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The FIT™ Platinum Mastercard® helps you build credit without making a security deposit to secure your initial credit limit.
What we think: The Fit Platinum Mastercard may be a good option if you’re looking to rebuild credit. We like that there isn’t a security deposit required and that you will automatically be considered for a credit increase after six months. However, the fees that come with this card make it mediocre compared to other credit-building cards.
This card does have some relatively high fees, including an annual fee, monthly maintenance fee and initial processing fee.
The lender reports to all three credit bureaus, so your timely payments can help you build your credit history.
Those who are willing to make a security deposit have other options that may be less expensive in the long run.
SUMMARY
The FIT Platinum Mastercard application process is fast and easy, and if you can move beyond the relatively hefty fees associated with this card, you can gain credit-building benefits.
Read the entire review of the FIT credit card below to find out:
What benefits you can get with this card
How much the card will cost in terms of fees
Whether there are other options to consider for building your credit
With this information, you’ll be able to decide if the FIT Platinum Mastercard is the best credit card for you.
No rewards. Unsecured card with required $89 sign-up fee and $400 starting credit line.$99 annual fee & $6.25 monthly maintenance fees.
Is the FIT Mastercard worth it?
The FIT™ Platinum Mastercard® may be worth it if you want to build credit and don’t have the upfront cash to make a $400 security deposit with another card. You can get approved for this card with a fairly low credit score, and accounts are considered for a credit line increase after six months.
These pros and cons can help you decide if getting this card is worthwhile.
Pros and Cons of the FIT™ Platinum Mastercard®
You don’t need good credit to get approved
No security deposit required
Potential credit line increase in six months
The annual fee is relatively high for this type of card
You also pay a monthly maintenance fee
While you don’t have to make a security deposit, you do pay a one-time processing fee
The FIT Mastercard offers several benefits for approved cardholders.
Benefits include:
No security deposit required: Unlike many other credit cards for people with no credit or bad credit, this is an unsecured card. You don’t have to secure your credit limit with a deposit, which means you won’t need cash up front to get this card.
Reports to the three major credit bureaus: The lender reports your account information to Experian, Equifax and TransUnion. If you make your payments on time and handle your account responsibly, this results in a tradeline on all your major credit reports and can help raise your credit score.
Mastercard Zero Liability Protection: If your card or account number is used to make unauthorized and fraudulent charges, you won’t be liable for those expenses.
Access to your VantageScore 3.0 from Experian: When you set up your online FIT Mastercard account, you gain access to your VantageScore 3.0 credit score as calculated based on information in your Experian credit report. This score updates once per month, so you can check your credit score and track your progress as you work on building your credit.
General Mastercard perks: As a Mastercard credit card holder, you also get access to mobile app and online account management and other Mastercard benefits, such as ID theft protection.
FIT Mastercard rewards
The FIT Card doesn’t offer any rewards, such as cash back or points accumulation. This is fairly standard for credit cards designed for people with bad credit. There are only a few rewards card options on the market, and those cards may be more difficult to get than the FIT Mastercard and the rewards are often minimal.
FIT Mastercard fees, rates & limit
While the FIT Mastercard is an unsecured credit card, there are some fees and expenses to consider before you apply for an account.
FIT Mastercard fees
You’ll need to pay a one-time processing fee of $89 before your account is fully set up and you can use your card.
After that, you’ll pay a variety of ongoing fees, including:
A $99 annual fee charged to your card immediately upon account opening and then again each year on your account anniversary date.
A $6.25 monthly maintenance fee charged to your card each statement cycle — though this fee is waived for the first 12 months after your account is opened.
A $30 one-time fee if you want to add another card to your account.
A $41 penalty fee if you’re late with a payment or your payment is returned.
FIT Mastercard interest rates
Understanding the interest rate you may pay if you carry balances from statement to statement is important. It helps you know how much your credit card debt may end up costing and can help you decide between multiple credit card products.
The FIT Mastercard offers the following interest rates:
Regular purchase APR: 29.99% variable
Cash advance APR: 29.99% variable
Purchase/balance transfer intro APR offer: This card doesn’t offer intro APR
FIT Mastercard credit limit
Approved FIT Mastercard account holders begin with a credit limit of $400. If you make your payments on time for the first six months, you’re automatically considered for a credit limit increase. If the increase is approved, your credit limit goes up to $800.
