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The FIT Mastercard® is designed to assist consumers with fair/poor credit to build or rebuild their credit profile.
The FIT Mastercard® is a unsecured card, meaning no security deposit is required, and the initial credit limit for new cardholders is $400.
However, cardholders are assessed a variety of fees, including a one-time $89 processing fee, an annual fee, plus a monthly maintenance fee of $6.25 (which is waived the first year). Plus, the interest rate is incredibly high at 29.99% APR.
With so many fees eating into your available credit, it may be smart to look at fee-free secured cards instead.
Intro Purchase APR
N/A
Regular Purchase APR
29.99%
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
See Terms
Cash Advance Fee
N/A
Foreign Transaction Fee
N/A
Balance Transfer Fee
N/A
Credit-building card
The FIT Mastercard® is designed to help consumers with fair/poor credit establish or rebuild their credit profile.
Reasonable initial credit limit
FIT Mastercard® cardholders are provided with an initial $400 credit limit, with the opportunity to increase that credit limit after showing responsible repayment behavior after 6 months.
However, the annual fee will eat up about a quarter of your credit line, and you will have to submit an initial one-time processing fee of $89 before the card is activated.
No security deposit required
The FIT Mastercard® is an unsecured card as opposed to a secured card. Secured cards, which are also designed as credit-building tools, require a security deposit that serves as your line of credit.
Expensive fees
As highlighted above, the FIT Mastercard® assesses a variety of fees that can make this a very expensive credit-building option. When you add up the initial setup fee and annual fee, that almost equals what you could pay for a fee-free secured card deposit.
Extremely high APR
The APR on the FIT Mastercard® is incredibly high at 29.99% APR. To avoid interest charges altogether, don’t revolve a balance on this card and pay what you charge in full by the statement due date.
No rewards program
Several credit-building cards do have some sort of cashback rewards program, which can help offset the cost of some of your purchases (such as the Discover it® Secured Credit Card). The FIT Mastercard® is strictly focused on credit-building, however, and does not offer any type of rewards.
When selecting a credit-building credit card, you don’t have to resign yourself to applying for a card that charges a slew of fees.
The Discover it® Secured Credit Card is a secured card, requiring at least a minimum deposit of $200, but has a $0 annual fee, no monthly maintenance fees, no initial setup fee and has a more reasonable 24.49% Variable APR.
Plus, the Discover it® Secured Credit Card comes with a rewards program: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically.
Designed for consumers with poor/limited credit, the Discover it® Secured Credit Card also reports account and payment activity to the big three credit bureaus (Equifax, Experian and TransUnion), plus Discover conducts automatic reviews after 7 months of having the card to determine whether you are eligible to upgrade (and get your deposit back) to an unsecured Discover card.
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| FIT Mastercard® | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Petal® 2 Cash Back, No Fees Visa® Credit Card |
|---|---|---|---|
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Apply Now on Bank Of Missouri's secure site
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Apply Now on Discover's secure site
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Apply Now on OpenSky's secure site
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Apply Now on Petal's secure site
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| Annual Fee | |||
| See Terms | $0 | $35 | $0 |
| Regular APR | |||
| 29.99% | 24.49% Variable APR | 18.89% (variable) | Variable APR between 15.24% - 29.24% |
| Welcome Offer | |||
| N/A | Discover will match all the cash back you’ve earned at the end of your first year. | N/A | N/A |
| Rewards Rate | |||
| N/A | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | None | Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants |
| Recommended Credit | |||
| Fair/Poor | Poor/Limited | Poor/Limited | N/A |
| Card Details | |||
| FIT Mastercard® | Discover it® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Petal® 2 Cash Back, No Fees Visa® Credit Card |
When looking for a credit-building card, it’s really important to pay close attention to the fine print to know exactly what fees you may be assessed before you apply (all the fees associated with the FIT Mastercard® are listed below the online application).
With so many options to choose from, it may not make sense to consider a card such as the FIT Mastercard® due to the high cost.
While you aren’t required to submit a security deposit for the FIT Mastercard®, what you pay in the one-time setup fee and annual fee almost equals a $200 deposit for a secured card that doesn’t charge a monthly maintenance or annual fee.