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If you have bad or no credit, you may think you can’t get a credit card, or you can only get a secured credit card. Fit Mastercard® changed this with their unsecured credit card option created to help consumers build or repair their credit.
Is the Fit Mastercard worth it? Check out our review to find out.
The Fit Mastercard® is meant for people who need to build a credit history and want an unsecured credit card. It doesn’t come cheap and doesn’t offer any rewards, so look at your options closely.
The largest benefit of this credit card is that they report to all three credit bureaus, which is important when you’re trying to build or improve your credit score.
The Fit Mastercard® starts with a $400 credit line for anyone they approve. It doesn’t require a security deposit like most credit cards that help you build credit.
It also comes with $0 fraud liability, and you may be eligible for credit line increases every 6 months, or at least they’ll review your account to see if you’re eligible.
The credit building comes at a high price, though. Fit Mastercard®charges a one-time processing fee of $89, an annual fee of $99, and a monthly maintenance fee of $6.25 after the first 12 months.
The $99 annual fee comes right off your account credit limit, so if you are approved for the full $400, you’d have only $301 available to start. The one-time $89 fee does not come off your credit limit (but you must pay it).
Beyond the fees, the Fit Mastercard® works just like any other credit card. You can use it anywhere Mastercard® is accepted.
You’ll be responsible for making at least the minimum payment, but we recommend only charging what you can afford to pay off in full, especially if you’re trying to build or repair your credit.
Despite its costs, the Fit Mastercard® has some benefits you may enjoy, especially if you need help building or fixing your credit.
You may receive up to a $400 credit limit. The exact amount depends on your qualifying factors. Not everyone automatically gets $400.
Even if you don’t, though, you can work your way up. The key is to get an unsecured credit card that reports to the credit bureaus.
Having a revolving debt account report to the credit bureaus can help your credit score quickly in a couple of ways.
First, if you demonstrate the ability to handle your revolving debt responsibly, it will help your credit.
Keep your outstanding credit at no more than 30% of your credit limit, and you’ll increase your credit score.
If you get the full $400 credit limit, this means a balance of no more than $120 at any time.
Again, we recommend that you pay your balance in full each month. A 29.99% APR adds up fast on even small balances.
Even if you only make the minimum payment, if you make it before your due date (or on it), it helps your credit score.
Your payment history makes up the largest portion of your credit score, so any on-time payments you can add to your credit history will help your score.
Even though it comes with fees, the Fit Mastercard® offers a great opportunity to turn your credit around.
Not all credit cards report to all three bureaus. They typically choose one or two bureaus at the most to report to, which makes it hard to bring up your score with that second or third bureau.
Everyone is eligible for credit limit increase reviews every six months. There’s no guarantee you’ll get the increase, but if you pay your bill on time and use your card responsibly, you may get it.
A higher credit limit lowers your credit utilization rate (amount of outstanding credit compared to your credit line), which improves your credit score.
Plus, it increases the amount you can charge if you’re using the card to show that you can use the credit card and pay it off each month.
If your credit card is lost or stolen, you will not be responsible for the charges incurred if you report the card lost or stolen right away.
The fees are an area the Fit Mastercard® doesn’t shine. It’s an expensive credit card, but it has many benefits that offset it.
But, like any personal finance decision, you should always evaluate the cost so you can determine if it’s right for you.
The Fit Mastercard® charges many fees, including:
The Fit Mastercard® isn’t the only credit card to help you build or fix credit. Here are your other options and how they compare.
If you’d prefer a secured credit card or won’t qualify for an unsecured card, the OpenSky® Secured Visa® Credit Card offers a viable option.
Your credit line is equal to your deposit. If you default on the card, OpenSky® keeps your deposit.
Be careful though, this card has a $35 annual fee and doesn’t offer the option to upgrade to an unsecured card like many secured credit cards offer.
The Secured Mastercard® from Capital One offers more flexibility than your standard secured credit card because your credit line is equal to an amount larger than your deposit.
Depending on your qualifying factors, a deposit of $49, $99, or $200 could get you a $200 credit line.
You can also deposit more money to get a credit line up to $1,000. There’s no annual fee, and you may secure a higher credit line with on-time payments for 6 months.
The Reflex Mastercard is like the Fit Mastercard®, heavy in fees and a high APR. It’s targeted at consumers with bad credit, but it reports to all three credit bureaus, which is its draw.
The Reflex Mastercard charges an annual fee of $75 or $99 and an annual maintenance fee of up to $120 a year, charged monthly after the first 12 months.
The Fortiva® Credit Card offers an alternative to secured credit cards too. It’s a card for consumers with bad credit, but it also has high fees.
The annual fee, for example, varies from $49 to $175, depending on your qualifying factors.
There is also an annual account maintenance fee of $60 to $159 per year and an authorized user fee of $25 per person.
If you have bad credit and don’t have the money for a secured credit card, the Fit Mastercard® may be an option, but look at all your options.
It’s expensive to obtain and keep, so it may be in your best interest to save up for a secured card or look for a cheaper unsecured card that doesn’t charge such high fees, especially the monthly maintenance fee.
The Fit Mastercard® is worth it for some if they need to build their credit or repair it. Again, there are many options out there, so see what you qualify for first.
You may think the worst, assuming you can only get the Fit Mastercard® and pay the high fees when you qualify for another card with lower fees that offer the same benefits.
Fit Mastercard® evaluates your account every six months to see if you’re eligible for a credit line increase. If you use your credit responsibly and pay your bills on time, you may be well on your way to a higher credit limit.
Fit Mastercard® doesn’t specify what credit score consumers need to get approved. They require that all applicants have a checking account to qualify. Most people claim they qualify with ‘bad’ or even no credit.
If you consider the Fit Mastercard®, weigh it against all of your options. While the card reports to all three credit bureaus, which can help you build credit, it comes with a lot of fees and a high APR.
If it’s your only option, use it to build your credit back up and then close it, replacing it with a less expensive alternative.