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FIT Mastercard® Review

FIT Mastercard<sup>®</sup>

FIT Mastercard® Review

Credit Line
Initial Credit Limit of $400.00* (Subject to available credit)
Easy Application
Fast and easy application process; results in seconds. All credit types welcome to apply.
Build Credit
Free access to your Vantage 3.0 score from TransUnion* (When you sign up for e-statements). Monthly reporting to the three major credit bureaus.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the FIT Mastercard® best for?

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.

FIT Mastercard® overview

    • $400 credit limit doubles to $800! (Simply make your first 6 monthly minimum payments on time)
    • 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 Experian* (When you sign up for e-statements)
    • Checking Account Required
  • Credit needed:
    520 659
    Fair/Poor
  • Monthly credit score access
  • Fraud liability coverage

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

Pros and cons of the FIT Mastercard®

Pros

  • $400 initial credit limit
  • No security deposit required
  • Reports to all 3 credit bureaus
  • Potential credit limit increase after 6 months

Cons

  • Annual, monthly and one-time processing fees
  • High APR
  • No rewards program

What we like about the FIT Mastercard®

  • 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.

What to watch out for with the FIT Mastercard®

  • 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.

Alternate credit-building card to the FIT Mastercard®

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
24.49% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

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.

Compare the FIT Mastercard® to similar cards

Comparison of four different credit cards
FIT Mastercard<sup>®</sup> Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Petal<sup>®</sup> 2 Cash Back, No Fees Visa<sup>®</sup> Credit Card
FIT Mastercard® Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® Credit Card
Apply Now
on Bank Of Missouri's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on Petal's secure site
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

Is the FIT Mastercard® right for you?

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.

Apply Now
on Bank Of Missouri's secure site