Surge Mastercard® Credit Card is for those with poor or limited credit. It is an unsecured Mastercard® Credit Card issued by Celtic Bank and serviced by Continental Finance. The card requires no collateral and has a pretty laidback online application procedure. Anyone can check if they pre-qualify for the application of Surge Mastercard® Credit Card in less than a minute.
With perks, that are making it a decent choice for everyone with bad credit, it also comes with more than a few downsides.
In this piece, we will be reviewing the Surge Mastercard® Credit Card in detail shedding light on the different advantages and disadvantages of having one as well as what it offers. But before getting into it let’s shed some light on what bad credit is.
Suggested Read: Destiny Credit Card Reviews
What Is Credit Score?
Credit score, simply put, represents a consumer’s creditworthiness which is a number from 300-850.
How Is It Calculated?
Mainly these five factors are evaluated in order to calculate a credit score:
- Total amount owed
- Length of credit history
- Payment history
- Types of credit
- New credit
What Is Bad Credit?
Generally, it’s a number below 630 (one a range from 300-850) which is considered poor or bad credit.
Now when we know enough about the credit score and bad credit, let’s review how Surge Master Credit Cards ranks among the other cards for bad credits and what is all the fuss about this card.
Is Surge Credit Card legit?
Yes, it is definitely no scam and is a legit credit card for people with bad or limited credit.
Key Points that make Surge Mastercard® Credit Card Unique (ly positive or negative):
- An annual fee of $75 – $99.
- No sign-up bonus or rewards, as of the time this is being written.
- No security deposits required (Unsecured Card).
- Doubles Your Credit Limit
- Your credit score is not impacted on checking pre-qualification for Surge Card.
- A credit limit of $300 – $1,000. The good thing is that this limit will increase after 6 months of use. It is enough for a day-to-day person. If you are one, give Surge MasterCard a go, Here.
- Credit reporting to three major Credit Bureaus monthly.
Pros of Surge Mastercard® Credit Card
1. Accepting the ones who are rejected elsewhere – BAD CREDIT HOLDERS:
Bad credit is like a curse, and it takes a fairly reasonable time to get out of it. But when you are in it a handful of creditors might come near you with financial risks like yours.
Surge Mastercard® Credit Card welcomes everyone who comes their way regardless of the financial risk.
2. Security Deposit? What actually is that?
On the planet Surge, they do not believe in any such thing as a security deposit. If your application for Surge Mastercard® Credit Card is approved, you can get $300 to $1000 credit without any collateral or deposits.
3. Payment history reported monthly to Credit Bureaus:
Surge Mastercard® Credit Card will be reporting to all 3 of the major credit bureaus (which are Equifax, Experian, and TransUnion, giving free access to your “VantageScore 3.0”. All you need to do is accept e-statements and your score will be on your monthly statements. That’s where the credit building part comes into play. After making few on-time payments you might get an increase in your credit limit too.
So, if you can pay on time month in and month out, Surge cards are ideal for everyone with bad credit.
4. Reasonable Credit limits considering bad debtors:
Surge Mastercard® Credit Card offers a minimum credit limit of $300 which is much higher than what other competitors would offer someone with bad credit and with responsible use and timely payments. Surge users can get their credit limits increased as well.
5. Usability of Surge Credit Card:
Surge Mastercard® Credit Card can be used everywhere Mastercard® is accepted. Millions of merchants worldwide take Mastercard®, wherever you can use your credit or debit card you can use the Surge Card too.
Cons of Surge Mastercard® Credit Card
1. High-Interest rates:
The Surge Mastercard charges a varying 25.90% to 29.99% APR on purchases. We would recommend paying your balances within the grace period of 25 days, otherwise, the interest rate may stack up to as high rates as mentioned above.
2 Annual Fee (guessed it right. HIGH!)
It also charges an annual fee that could be in the range of $75 – $99, which somehow kills the point of getting out of bad credit. We can say that the high fees of Surge Mastercard® Credit Card can make the credit building process a little costly.
3. Monthly fee for a credit-building card? Really?
Seriously? This is one of the biggest issues with the Surge Mastercard Credit Card. It charges a monthly fee which is up to $10, which is based on creditworthiness. You might be thinking that other cards might also have the monthly fee? No, we did our research, it is the only credit-building card that comes with the monthly maintenance fee.
This is where you have to rethink your decision, as there are many creditors who can help you in building credit.
You can apply for First Progress Platinum Card which is popular for credit building.
4. Nothing appealing or rewarding is offered on signups or invites:
Unlike other Credit Cards, there is no policy of rewards or bonuses associated with Surge Mastercard® Credit Card. Some of the competitors offer to sign up bonuses and other such rewards, which is a no-go so far for Surge cards.
Reviewing the Application Process of Surge Credit Card
One thing that we surely love about the Surge Mastercard Credit Card, is its application procedure, which ranks among one of the smoothest and convenient credit card applications. You can simply apply for one by following the below steps:
- Go to their application page
- Enter your first and last name
- Enter your home address
- Provide your email address
- Enter your Social Security number
- Calculate and enter your monthly income or you can let them do it for you by clicking on the “Calculate your monthly income” button which will then ask for your annual income.
- Choose your employment type (full-time employment, part-time employment, etc.)
- Enter your phone number
- Provide your birthdate
- Disclose your checking account (you need one to apply)
- If you want to add another user and want a second card for them, fill in that detail
- Submit your application
And that’s it, you have applied for your very own Surge Mastercard® Credit Card.
Who This Card Is Best For
We have said already earlier that this is one of the options for people with bad or poor credit. If your credit score is somewhere around 300 to 669 that’s something very alarming for an adult, and he might panic to increase that score and get into the fair credit zone. Surge Mastercard® Credit Card is that option that will help you with the improvement in your credit score and that is also with no security deposit, but hold on, you might want to review the fees involved with getting one too.
It’s a decent, in fact, a great option for people with bad credit, but with the type of fees involved, you might also want to explore other options such as Secured Mastercard from Capital One or Citi Secured Mastercard Credit Card, with lower fees and interest rates.
Using it responsibly (by paying the balance on time) will do wonders for your credit score and help you secure a better card in the future.
We wouldn’t recommend it to anyone except for people with poor credit who are not eligible for any other card. Use it to build credit and pay within the grace period, that will keep out of the scary caves of high interest and fees. Because you either do not qualify for other credit cards or they are secured and require you to pay a deposit in order to get the credit line.
If you want to increase your credit limit, you should go for Surge Mastercard® Credit Card that offers you an opportunity to double your credit limit.