Luckily, though, you may be able to increase your Reflex Mastercard credit limit after as little as six months of on-time payments. Your Total Monthly Income * Total monthly income is required. Depending on when lenders report your balance to the credit bureaus, you might have a high balance … 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. I love the reflex master card. Limit the number of authorized users you add to the card, as each new user incurs a $30 fee. But, as we mentioned above, if an issuer should pull a copy your credit report, this will result in a hard inquiry being placed on your credit report. The Capital One® Platinum Credit Card is an attractive choice for people with a limited credit history. Even compared to cards designed for people with bad credit, the Reflex Mastercard carries an inordinate number of fees, making it a costly credit-building option, especially after your first 12 months as a cardholder. This is especially disappointing given the card’s high fees, as even 1% back on select purchases would help offset the Reflex Mastercard’s high cost of ownership. This means credit-builders should carefully consider which cards they apply for and only try for those that offer decent approval odds. Calculate Your Monthly Income Primary Source of Monthly income * Primary Source of Monthly income * My credit score is 533, I don't have any credit cards or loans, therefore I can't build my credit! Reflex Mastercard® Features Possible Credit Limit Increase After Just 6 Months You may be eligible for your first credit limit increase after just 6 months. This means if you’re assigned a $300 limit and a $99 annual fee, you’ll start off your card membership owing $99, with $201 available to spend – just two-thirds of the credit limit you may have expected. To start, you’ll pay an annual fee of between $75 and $99 just to maintain your account. CreditCards.com does not include the entire universe of available financial or credit offers. You will only use a fraction of your total amount of credit. The Reflex Mastercard® can help you build credit with all three bureaus and you might get offered the unsecured version. You don’t anticipate needing to carry a balance from month to month. I pay my bills on time, I just don't have any history because no one will approve me! button. By providing my email address, I agree to CreditCards.com’s Additionally, since the issuer considers alternative credit data in its approval decisions, it’s a great option for someone with limited credit but a good income and bill payment history. Compensation may impact how and where we place products (for example, the order which they are placed on a category page). The Reflex Mastercard is from Continental Finance and issued by Celtic Bank. However, if you are cautious, only charge a tank of gas or Netflix subscription on your Reflex card. The Reflex Credit Card’s APR, at 25.9% - 29.99% (V), is among the highest offered to newcomers right now. They have really helped me build my credit. Unfortunately, the Reflex Mastercard is no exception. 1% cash back on eligible purchases right away. That said, the card does include a couple of useful perks. You’ll also enjoy $0 fraud liability for unauthorized charges. Each month, the payments you make on the Reflex Mastercard® Credit Card are reported to the three major credit bureaus—Equifax, Experian, and Transunion—which may help raise your score if you are paying on time and using your new credit card responsibly. If you feel that the reflex credit card might not be a good option or you, there are hundreds of other cards designed for people with bad credit. If you’re only approved for the minimum credit line of $300, however, your account will be reviewed for a credit limit increase after 12 months. The Reflex Mastercard® Credit Card is issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC under license from Mastercard® International. If you have general questions regarding your credit card account, call Cardmember Service at the phone number on the back of your credit card. Since maintaining low credit utilization is key to building credit, be sure to keep your spending in check if you’re assigned a lower limit, and consider paying off your balance more than once per month to keep your utilization ratio low. You’ll also have a chance at a credit limit increase if you make six consecutive on-time payments. This can help your credit utilization and give you more room to breathe. Continental Finance Company ("CFC") is one of America's leading marketers and servicers of credit cards for consumers with less-than-perfect credit. Privacy Policy, Essential news and expert tips in your inbox every week. See the online credit card applications for details about the terms and conditions of an offer. Though the Reflex Mastercard reports to the national credit bureaus and could help you improve your credit with responsible use, its high cost makes it hard to justify for most credit-builders. Meanwhile, the Reflex Mastercard’s high-end APR rivals that of many store credit cards, which are known for their eye-popping interest rates. You plan to switch to a different card as soon as your credit score improves. See related: How long does it take to rebuild credit? The Reflex Credit Card is a below-average credit card for beginners. Use your Reflex card at locations everywhere Mastercard is accepted. In the big picture, this is how you increase your creditworthiness. The Reflex Mastercard® Credit Card comes with a host of fees, including a $75 to $99 annual fee, a monthly fee of $0 to $10 starting from the second year, and you’ll get a high APR between 25.9% to 29.99% variable with no grace period. These perks are certainly welcome, but they’re far from impressive. If you are looking to build your credit, there are better options available.. Free automatic account reviews for credit limit increases. Thankfully, you can check if you prequalify for the Reflex Mastercard before you apply. Most notably, you’ll get free access to your Vantage 3.0 score from TransUnion when you sign up for e-statements. You’ll earn 1% back on eligible purchases to start, with this rate increasing to 1.25% after you make six on-time monthly payments and to 1.5% after 12 on-time monthly payments. Free Credit Score. Our editorial and consumer star ratings are based on independent reviews and not influenced by compensation and affiliate relationships. 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. to maintain accurate information. This is an interesting card because it can be both an unsecured credit card and a secured one as well depending on whether they approve you for an unsecured credit line or if you have to put up a security deposit. You only plan to use the card for small purchases. Unfortunately, however, there’s no guarantee you’ll be approved for the unsecured version of the card. If you’re willing to put down a refundable deposit, secured credit cards could save you even more, as many charge much lower annual fees. REFLEX gave me a credit line increases from $500 to $800 and I'm not even using the card. As you can see, the Reflex Mastercard is an expensive credit-building option and is not a card you’ll want to hang onto for any longer than is necessary.