19.5% |
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APR (Cash Advances): |
19.5% |
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Finance Configuration: |
Average Daily Balance (including new purchases) |
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Annual Fee: |
$59 |
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Additional Cardholders: |
n/a |
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Grace Period: |
None |
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Minimum Credit Limit: |
$300 |
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Maximum Credit Limit: |
$5,000** |
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Late Payment Fee: |
$20 |
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Over-The-Limit Fee: |
$20 |
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Cash Advance Fee: |
2%, $1 minimum, $20 maximum |
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Application Fee: |
$99.95*** |
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Maximum Deposit: |
$5,000** |
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Minimum Deposit: |
$300 |
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Total First Year Fees: |
$158.95 |
| The Rewards Program
Highlights |
| Additional Highlights of Interest |
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Special Card Benefits and Features
Access to the referral program to earn up to $50 per referral.
Up to $100,000 in travel accident insurance.
Emergency cash replacement.
Auto rental insurance.
Extended warranty for purchases.
Free companion airline ticket upon enrollment.
Free membership in www.TheWorldsBestTravelClub.com, which offers cardholders a $69 cash rebate on their first condo booking.
See website for additional benefits.
Important Notes Regarding This
Offer
No credit check or turndowns.
Reports to all three major credit bureaus.
No employment verifications.
The card is not available to residents of Puerto Rico, Guam and Canada.
**The maximum credit and deposit limits of $10,000 are based on the applicant's approval for both the Visa® and the MasterCard®, otherwise the maximum credit and deposit limits are $5,000 per card.
***Application fee is $99.95 for either a Visa® or MasterCard® account OR $129.95 for both a Visa® and a MasterCard® account.
See website for complete terms and conditions of card usage and application disclosure.
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Apply Now For New Millennium Bank Secured Platinum Visa®/MasterCard®
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