The Ultimate Guide to Credit Cards
Friday, March 29, 2024

FIT™ Platinum Mastercard® Review

Eric Bank

By: Eric Bank

Eric Bank
Eric Bank

Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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Editor: Jon McDonald

Jon McDonald
Jon McDonald

Jon leverages 15-plus years of journalism expertise to inform financial consumers about emerging trends and companies making an impact in the industry. He is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

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Reviewer: Danielle Spurlin

Danielle Spurlin
Danielle Spurlin

With more than 10 years of accounting experience, Danielle Marshall has a deep understanding of many financial disciplines, including personal and commercial lending, retirement annuities, financial forecasting, and general bookkeeping. She has a bachelor's degree from the University of Florida's Fisher School of Accounting and currently manages all accounts receivable and payable for the parent company of CardRates.com. She works directly with credit card issuers and advertising partners to ensure our content meets compliance expectations and regulatory standards.

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FIT™ Platinum Mastercard® Review

Rated 4.1 /5.0 ★★★★

Consumers with abysmal credit generally don’t expect to qualify for a feature-rich credit card. In that sense, the FIT™ Platinum Mastercard® won’t disappoint: It is a no-frills credit card offering essential benefits only. But what it lacks in rewards and perks, it makes up for in easy approval.

The card belongs to a group of subprime cards that cater to consumers with bad or limited credit. In this credit card review, we’ll assess the card’s features and costs and compare it to three similar cards that compete in the same market segment.

Key Points About the FIT™ Platinum Mastercard®

The key feature of the FIT™ Platinum Mastercard® is its promise to double your credit limit after a period of responsible use. You get the buying power and liability protection of Mastercard, ensuring wide acceptance in the United States and worldwide.

The issuer of the card reports your payments to all three credit bureaus. Triple-reporting is the most efficient way to rebuild credit — as long as you make timely payments and keep your unpaid balance relatively small.

The card is expensive, with various nuisance charges atop a stout $99 annual fee. But its APR of 29.99%, while no bargain, is lower than the 36% that several subprime cards charge. It also does not impose fees for cash advances or foreign transactions during the first 12 months your account is open.

How to Qualify & Apply

To be eligible for the FIT™ Platinum Mastercard®, you must:

      • Be 18 or older

      • Reside in the United States

      • Have a Social Security number

      • Earn enough income to pay the monthly minimum payments

      • Have an active checking account in your name

    The card is not available for residents of Colorado, Illinois, Massachusetts, Minnesota, West Virginia, Puerto Rico, or US territories. If you meet the eligibility requirements, you can access the card’s application below:

    Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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    FIT™ Platinum Mastercard® Review

    at Continental Finance'ssecure website

    BEST OVERALL RATING

    ★★★★

    4.1

    OVERALL RATING

    • $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
    • Access to your Vantage 3.0 score from Experian (When you sign up for e-statements)
    • Checking Account Required
    Intro (Purchases)
    Intro (Transfers)
    Regular APR
    Annual Fee
    Credit Needed
    N/A
    N/A
    29.99%
    $99
    Fair/Poor/Bad

    The bank accepts applicants with scores as low as 500, which is associated with very poor credit. It also accepts applicants with less than three years of credit history.

    You can apply for the card online by providing your name, address, date of birth, email address, SSN, monthly income, and a few other basic details. You should receive an instant decision. If favorable, you must e-sign the cardmember agreement and pay a one-time program fee before final acceptance.

      Benefits & Drawbacks to Consider

      The FIT™ Platinum Mastercard® offers essential benefits at a high price, particularly for those looking to build or rebuild their credit. The card’s drawbacks center on its costs and lack of rewards.

      Benefits

        • Credit limit increases: The initial credit limit of $400 will double to $800 after you make the first six monthly minimum payments on time.

        • Credit reporting: You can build credit through the card’s monthly reporting to the three major credit bureaus (Experian, TransUnion, and Equifax).

        • Access to credit score: You have access to your Vantage 3.0 score from Experian when you sign up for e-statements.

        • Application process: The application process is fast and straightforward, and all credit types are welcome to apply.

        • Credit protection option: You can purchase a policy to cover monthly payments or cancel your balance under specific circumstances.

      Drawbacks

        • High interest rate: It has a 29.99% APR, but you can avoid it by paying your entire balance every month.

