If you’re looking to rebuild your credit and need a stepping stone to a stronger financial future, the Fit Mastercard by Continental Finance could be a contender. Designed for those with less-than-perfect credit, this card offers credit-building opportunities, fraud protection, and a starting credit limit of up to $400.
But is it truly a helpful financial tool, or just another card bogged down by high fees? In this guide, we’ll uncover the real benefits, hidden costs, and expert insights to help you determine whether the Fit Mastercard is the right choice for your credit journey.
Why the Fit Mastercard Stands Out: Key Benefits and Perks
1. Build Credit with All Three Major Bureaus
One of the biggest perks of the Fit Mastercard is its monthly reporting to Experian, Equifax, and TransUnion. If you make on-time payments and keep your balance low, this card can help you establish or rebuild your credit score over time.
2. Get a $400 Starting Limit with Opportunities for Increases
Upon approval, you’ll receive a starting credit limit of up to $400. While this isn’t the highest limit available, responsible usage can lead to credit line increases, giving you more flexibility while improving your credit profile.
3. Fraud Protection and Secure Account Management
The Mastercard Zero Liability Protection ensures you won’t be responsible for unauthorized purchases. Plus, with the online portal and mobile app, you can easily track your spending, make payments, and monitor your balance in real time.
4. Free Monthly Credit Score Updates
By opting into paperless statements, you’ll receive free monthly credit score updates. Unlike other credit-building cards that require third-party services, this feature is built into your account to help you track your progress.
Things to Consider Before Applying
1. High Fees That Can Add Up
While the Fit Mastercard is accessible for those with less-than-perfect credit, it comes with several fees that can become costly. These include an annual fee, monthly maintenance fees, and a high APR, making it essential to pay off your balance each month.
2. No Rewards or Cash Back Program
Unlike other credit cards that offer cash back, points, or travel perks, the Fit Mastercard is strictly a credit-building tool. If you’re looking for rewards, you may want to explore other options.
3. Checking Account Requirement
To qualify for the Fit Mastercard, you must have an active checking account. If you don’t already have one, this could be a barrier to approval.
Understanding the Fees: What You Need to Know
Here’s a breakdown of the costs associated with the Fit Mastercard:
- Annual Fee: Charged when you open your account.
- Monthly Maintenance Fee: Applies after the first year.
- High APR: Carrying a balance can lead to steep interest charges.
- Foreign Transaction Fee: Additional charges apply for international purchases.
If you don’t pay your balance in full each month, these fees can quickly outweigh the benefits.
How to Apply for the Fit Mastercard
Applying is quick and simple. Follow these steps:
1. Apply Online or by Phone
Visit the official Fit Mastercard website:
Scroll down, find and click the red “Apply Now.”:
You’ll need to enter your name, Social Security number, address, and income details.
- Alternatively, you can call 1-888-673-4755 to apply over the phone.
2. Approval Process
Most applicants receive an instant decision. If approved, you’ll be required to pay initial fees before your card is activated.
3. Activate Your Card
Once you receive your Fit Mastercard, you can activate it online by visiting the activation website printed on the back of your card or by calling the toll-free activation number listed on the card’s sticker.
4. Manage Your Account with Ease
After activation, you can set up an online account or use the mobile app to track transactions, set up automatic payments, and monitor due dates.
Optional Continental Credit Protection Plan
The Continental Credit Protection Program is an optional add-on that provides financial relief in the case of job loss, disability, hospitalization, or loss of life. Here’s how it works:
- Job Loss, Disability, or Hospitalization: The plan covers your minimum monthly payment for up to 12 months.
- Loss of Life: Your entire outstanding balance is canceled.
- Cost: $1.39 per $100 of your outstanding balance, charged monthly.
- Enrollment: You can sign up when you apply for your card.
While this protection can be helpful, it’s an additional expense to consider.
Need Help? Contact Customer Support
If you need assistance, here’s how to get in touch:
- Phone: Call 1-866-449-4514 (Monday-Friday, 8 AM-6 PM ET).
- Online: Manage your account at www.CPCustomerCare.com.
- Mail: Send inquiries to Credit Protection Program, PO Box 8099, Newark, DE 19714-8099.
Frequently Asked Questions
1. Does the Fit Mastercard Require a Credit Check?
Yes, Continental Finance performs a credit check when you apply. However, they specialize in working with applicants with poor or limited credit histories.
2. Can I Increase My Credit Limit?
Yes, but you must demonstrate responsible usage. While credit line increases are possible, they may come with additional fees.
3. What Happens If I Miss a Payment?
Late payments incur a fee and can negatively impact your credit score. To avoid this, consider setting up automatic payments.
4. Is There a Grace Period for Payments?
Yes, the Fit Mastercard offers a grace period, allowing you to pay off your balance before interest kicks in.
5. How Long Does It Take to Receive My Card?
Once approved, your Fit Mastercard should arrive within three business days.
Final Verdict: Is the Fit Mastercard a Good Choice?
The Fit Mastercard is a solid credit-building tool, but it comes with high fees. If you’re diligent about making on-time payments and avoiding a balance, it can help improve your credit score. However, if you’re looking for low fees or rewards, other credit cards may be a better fit.
Before applying, weigh the costs and benefits to determine if this card aligns with your financial needs.
