Surge Credit Card
A credit card for people with bad or limited credit is called the Surge Mastercard®. The card’s provider, Celtic Bank, considers applicants with poor credit. However, it is not a secured card, and no upfront security deposit is required upon approval, in contrast to most cards targeted at the subprime market. Continental Finance, the card’s servicer, provides your payment history to Experian, TransUnion, and Equifax, enabling cardholders to establish credit through responsible use.
You can improve your credit history with the Surge Mastercard® Credit Card, but it will cost you.
Depending on your creditworthiness, the card can have a hefty annual charge. The card also has a monthly maintenance cost that kicks in after your second year as a cardholder and a potentially sizable annual fee.
Authorized users, cash advance purchases, and foreign transaction fees incur extra costs.
Due to these unpleasant fees, the Surge should only be used as a last resort to improve your credit.
Fees and rates
The annual cost for the Surge credit card ranges from $75 to $99, which is pretty high for a credit-building card. There may also be a $10 monthly maintenance charge. There are no monthly maintenance fees for other credit-building cards.
A $30 one-time card fee is also charged, if necessary. Cash advance fees on the card are 5% of the amount of the advance or $5, whichever is greater. There is a 3 percent foreign transaction fee if you are traveling abroad. Penalty costs of up to $41 apply to both returned and late payments.
Depending on creditworthiness, APRs vary from 24.99 percent to 29.99 percent. When compared to other credit cards, this is pretty high. The standard APR for credit-building cards is high.
Credit limit & security deposit
Since the Surge credit card is unsecured, no security deposit is needed. The issuer may occasionally request collateral to lessen the risks connected with consumer accounts. This security deposit, if necessary, would be in the same currency as the approved credit limit.
The $300 to $1,000 Surge Mastercard® credit limit ranges. For an unsecured credit card, this is a lot. The Surge credit card also offers the possibility of an increase in credit limit if the account has been open for at least six months. If you keep up with your account, your credit line can increase to $2,000.
Online Management of accounts
Download the Surge credit card app to your smartphone to manage your account. Users of iOS and Android devices can download the app. It allows you to check statements, send payments, and get in touch with customer service. Additionally, you get mobile access to your payment history.
Free fraud protection plan
The Surge Mastercard® provides cardholders a $0 fraud liability. Thanks to this fraud protection package, you won’t be held responsible for any illegal charges made to your card. You alone will be in charge of your purchases.
Who is this card suitable for?
Only after carefully considering all available alternatives should you consider the Surge Mastercard®. To begin, compare offers for secured credit cards or cards for people with bad credit. After considering your other options, if you’re still not convinced, you might want to think about the Surge Mastercard®, which could aid your short-term credit-building efforts.
If you can improve your credit, getting a more user-friendly card later may allow you to earn points at a reduced interest rate.
Advantages of the Surge MasterCard
Although users criticize Surge for being pricey, it offers many advantages that outweigh that flaw. Surge Mastercard isn’t the best option for long-term use. On the other hand, it works wonderfully well when you want to acquire credit and switch to better solutions quickly.
Surge is in a prime position due to several advantages:
Accepts All Forms of Credit
People with all types of credit can qualify for unsecured cards, one of their most essential features. Similarly, whether you have good, bad, or limited credit, your application for Surge would be considered for approval.
Credit Line Extension
Depending on your credit, the initial credit limit on your card might range from $300 to $1,000. But if you keep paying on time, you’ll soon be qualified for an increase. Loans and additional credit are easier to obtain when credit limits are higher. Additionally, it would assist you in reducing your credit consumption. All of this will help you avoid accruing more long-term debt in the long run.
Consistent Credit Reporting
A monthly credit report to the big three credit bureaus is another benefit of holding a Surge Mastercard. These credit reports are a powerful instrument for establishing credit.
Additionally, the business even guarantees to double your credit by utilizing these methods.
Even free credit scores are available from Experian, one of the credit reporting organizations.
Therefore, you can obtain your Vantage 3.0 score after registering for E-statements and checking your free credit score.
No Fraud Liability
You already know that no security deposits are necessary to receive approval for your Surge applications. Users have little to no liability beyond their charges because the corporation primarily creates these cards for people with bad credit.
There is a unique fraud prevention scheme for the Surge Mastercard. For instance, the user won’t be held accountable for fraud. The owner and other account holders won’t be billed for fraudulent charges on a user’s credit card.
Application for a Surge Credit Card: Steps and Requirements
The Surge credit card application process is all online, so it’s straightforward. All you require is a secure internet connection and a laptop or smartphone. You must enter your contact information, including your name, address, and monthly income total.
You must fulfill the following requirements to be eligible for the Surge Mastercard®:
- Be at least 18 years old (19 if you live in Alabama)
- Possess a current Social Security number (SSN)
- Have a bank account that qualifies
- Earn a consistent monthly income
- Hold US citizenship
It’s not a given that you’ll be approved for the Surge Mastercard®, even though it’s made for people with bad credit and the approval probabilities are high. The good news is that Surge Mastercard® only performs a soft inquiry to determine your eligibility, which has no negative effects on your credit report. However, if accepted, the issuer will conduct a hard pull to confirm your eligibility for the offer and identification.
My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.