        • High fees: The annual fee is $99. The card also charges a one-time program fee, an additional card fee, and late fees. After the first year, it imposes charges for monthly maintenance, cash advances, and foreign currency transactions.

        • No rewards program: The card does not pay a signup bonus or offer rewards for purchases.

        • Cash advance limit: You must wait 95 days from account opening before you can take a cash advance.

      We suggest you check out the alternative cards below before applying for the FIT™ Platinum Mastercard®.

      Alternative Cards Worth a Look

      The following cards offer lower costs or better perks, and all cater to consumers with fair or bad credit. One comes from Capital One, one of the largest US banks, which offers a full lineup of cards and bank accounts you can grow into as your needs — and credit history — evolve.

      BEST OVERALL RATING

      ★★★★★
      4.5

      OVERALL RATING

      • No annual or hidden fees. See if you're approved in seconds
      • Be automatically considered for a higher credit line in as little as 6 months
      • Help build your credit through responsible use of a card like this
      • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
      • Monitor your credit score with CreditWise from Capital One. It's free for everyone
      • Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
      • Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
      • Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
      Intro (Purchases)
      Intro (Transfers)
      Regular APR
      Annual Fee
      Credit Needed
      N/A
      N/A
      30.74% (Variable)
      $0
      Average, Fair, Limited

      The Capital One Platinum Credit Card is the bank’s entry-level card for consumers with fair, average, or limited credit. You can use the card to monitor your credit without paying an annual fee.

      Capital One reports your card activity to each of the three major credit bureaus, which means you can build credit with on-time payments. The bank regularly monitors your account and may increase your credit line if you qualify.

      Surge® Platinum Mastercard® Review

      at Continental Finance'ssecure website

      BEST OVERALL RATING

      ★★★★
      4.1

      OVERALL RATING

      • Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
      • All credit types welcome to apply!
      • Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
      • Initial Credit Limit of $300 – $1,000 (subject to available credit)
      • Monthly reporting to the three major credit bureaus
      • See if you’re Pre-Qualified without impacting your credit score
      • Fast and easy application process; results in seconds
      • Online account access 24/7
      • Checking Account Required
      Intro (Purchases)
      Intro (Transfers)
      Regular APR
      Annual Fee
      Credit Needed
      See website for Details
      See website for Details
      29.99% APR (Variable)
      $75 - $125
      See website for Details*

      Continental Finance issues the Surge® Platinum Mastercard®. You can quickly prequalify for this Mastercard, which will let you know whether final acceptance is feasible. This card has an annual fee of $75 - $125, depending on your creditworthiness. The card offers a higher credit limit than most subprime cards, and its APR is a bit lower.

      Continental Finance is rated A+ by the BBB, and it has an Excellent reputation on Trustpilot. It will report your account to all three bureaus to help you improve your credit with regular on-time payments.

      Arro Card Review

      at the issuer'ssecure website

      BEST OVERALL RATING

      ★★★★
      4.0

      OVERALL RATING

      • All credit types accepted.
      • Arro's soft credit pull does not impact your credit score.
      • Through in-app personal finance activities, members receive real time credit limit increases and other rewards.
      • Opportunities to decrease your interest rate.
      • Use your Arro Card anywhere Mastercard is accepted.
      • Application takes as little as 5 minutes.
      Intro (Purchases)
      Intro (Transfers)
      Regular APR
      Annual Fee
      Credit Needed
      N/A
      N/A
      16% Variable
      N/A
      All Credit Types Accepted

      The Arro Card is a low-cost, unsecured credit card. It doesn’t check your credit or impact your credit score when you apply. The card reports your monthly payments to each major credit bureau and provides credit score monitoring.

      The card’s beginning credit limit is $50 to $200, making it a viable choice if you have no, limited, or poor credit. The card charges a remarkably low APR and a small annual fee. You use the card’s handy mobile app to manage your account.

      Cardholder Reviews Around the Web

      Jason Babcock gave the FIT™ Platinum Mastercard® a good review:

      “What an exceptional credit product. Sure, I agree with everyone that the initial fees are next to outrageous. Still, since I’m working on rebuilding my credit, understandably, they’re taking a risk, and there’s a price for the risk. BUT where else can you get a card with a $400 limit and 6 months later have it turn into an $800 limit, which works wonders for your Utilization Ratio, bringing your score up.”

