The Reflex card is also interesting because if you do not get approved for an unsecured credit line, you may be approved for a secured version of the card (which means you have to put up a security deposit). One of my favorite things to do is to review these cards, in the hopes that somebody will read the review before thinking about applying and end up with a vast array of much better options. 7%. There’s no minimum spending or maximum rewards. » MORE: NerdWallet's best credit cards for fair or average credit. Free access to your VantageScore 3.0 from TransUnion when you sign up for e-statements. Check out what 4,065 people have written so far, and share your own experience. There's an annual fee, but it's  much more palatable. You want a chance to build credit without tying up money in a deposit. If you are looking at the Reflex credit card for the first time, we are sure the associated fees would make you flinch. For example, if you are assigned the minimum credit limit of $300 and your annual fee is $75, your initial available credit will be $225 (or $195 if you choose to have an additional card).”. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. So out of the gate, a credit limit of $500 is really $401 (or $371) because the card has socked you with a fee before you even get it in the mail. Highest: 711. Pay off your card balance in full each month to avoid high interest charges. The card has an APR of 25.90% - 29.90% Variable APR. Keep an eye on your inbox—we’ll be sending over your first message soon. Check the data at the top of this page and the bank’s website for the most current information. $0-$120 annually, billed at up to $10 per month, after the first 12 months. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. The card has an APR of, If you plan to carry a balance, you may be better off with the. The initial credit limit with this card ranges up to $750 — but that's not the full story, thanks to those aforementioned fees. This is one of it’s most popular features, as the minimum credit rating you’re required to have before you apply for this card is a mere 580. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. Plenty of better options exist. All reviews are prepared by CreditCards.com staff. Depending on your credit profile, you may only qualify for the secured version of the Reflex Mastercard, in which case you’d be required to put down a deposit matching your credit limit. In short, these fees are high, especially if you get hit with the monthly maintenance charge after the first year. And while it’s still not the cheapest option, the card offers good approval odds even with poor credit. Designed for cardholders looking to bolster their credit scores, the Capital One QuicksilverOne card offers unlimited 1.5% cash back on every purchase. The annual fee is, And if instead of bad credit what you really have is average credit (FICO scores of at least 630), then you have a slew of options better than the, NerdWallet's best credit cards for fair or average credit. And if instead of bad credit what you really have is average credit (FICO scores of at least 630), then you have a slew of options better than the Reflex Mastercard® Credit Card. The Reflex Mastercard credit card is purposefully made for credit repair, which makes its approval ratings very high. This is a … The OpenSky® Secured Visa® Credit Card, for example, charges all cardholders just $35 per year, while the Discover it® Secured and Secured Mastercard® from Capital One charge no annual fee at all. The Reflex Mastercard offers new cardholders an initial credit limit between $300 and $750. By providing my email address, I agree to CreditCards.com’s Our partners compensate us. You’ll also have a chance at a credit limit increase if you make six consecutive on-time payments. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. No. If you have any doubt about your ability to pay your card balance in full each month, you should avoid the Reflex Mastercard. As you can see, the Reflex Mastercard is an expensive credit-building option and is not a card you’ll want to hang onto for any longer than is necessary. That said, the card does include a couple of useful perks. If you’re assigned a low limit, keep your balances low and pay them off quickly to improve your credit utilization. The credit limit is less any service fees, so customers are left with a credit limit of around $400 once the annual fee has been deducted. Our partners cannot pay us to guarantee favorable reviews of their products or services. You’ll earn 1% back on eligible purchases to start, with this rate increasing to 1.25% after you make six on-time monthly payments and to 1.5% after 12 on-time monthly payments. Though you may well end up paying $99 annually with each of those cards, you at least have a chance at a lower fee. It doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. The Reflex Mastercard should offer good approval odds even if you have poor or average credit, but it is an extremely expensive way to build your credit – especially if you need to hang onto the card for more than a year. Pre-qualified offers are not binding. By providing my email address, I agree to CreditCards.com’s It also comes with a cash back rewards program that can help reduce your total cost of ownership. You could instead rebuild your credit with a good secured credit card that doesn’t charge annual fees. Additionally, there's a 5% cash advance fee ($5 minimum), and a 3% foreign transaction fee. It is not our partner’s responsibility to ensure all posts or questions are answered. Keep an eye on your credit score, and switch to a card with fewer fees and better terms when it improves. Consumer Rating: Apply Here . It’s a fee-heavy card with high interest rates and low credit limits. New credit card applications almost always result in a hard pull of your credit report, which will temporarily lower your credit score. Some of the reviews on the NerdWallet site were purchased through a third party provider. 