With all of the secured credit card options out there, some real comparison shopping must occur before making a choice. Chances are getting a secured card means you are trying to rebuild credit. And unfortunately, this predicament leaves you with fewer really great options.
Overall, the Assent Platinum Secured MasterCard ranks an underwhelming ‘Ok’ as far as secured cards go. It doesn’t have any deal-breaking, negative features, but it doesn’t stand out from the crowd either. Let’s take a look at some of this card’s characteristics to decide if it fits your purposes.
While the Assent Platinum MasterCard is not a show-stopper, it has a 0% introductory APR for six months, which is rare for a secured card. The verdict is out whether this is a useful feature since carrying a balance is not generally recommended on secured cards. The point of having a minimal credit limit is to pay it off each month and rebuild your credit score. Therefore, even though it sounds great initially, a 0% introductory APR is not such a useful feature.
Similarly, the Assent Platinum card has a relatively low purchase APR at 12.99 variable. Yet, the fact that you should not carry a balance overshadows this ‘perk.’
Often secured credit cards are riddled with fees. The Assent Platinum Secured MasterCard stays true to its underwhelming status as far as fees go with some but not as many as others.
First, the $49 annual fee will make some people take a hard ‘pass.’ But aside from the annual fee and the minimum $200 security deposit, this card will not keep reaching in your pockets for more. The flexibility of a $200 - $2000 security deposit is a nice feature. Some secured cards have a much higher minimum deposit, so the $200 amount is nice unless you need more credit. But even then, you can increase the amount up to $2000 if you need to.
Your security deposit is completely refundable when you close your account unless you owe a balance, of course. One good aspect of this card is no monthly fee and no other hidden fees. You can expect to pay a deposit with a secured card, and if the annual fee doesn’t bother you, this is a decent pick as far as costs go. Here is a list of other standard service fees you need to know when considering this card.
Cash advance APR = 18.99% variable
Cash advance fee = $10 or 3% (whichever is greater)
3% foreign transaction fee
Late payment fee = up to $40
Return payment fee = $29
The Assent Platinum Secured MasterCard reports to all three major credit bureaus, so a diligent purchase and pay-off schedule will eventually raise your credit score. Don’t be too enticed by the flashy 0% introductory APR for six months. Carrying a balance when you are trying to improve credit is never recommended.
You’ll have 24/7 access to all aspects of your account to stay informed while working on your credit. A credit score of 300 is recommended to receive this card, and you must apply online.
Unlike some other secured cards, your acceptance will not be immediate. If you are accepted, it could take up to three weeks to get your card. If you need your credit card sooner, you can pay a $19.95 fee for expedited processing. Paying this fee bumps our application to the top of the stack, but it will still be up to seven days before you get your card.
Sorry, this card is not available if you live in Wisconsin, New York, or Arkansas, Iowa.
The underwhelming presence of the Assent Platinum Secured MasterCard makes it a decent choice as long as you don’t mind paying an annual fee. Don’t be enticed by the APR introductory offer and a low regular purchase APR. Carrying a balance on a secured card aimed at improving your credit is not recommended.
The Assent Platinum card will not burden you with excessive fees, and the flexible security deposit is quite handy. There might be better secured cards out there, but you could undoubtedly do a lot worse.
