Should I Apply For The Imagine MasterCard?
The Imagine MasterCard is an unsecured card issued by First Bank of Delaware. Although anyone is entitled to apply, it is primarily targeted at those who have less than perfect credit. This means that even if you have missed payments on past cards or have a below average score, you may still be approved.
The card could also be suggested for younger people who have not previously owned a card or had a personal loan in their name, and as a result have no real history and would not be accepted for other types of cards.
For people that want to repair their rating, the good news is that the Imagine MasterCard offers reporting to the three major bureaus. This means that if you use the card as you should and make your monthly payments on time, you should start to see an improvement in your score.
The card is accepted at anywhere that accepts MasterCard. This includes millions of locations worldwide, the vast majority of Internet retail outlets, and a huge amount of ATM’s – allowing you to withdraw cash using your designated PIN number. A 5% (minimum $5) charge is made for ATM cash withdrawals.
One of the key differences with the Imagine MasterCard is that the cardholder is required to set up an automatic payment plan from their checking account, either in the form of an Electronic Funds Transfer Plan (EFT) or a Remotely Created Check Plan (RCC). Whichever one of these you choose you will be charged a $4.95 setup fee.
As with most sub-prime unsecured cards, it carries annual and monthly fees. The annual charge is $150 and the monthly maintenance fee is $6.50. The annual rate of interest is prime rate plus 11.5% – a minimum of 19.5% APR.
New customers are given a limit of $300, but as a $150 annual fee is deducted from the first statement, the opening amount available is $150. Line increases are considered, so this limit can be increased if you make your payments on time.
Overall, the Imagine MasterCard can be recommended for people that may otherwise struggle to be approved, but also have every intention of making their payments on time, keeping a low monthly balance and working towards improving their report.
Those who wish to carry a high monthly balance may find that a lower monthly interest rate and maintenance fee can be found elsewhere. An annual fee of $150 is high even for a card of this type, and there is no introductory rate of APR, so it may pay to search around for an alternative option before applying.
For more about the Imagine MasterCard issued by the First Bank of Delaware or for information about No Credit Check Credit Cards visit us.