New Millennium Bank | New Millennium Bank Secured Gold Visa MasterCard

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New Millennium Bank Secured Gold Visa® / MasterCard®
Issued by New Millennium Bank

New Millennium Bank Secured Gold Visa� / MasterCard�

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Review

The New Millennium Bank Secured Gold Visa® / MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.

Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases.

Although the APR that is applied to purchases is high for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. This card also has a no credit check and no turn-down policy.

There is an annual fee of $59, which is slightly above average for a secured card, as well as a one-time processing fee of $69.95 ($99.95 if the applicant would like to be issued both a Visa® and a MasterCard®).

It is important to note that a drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card.

Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Gold Visa® / MasterCard® has to offer.

Updated: January 2, 2009

Most Attractive Feature(s) : No credit check for new applicants; guaranteed approval.

Least Attractive Feature(s) : No grace period; annual fee.

Note: The review on this card was updated on January 2, 2009. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.

Specifics

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Category Definitions

Card Category: Secured

Annual Fee : $59

Additional Cardholders : $12.95

Grace Period : None

Minimum Credit Limit : $300

Maximum Credit Limit : $5,000**

Late Payment Fee : $20

Over-The-Limit Fee : $20

Cash Advance Fee : 2%, $1 minimum, $20 maximum

Minimum Deposit : $300

Maximum Deposit : $5,000**

Deposit Interest : Yes

Application Fee : $69.95***

Total First Year Fees : $128.95

Perks / Notations

Additional Perks

Up to $100,000 in travel accident insurance.
Emergency cash replacement.
Auto rental insurance.
Extended warranty for purchases.
See website for additional benefits.

Important Notations

No credit check or turndowns.
Reports to all three major credit bureaus.
No employment verifications.
**The maximum credit and deposit limits of $10,000 are based on the applicant's approval for both the Visa® and the MasterCard®, otherwise the maximum credit and deposit limits are $5,000 per card.
***The application fee is $69.95 for a Visa® or a MasterCard® account; the fee is $99.95 for both a Visa® and a MasterCard® account.
See website for complete terms and conditions of card usage and application disclosure.

Additional Information

Apply Online for the New Millennium Bank Secured Gold Visa® / MasterCard®.

See other cards issued by New Millennium Bank

APR (Purchases) : 19.5%

APR (Cash Advances) : 19.5%

Finance Configuration : Average Daily Balance (including new purchases)

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