Â. The Reflex Mastercard is designed for people with a damaged or limited credit history (and a credit score of 580 or better). Products. Additionally, your annual fee is immediately assessed and deducted from your available credit. In fact, we have turned down relationship request from issuers that want to influence our reviews. 1% cash back on eligible purchases including gas, groceries and phone services. The card is issued by Celtic Bank and managed by Continental Finance Company, which has been around since 2005 and is the same company behind the Verve Card and Fit Mastercard.They claim to offer, “credit cards for consumers with less-than … While both cards offer reasonable, manageable credit limits and the chance at a credit limit increase after just six months, they also have factors that applicants should be … Some of the cards that appear on our site are from companies that we receive compensation from. Calling up your credit card company to ask for a credit line increase can give you more purchasing power if you're approved. And the fees don’t stop there. 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. Card Features. All credit types welcome to apply! Introduction The Reflex Mastercard is one of a few credit cards by Continental Finance that is issued by Celtic Bank. Consider these alternatives, all of which are unsecured credit-building cards that offer cash back rewards programs that will help offset any fees. I went from 545 to 711 in 14 months. Whether or not you purchase CONTINENTAL CREDIT PROTECTION will not affect your application for credit or the terms of any existing credit agreement you have with The Bank of Missouri. If you’re only approved for the minimum credit line of $300, however, your account will be reviewed for a credit limit increase after 12 months. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Anyone with a poor credit score can apply for this card, and they're most likely going to get approved for it too. the "Apply Now" button, you can review the credit card terms and conditions on the issuer's web site. I got this mailer today to apply for a Reflex Visa (with no rewards): Credit Limit: $500 APR: 30.49% Annual Fee: $125 first year, $96 - 4854180 I love the reflex master card. A Reflex Mastercard ® with an initial credit limit that ranges from $300 to $750 gives you the financial clout you need. Customers receive an initial line of credit but can increase that credit line after making their first five monthly payments on time. By providing my email address, I agree to CreditCards.com’s Keep an eye on your credit score, and switch to a card with fewer fees and better terms when it improves. I have gotten an increase. Credit Cards. 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. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. $0-$95 first year, $0-$99 each additional year. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Plus, it’s an unsecured card, so you won’t have to tie up hundreds in a deposit just to get started. See related: Best high limit secured credit cards. It's an integral tool purposefully designed for anyone who is looking to improve their credit score. Such monthly fees are uncommon even among credit-building cards. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Ask the Credit Card Issuer Directly You want a chance to build credit without tying up money in a deposit. Credit One Bank® Visa® for Rebuilding Credit. You want a chance at a higher limit than you’ll find on most unsecured credit-building cards. So, if you've got a perfect payment history, a good idea would be to just contact them about it and make your case. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Unfortunately, the Reflex Mastercard offers nothing in the way of rewards. Copyright © 2020 CreditCards.com a Red Ventures Company. Some secured credit cards and most credit-builder loans also offer relatively low, fixed interest rates. CONTINENTAL CREDIT PROTECTION is an OPTIONAL Program you can purchase to protect your credit card. Request a credit limit increase after six months of on-time payments. Enjoy all these and more when you increase your credit limit today: Greater financial flexibility; Improved lifestyle; Shopping sprees; Fine Dining; Travelling; For more information, please call RHB PhoneBanking at 03-9206 8118 for Peninsular Malaysia (available 24 … Raising your credit limit could also give your credit score a boost if you're able to improve your credit utilization ratio.While you may know how to ask for a higher credit limit, you might be wondering whether timing matters. After your first 12 months as a cardholder, the Reflex Mastercard also charges a monthly maintenance fee ranging from $0 to up to $120 annually, billed at $0-$10 per month. So, in some cases, the best time to ask for a credit card increase is never. Credit One Bank Visa for Rebuilding  Credit, Unlike the Reflex Mastercard, the Credit One Bank Visa for Rebuilding Credit does not charge a monthly maintenance fee. Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. Example #2: Assume your credit limit is $1,000 and you spend roughly $800 every month on your credit card before paying it off completely every month.It can still appear that you’re using 80% of your available credit—even though you pay off your entire balance and never pay any interest. Other factors, such as our proprietary website's rules and the likelihood of applicants' credit approval also impact how and where products appear on the site. for your Credit Report. And, even more importantly, the Reflex Card’s combination of annual and monthly fees. Up to 1.5% cash back on every purchase after making 12 on-time monthly payments. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. New credit card applications almost always result in a hard pull of your credit report, which will temporarily lower your credit score. Your credit cards journey is officially underway. While this is not the most impressive cash back rate, it should help to offset the card’s $39 fee. Riddled with fees, including an extremely high variable APR, the Reflex Mastercard is best seen as a last resort and stopgap for credit-builders. The Reflex card is a credit card that is well known in the bad credit credit card community for its utility. But watch out for the fees. The OpenSky® Secured Visa® Credit Card, for example, charges all cardholders just $35 per year, while the Discover it® Secured and Secured Mastercard® from Capital One charge no annual fee at all. Designed for cardholders looking to bolster their credit scores, the Capital One QuicksilverOne card offers unlimited 1.5% cash back on every purchase. The number is 866-946-9545. 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. People who are looking to start out and have no prior credit history can benefit from this card as well, as approval is secure an… All Rights Reserved. While this range is quite low compared to the limits available on credit cards for people with excellent credit, the high-end limit is relatively high for an unsecured credit-building card. With your new Reflex credit card community for its utility the next card and make timely for... More room to breathe your Hilton Honors American Express avoid the Reflex Mastercard’s high-end APR rivals that many! Most likely going to get approved for the Reflex Mastercard® provides free access to Vantage... 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