2 Star . The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. There is a $35 annual fee, however. NerdWallet strives to keep its information accurate and up to date. is issued by Celtic Bank of Utah and serviced by Continental Finance Co. Of course, that requires you to put down money up front. Your experience may help others Ok, if I apply I'll share my experience No thanks, just go to the application. 18%. When evaluating offers, please review the financial institution’s Terms and Conditions. The card carries a ton of fees, an extremely high APR and next-to-nothing in the way of perks. You’ll also enjoy $0 fraud liability for unauthorized charges. Such monthly fees are uncommon even among credit-building cards. Reports to all three major consumer credit bureaus. Reply. You'll need to qualify for membership at that credit union to be eligible for the card. Meanwhile, the Reflex Mastercard’s high-end APR rivals that of many store credit cards, which are known for their eye-popping interest rates. I called the following day and talked to costumer services, and they were a lot of help by walking me through what the problem was and how to solve it. Foreign transaction fee: 3% after the first 12 months. » MORE: How do secured credit cards work? October 23, 2019 Written By Bill Hardekopf . While cash back and other rewards programs are uncommon among credit-building cards, they’re not unheard-of either. Many or all of the products featured here are from our partners who compensate us. Apply. No. The Reflex Mastercard Credit Card ... Alliant Cashback Visa Signature Credit Card Review: 3% Cash Back First Year, 2.5% Thereafter. Great, you can create an account later. He previously worked at the Chicago Tribune and wrote two money books. It is a card aimed at people with bad credit. Do you agree with Reflex Mastercard®'s TrustScore? Credit limit - Reflex MasterCard Review Reflex MasterCard has the edge over other cards that offer an initial credit limit of $300 since it offers a threshold of $500. Better options exist. The Reflex card is good for someone with bad credit, or perhaps no credit history who wants to build their credit. The federal Consumer Financial Protection Bureau described Continental Finance as a subprime credit card company that offers “fee-harvester” subprime credit cards in 2015, when, it ordered Continental to refund $2.7 million, The big problem with easy-to-get subprime credit cards. Even compared to cards designed for people with bad credit, the Reflex Mastercard carries an inordinate number of fees, making it a costly credit-building option, especially after your first 12 months as a cardholder. If you opt for a secured credit card instead, you can have a bit more control over your credit limit, as your limit will usually match your security deposit. Sign In Sign Up Reflex Mastercard® Card Data last updated on October 13, 2020. Your credit cards journey is officially underway. High APRs. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. Discover will automatically match all the cash back you’ve earned at the end of your first year! No thanks, just go to the application. Disclosure: These responses are not provided or commissioned by the bank advertiser. For those who qualify, the card might accept a deposit as low as $49, $99 or $200. However, the card charges other fees, such as a monthly maintenance fee after the first year. And it, too, earns rewards: 1.5% back on all spending. And issuers that accept applicants with bad credit (those with FICO scores of 629 or below) need to be compensated for all the customers who will fail to pay their credit card bills. When evaluating offers, please review the financial institution’s Terms and Conditions. 4 Star . You only plan to use the card for small purchases. The card also offers a chance at instant approval for online applications, so you may not need to wait days or weeks to hear back on the status of your application. Write A Review. For a safer, more effective path to building credit, compare secured credit cards. Alternate Pick: No annual fee, plus rewards. Plus, it’s an unsecured card, so you won’t have to tie up hundreds in a deposit just to get started. It also earns rewards and has a bonus offer, phrased this way: INTRO OFFER: Unlimited Cashback Match – only from Discover. If that’s a problem, consider the OpenSky® Secured Visa® Credit Card. NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. You are not going to reestablish your credit quickly using this credit card. This is on top of your regular annual fee, meaning you could be paying as much as $219 annually after your first year, just to have a Reflex Mastercard account. Unfortunately, the Reflex Mastercard offers nothing in the way of rewards. This means if you’re assigned a $300 limit and a $99 annual fee, you’ll start off your card membership owing $99, with $201 available to spend – just two-thirds of the credit limit you may have expected. While this range is quite low compared to the limits available on credit cards for people with excellent credit, the high-end limit is relatively high for an unsecured credit-building card. You'll need to qualify for membership at that credit union to be eligible for the card. It’s a real credit card, but it’s a costly one with limited benefits, even for those with bad credit. Reflex Mastercard® Review. The Reflex Mastercard is designed for people with a damaged or limited credit history (and a credit score of 580 or better). Foreign transaction fee: 3% of each transaction in U.S. dollars. Each month, Credit Karma analyzes over 5,000,000 credit card accounts to find out more about the average cardholder for each credit card. Plus, there’s no guarantee you’ll be approved for the unsecured version of the card. On most cards, this is free. $0-$120 annually, billed at up to $10 per month, after the first 12 months. 