FIT Mastercard Review: Helpful for Rebuilding Bad Credit, but with Tons of Fees
The FIT Mastercard can help you build or rebuild your credit—and it doesn’t require a security deposit. Even so, that doesn’t mean it’ll cost you less than a secured credit card. You’ll pay a lot of fees to get and keep the FIT Mastercard, including a one-time processing fee and monthly maintenance fees. All these fees eat into the card’s already low credit limit.
Most people will be better with a highly rated secured credit card, rather than the FIT Mastercard. Even if you can’t come up with the security deposit, you’ll likely find a better option than the FIT Mastercard. Try out the CardCruncher tool to find the card that’ll give you the best rewards based on your spending habits. Otherwise, read on for the full FIT Mastercard review.
FIT Mastercard Quick Highlights
Here’s a look at the key details of the FIT Mastercard:
Annual Fee: $99
Sign-Up Bonus: $0
FIT Mastercard Benefits:
- Open to people with poor or limited credit
- Monthly payments report to the three credit bureaus
- Initial credit limit of $400
- Online account access
FIT Mastercard Fees:
- $89 one-time processing fee
- $6.25 monthly maintenance fee after 12 months
- $30 additional card fee, if applicable
- Cash advance fee of $5 or 5%, whichever is greater
- 3% foreign transaction fee
- Up to $39 late payment fee
- Up to $39 returned payment fee
Why Apply for the FIT Mastercard
There are a few reasons to consider adding the FIT Mastercard to your wallet:
It can help you improve your credit
The FIT Mastercard accepts people with all types of credit, and it reports your monthly payments to the three credit bureaus. If you make the minimum payment by the due date each month, you’ll see your credit score rise over time.
No security deposit required
The FIT Mastercard is one of the few credit cards for people with poor credit that doesn’t require a security deposit. This makes it worth considering if you don’t have the cash for a secured credit card. You’ll receive a $400 initial credit limit, with the option for a credit limit increase once you’ve proven that you’re a responsible payer after a few months.
FIT Mastercard: Drawbacks and Downsides
Don’t apply for the FIT Mastercard unless you’re comfortable with these drawbacks:
High annual cost
You’ll pay a one-time $89 fee to open your FIT Mastercard account. Then, you’ll pay $99 per year to keep it in your wallet. After the first year, a $6.25 monthly maintenance fee kicks in. All combined, that’s a lot to pay for a $400 initial credit limit. If you’re on a tight budget, opt for a more affordable secured credit card instead.
Low credit limits
Your initial FIT Mastercard credit limit is $400, but when you factor in all of the fees, it’s actually less. Many secured credit cards offer initial credit limits of just $200, so a $400 limit is reasonable. Even so, it’s not enough to make any large purchases. You’ll have to limit yourself to a few small purchases each month, and then upgrade to a credit card with a higher limit and lower fees when you can.
You can’t earn rewards
The FIT Mastercard doesn’t offer any rewards, so the card’s lone value is in rebuilding bad credit or building from no credit. If rewards are really important to you, look into a secured credit card that offers some level of cash back.
FIT Mastercard Alternatives
Consider one of these secured credit cards if the FIT Mastercard doesn’t suit you.
Discover it® Secured
The Discover it® Secured card is one of the rare secured credit cards that also offers rewards. You’ll earn 2% cash back on the first $1,000 you spend each quarter at gas stations and restaurants, and 1% back on everything else. There’s no limit to how much you can earn, apart from your credit limit, which starts at $200. After eight months, Discover will automatically consider you for an upgrade to its unsecured credit card.
The Discover it® Secured card has no annual or monthly maintenance fees, so you can actually make money by using it, provided you don’t carry a balance. Additionally, the Discover it® Secured card is one of the few secured credit cards that allows balance transfers, with a helpful APR of 25.24% variable APR. It can help you dig out of the debt hole, and then some.
The Capital One® Secured Mastercard®
The Capital One® Secured Mastercard® is a good choice if you can’t afford a big security deposit. Depending on your credit, the card requires $49, $99 or $200 in exchange for an initial $200 line of credit. If you can’t afford to pay the full deposit up front, Capital One lets you pay in installments. Plus, if you make your first five payments on time, Capital One will automatically consider you for a credit limit increase.
The Capital One® Secured Mastercard® has an annual fee of $0 and no monthly maintenance fees. There’s also no one-time processing fee to open your account. Unfortunately, this card doesn’t offer any rewards, but it’s still a great choice for rebuilding your credit. Once your credit score improves, you can look for a rewards credit card.
FIT Mastercard FAQs
Here are answers to some frequently asked questions about the FIT Mastercard.
How do I apply for the FIT Mastercard?
Just fill out the application on the FIT Mastercard website. In most cases, you should know instantly whether or not you’re approved.
How do I make a FIT Mastercard payment?
For the quickest way to pay, log into your FIT Mastercard account and click on the Payment tab. You can also mail in your payment or call the phone number listed on your bill to pay over the phone.
Bottom Line: Should You Apply for the FIT Mastercard?
While the FIT Mastercard can help you rebuild your credit, it’s not the best way to do it. You’ll pay nearly $200 per year to keep the card in your wallet and in exchange, you only get a $400 initial credit limit. If you have a few hundred dollars available for a security deposit, you can get a much better deal with a top-rated secured credit card—with the potential to earn rewards, too.