The USA Platinum card is a catalog card that is catered to those looking to re-establish their credit. It is not a regular credit card in that it can only be used at usashoppingclub.com. Is this the right to establish your credit? Find out more about this card.
Fees - There is a one-time application fee of $149.95. There is also no apr and hence no interest charges. If you carry a balance, you have to pay a minimum of the greater of either 15% of your balance or $25.00. Though there is a one-time application fee, the absence of any monthly maintenance fee or transaction fee make this card cheaper to maintain than other high cost unsecured, secured or prepaid credit cards. You have to bear in mind that being a catalog card, you can only use for card for purchases from USA Platinum shops (specifically usashoppingclub.com). This is not a visa or a mastercard. You can be given up tp $7,500 in unsecured credit line for purchases from their catalog.
Application Criteria - There are no credit or employment checks. The credit line is reported to a major credit bureau..
Verdict - If you have very poor credit, have just been discharged from bankruptcy, I would advice getting a good secured credit card with a low annual fee, which reports to the three credit bureaus and gives you a credit limit equivalent to your deposit. I would recommend the Orchard Bank Secured Mastercard®, which has a $35.00 annual fee, put down a deposit, use the card and pay your bills fully to build your credit over time.
However, if the idea of potentially having a $7,500 credit line appeals to you, then perhaps the USA Platinum may be a card you want to check. Just be aware of its limitations, which is that you can only use them at usashoppingclub.com and your payments are only reported to one major credit bureau which USA Platinum does not specify.
Positives
Fees - There is a one-time application fee of $149.95. There is also no apr and hence no interest charges. If you carry a balance, you have to pay a minimum of the greater of either 15% of your balance or $25.00. Though there is a one-time application fee, the absence of any monthly maintenance fee or transaction fee make this card cheaper to maintain than other high cost unsecured, secured or prepaid credit cards. You have to bear in mind that being a catalog card, you can only use for card for purchases from USA Platinum shops (specifically usashoppingclub.com). This is not a visa or a mastercard. You can be given up tp $7,500 in unsecured credit line for purchases from their catalog.
Application Criteria - There are no credit or employment checks. The credit line is reported to a major credit bureau..
Verdict - If you have very poor credit, have just been discharged from bankruptcy, I would advice getting a good secured credit card with a low annual fee, which reports to the three credit bureaus and gives you a credit limit equivalent to your deposit. I would recommend the Orchard Bank Secured Mastercard®, which has a $35.00 annual fee, put down a deposit, use the card and pay your bills fully to build your credit over time.
However, if the idea of potentially having a $7,500 credit line appeals to you, then perhaps the USA Platinum may be a card you want to check. Just be aware of its limitations, which is that you can only use them at usashoppingclub.com and your payments are only reported to one major credit bureau which USA Platinum does not specify.
Positives
- Get an unsecured credit line
- No transaction fee
- The credit line is reported to a major credit bureau Negatives
- Can only use card at usashoppingclub.com
No comments:
Post a Comment