5 Star . Users who post a review directly on the NerdWallet site will not be compensated in any way. The offers that appear on this site are from companies from which CreditCards.com receives compensation. Useful. 1 Star 2 Star 3 Star 4 Star 5 Star . Riddled with fees, including an extremely high variable APR, the Reflex Mastercard is best seen as a last resort and stopgap for credit-builders. Unfortunately, the Reflex Mastercard is no exception. The latest batch seem to be for the Reflex Credit Card (I haven’t linked to it, because I don’t want it to rank in the search engines). Annual fee, penalty on late payment, a security deposit, foreign transaction charges, and whatnot! CreditCards.com does not include the entire universe of available financial or credit offers. These perks are certainly welcome, but they’re far from impressive. Some secured credit cards and most credit-builder loans also offer relatively low, fixed interest rates. Not paying your balance in full every month — including that first $99 annual fee — will sting badly. For a starter credit card, the Reflex Mastercard has an initial credit limit between $300 and $750, with the potential to increase after 6 months. * Email. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All Rights Reserved. This card has a $0 annual fee, not to mention ongoing rewards and a bonus phrased this way: "INTRO OFFER: Unlimited Cashback Match – only from Discover. Thank you to the representative that I have spoken to. 1% cash back on eligible purchases right away. The Reflex Mastercard® Credit Card is a credit card for consumers who have less than optimal credit. Please see our Terms of Use and Posting Guidelines for more information. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. It’s a fee-heavy card with high interest rates and low credit limits. There are much better options, even for bad credit. See related: Best high limit secured credit cards. See the online credit card applications for details about the terms and conditions of an offer. With a secured credit card, the security deposit eventually comes back to you if you maintain a good payment history. Due to its extremely high cost of ownership and enormous APR, the Reflex Mastercard is hard to recommend even for those with severely damaged credit. Plenty of better options exist. Due to the fact that I didn’t change my address with Reflex when I moved. Given expensive fees, a high APR and a general lack of features, the Reflex Mastercard® Credit Card isn’t a helpful choice for building credit. None in the first year. The card charges a variable interest rate and has a lower-than-average line of credit, though this credit line may increase with financial responsibility. If you're wondering whether Reflex Mastercard® is the right card for you, read on. Reflex state that if you make minimum payments to them on time and maintain your credit balances under the limits you may be able to rebuild your credit rating. After all, free access to your credit score and fraud liability coverage are the bare minimum needed if you want to protect and keep tabs on your credit. See related: How long does it take to rebuild credit? If you have limited or no credit — as opposed to bad credit — you can find alternative cards that have no annual fee, no security deposit requirement. But with a $99 annual fee, 29.99% purchase APR, a $89 process fee and $6.25 monthly fee, it’s hard to recommend this card for that purpose. Thanks, we'll follow up soon. Capital One QuicksilverOne Cash Rewards Credit Card, Credit One Bank® Visa® for Rebuilding Credit, Petal® 2 "Cash Back, No Fees" Visa® Credit Card. Reflex Mastercard® is a credit card issued by Celtic Bank. So how do we make money? You'll need a minimum $200 security deposit, which will equal your credit line, but deposits can be as high as $2,500. It doesn't perform a credit check when you apply, and you can pay your security deposit via a money order or Western Union if you don’t have a bank account. Yours truly Trent smith. Filter Credit Card Reviews. Credit Card. I went to use my credit card, and I noticed it would not work. Most unsecured credit cards granting $300 initially. Here is a list of our partners. 1%. Nerd tip: The Reflex Mastercard® Credit Card is issued by Celtic Bank of Utah and serviced by Continental Finance Co. Pre-qualified offers are not binding. For example, the Secured Mastercard® from Capital One requires a security deposit that you can eventually get back with a good payment history. Average Score: 414. On most cards, this is free. And it, too, earns rewards: 1.5% back on all spending. 3 Star . The annual fee is $75 to $99. 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