      MB is not a fan:

      “Do NOT apply for this card. After you get the card, they then tell you that you will be charged $35 per month [after the first year] for the use of the card, plus the $99 annual fee. That’s absolutely ridiculous. I immediately canceled the card, but I can’t seem to get a confirmation from anyone in the company. I have spoken to two Fit Card reps.”

      The FIT™ Platinum Mastercard® received negative reviews for its fees. However, the card’s customer service department earned considerable praise.

      FAQs: What is the Card’s Credit Limit?

      The card’s initial credit limit is $400. Following six months of responsible card use, the issuer may raise your credit to $800. With continued prudent use, you may eventually increase your credit limit to the maximum amount of $4,000.

      Here’s what to do to earn regular credit limit increases:

        • Maintain a good payment history: Consistent on-time payments boost your odds.

        • Keep a low balance: Maintaining a credit utilization ratio (i.e., credit used / credit available) below 30% will help.

        • Wait at least six months: Demonstrate financial responsibility over this period before asking for an increase.

      While you may eventually achieve a credit limit of $4,000, the cost in annual and monthly fees would be prohibitive. Consider using the card for a year to build your credit and then switching to a better credit card.

      Who Issues the Card?

      The issuer of the FIT™ Platinum Mastercard® is the Bank of Missouri, which is a well-established financial institution with a long history of operation. The Bank of Missouri offers a wide range of financial products and services beyond just credit cards, such as loans, banking services, and investment options.

      Despite its long-standing presence in the industry, the Bank of Missouri holds an F rating from the Better Business Bureau (BBB) and is not BBB-accredited. Customer reviews on the BBB site give the bank an average rating of 1.04 out of 5 stars. The bank has also received a considerable number of customer complaints in recent years.

      Continental Finance, the servicer of the FIT™ Platinum Mastercard®, specializes in credit cards for individuals with less-than-perfect credit. It is BBB-accredited with a rating of A+. Customers give it a score of 3.72 out of 5 stars.

      How Soon Will My Card Arrive?

      The issuer states it will mail your credit card and welcome materials within three business days if it approves your application and you pay the processing fee.

      We note that Trustpilot contains several comments from customers complaining about delays in receiving the card. However, the card’s customer service receives high marks.

      Does the FIT™ Platinum Mastercard® Offer Preapproval?

      The FIT™ Platinum Mastercard® no longer offers preapproval. Lack of preapproval means that the issuer will perform a hard credit pull when you apply for the card.

      Typically, hard credit inquiries have little impact on your credit score. However, multiple card applications within a short period can harm your credit, so it’s best to wait six months before applying for your next card.

      Does It Offer Cash Advances?

      The FIT™ Platinum Mastercard® offers cash advances starting 95 days after you open the account. The card waives its cash advance transaction fee for the first 12 months of ownership.

      The APR on cash advances is the same as that for purchases. Cash advances accrue interest daily from the transaction date until fully repaid.

      This Card May Be For You If…

        • You have subprime credit: The card is a viable choice if you don’t have a good credit history or have yet to build much credit. The card helps in building credit because it reports monthly to the three major credit bureaus.

        • You prefer unsecured credit cards: This card is unsecured, meaning it doesn’t require a deposit as collateral. You can choose an unsecured card if you don’t want to or can’t provide a deposit for a secured credit card.

        • You plan to pay your monthly balances: The card has high fees and interest rates. It may suit you if you can manage these costs, especially by paying off your balance in full each month to avoid the high APR.

        • You can’t qualify for a better card: The issuer designed this card for people who might not be eligible for better credit cards due to their credit history.

      It would be best if you compared this card’s costs and benefits with those of competing cards, including the three alternatives reviewed above. If you decide to apply, consider canceling the card after one year to avoid the monthly maintenance fee.

      About the Author

      Eric Bank
      Eric Bank Finance Expert

      Eric Bank is an M.B.A. who has covered financial and business topics since 1985, appearing regularly on Credible, eHow, WiseBread, The Nest, Zacks, Chron, BadCredit.org and dozens of other outlets. Eric specializes in taking complex subject matters and explaining them in simple terms for consumer audiences, particularly in the world of personal finance. Eric holds a Master's in Business Administration from New York University and a Master's in Finance from DePaul University.

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      Eric Bank