Always consider how fees and other factors may impact your available credit. Since your first annual fee is charged to your credit card account immediately, you’ll start out with a balance of $99. That means your available credit limit is only $301. If you opt for a second card because you want a spouse or someone else to have one, you also have to pay an additional $30 card fee right away. In that case, you’d only have $271 in available credit until you pay down the balance.
How the FIT Mastercard compares
When compared to the overall market of credit-building credit cards, the FIT Mastercard can be thought of as mediocre. The fact that it doesn’t require a security deposit is a stand-out feature. However, the high annual fee, initial processing fee and monthly maintenance fee makes it a fairly expensive card to hold in your wallet.
FIT Platinum Mastercard vs. Capital One Platinum Secured Credit Card
A potentially low deposit and no annual fee could make this card less expensive than the FIT Platinum Mastercard. You can also earn back your initial deposit by managing your account well — or get it back when you close your account as long as your balance is $0. In the case of the FIT Platinum Mastercard, you don’t get the initial processing fee back.
The Capital One card does have a slightly higher interest rate at 30.75 variable APR on purchases. However, depending on how much of a deposit you can make, your initial credit limit can be up to $1,000, and there’s a path for upgrading to an unsecured card with responsible account management.
FIT Platinum Mastercard vs. OpenSky Secured Visa Credit Card
If you want a credit-building credit card that doesn’t require a credit check, the OpenSky® Secured Visa® Credit Card may be a better option than the FIT Mastercard. You’ll need to deposit at least $200 to secure your credit limit, but the OpenSky Secured Visa offers better terms. The APR is 25.64% variable and the annual fee is only $35. The OpenSky card is also one of the easiest bad debt credit cards to get approved for, and it offers a path to upgrade to an unsecured credit card in the future.
FIT Platinum Mastercard vs. Chime Secured Credit Builder Visa Credit Card
The Chime Secured Credit Builder Visa is another option that doesn’t require a credit check, and it doesn’t have an annual fee or interest. While those factors may make you think the Chime product is an easy pick over the FIT Platinum card, there is a downside. The Chime secured credit card is designed to be used with a Chime checking account to build credit. You move money from your Chime checking account to create a credit limit on the card, and then you can use that available credit to make purchases.
Is the FIT credit card right for me?
The FIT credit card may be a good choice if you don’t have great credit but you want to avoid paying a deposit to secure a credit card.
Unfortunately, the fees on this card are quite high compared to some competitors. However, you can pay most of the fees with the credit available on your card instead of having to come up with $200 or more to secure a credit limit.
If you don’t think the FIT credit card suits your exact needs, consider these other card options for building and establishing credit:
Your physical residential address (you can’t use a P.O. Box as your address for the application)
Some basic information about your income and bills
The lender pulls your credit report during the application review process, and most applicants receive an answer about approval in seconds. In some cases, the lender may need additional information or clarification from you, and that can increase the time it takes to find out about approval.
While this is a credit-building credit card, you do need a fair credit score to get approved. While the lender may approve applicants with lower scores, you likely need a score of 580 or higher.
Whether this credit card is right for you depends on your personal preferences and unique financial situation. However, it’s important to consider the high fees and your other available options before you apply for this card. You may be able to find another credit-building card with a more attractive fee structure, even if you have to make a deposit to secure the credit limit.
What credit score is needed for the FIT Mastercard credit card?
Generally, you need a fair credit score or better to get approved for this card. That means a score of 580 or higher. However, depending on other factors related to your credit history and personal finances, you may get approved for the card with a lower score. Alternatively, you might also be denied for the card even if you have a higher score.
How do I check my FIT Mastercard application status?
Most applicants will get a status update, including an approval or denial, almost immediately after submitting their credit card application. However, if you don’t get a yes or no right away, you can call the customer service number on the website where you applied to find out about the status of your application. You can also follow any instructions for checking application status that are provided to you via email or at the time you submit your application.
What is the FIT Mastercard credit limit?
The initial credit limit for the card is $400. Accounts can be considered for a credit limit increase after six months. The credit limit increase, if approved, increases the total available credit to $800.
What bank issues the FIT Mastercard?
The FIT Mastercard is issued by the Bank of Missouri.
Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.
Over the past 12 years, Sarah has contributed to numerous publications in the personal and small business finance sector, including content on budgeting, bankruptcy, small business accounting, and financial tech. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful, relevant resources for readers.
* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.
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