Reflex Platinum Mastercard — A Good Option For Building Credit?

The Reflex^® Platinum Mastercard^® is available to individuals with a less than perfect credit rating who are looking to build up their credit history.

Let’s take a look at why you may, or may not, want to apply for this credit card.

Benefits Summary

• Lower approval requirements mean individuals with poor credit may be eligible
• Applicants can check whether they pre-qualify for approval without a credit inquiry
• A credit limit may be increased after just 6 months and does not incur a credit increase fee
• The monthly maintenance fee is not charged for the first 12 months
• The card offers 0% fraud liability, so cardholders are not responsible for any unauthorized transactions
• No activation fee is charged

Starter Credit Limit With Potential to Increase

For a starter credit card, the Reflex Mastercard has an initial credit limit between $300 and $1,000, with the potential to increase after 6 months. Most unsecured credit cards granting $300 initially. 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.

Reflex Mastercard Credit Increase

After 6 months of responsible account management, such as paying off monthly minimum balances and avoiding late payments, cardholders may be offered a credit limit increase. Initially, this would increase to $1,000 to a maximum of $2,000 over time.

Hot Tip: With a high APR and annual fee, the Reflex Mastercard is not the most cost-effective option. Alternatives such as the First Progress Platinum secured cards might be a better fit for you.  

Building Credit

Paying off your monthly balance and not incurring any late payments will help improve your credit rating over time. Once you’ve achieved 6 months of responsible money management, it’s worth pursuing a credit increase to achieve a better utilization ratio.

It’s beneficial to use only 10-30% of your allocated credit limit, which is much easier to do with a higher credit limit. Over time, you could increase your credit limit to $2,000, which would allow $200-$600 of monthly expenditure.

Free Credit Score

When signing up for e-billing, cardholders receive a free monthly credit score to keep an eye on their progress. To enroll, log in to your online account and follow the steps under Account Info to view your VantageScore 3.0 credit score.

Card Application Process

Customers can apply by completing this online form, and the results can be available in just a few seconds (although this can take up to 30 days with individual cases). Alternatively, applications are also accepted by calling 866-513-4598 or by returning an acceptance certificate that you received in the mail.

When completing your application, the following information is required:

• Full name
• Residential address and status
• Phone number
• Email address
• Social Security number
• Date of birth
• Income details
• Employment details

Once approved, your credit card and welcome documentation are mailed within 3 working days. You’ll need to activate your card over the telephone within 30 days of receiving it by calling from the number you registered on your application.

Reflex Mastercard Pre-Qualification

Applications require a credit inquiry, which can deduct points from your credit score. To avoid an unnecessary credit inquiry where approval may not be granted, applicants can see if they pre-qualify without impacting their credit score.

Fees and Drawbacks

Annual and Monthly Maintenance Fees

The Reflex Mastercard comes with an annual fee that is assessed before you begin to use your card. The annual fee reduces the amount of credit you have.

After the account has been open for a year, a monthly maintenance fee may be charged.

Interest Rate

The interest rate charged on the Reflex Mastercard is a variable APR. As this is a variable rate, it is subject to change depending on the market rate. Provided you pay your full monthly balance, you will not incur any interest on your account unless you have used your card for a cash advance.

To see the APR, please see card’s terms.

Cash Advance Fee

Cash advances incur the same interest rate as purchases, but unlike purchases, the interest builds from the day the transaction occurs. In addition to the interest, cardholders are also charged a cash advance fee.

A cash advance is an expensive way of obtaining cash, so you’ll want to avoid this at all costs. Although cash advances don’t directly impact your credit score, the increased interest you’ll incur could push you well over your 10-30% credit utilization ratio.

Late and Returned Payment Fees

If you’re late on your monthly repayment or an attempted payment can’t be processed, then you may incur a late or returned payment penalty. If the cardholder fails to make a payment within 6 billing months after the initial penalty or attempts another payment that can’t be processed, then a fee is applied.

Drawbacks

• A checking account is required to be eligible for this credit card
• Cardholders are charged a high annual fee and a high monthly maintenance fee regardless of usage
• The interest rate is high compared to other credit cards on the market

Managing Your Account Online

Cardholders may enroll in online banking to access their account and to carry out the following:

• Enroll to receive online statements
• Check an account balance
• Pay a credit card bill
• View payment history
• View previous statements
• View recent transactions

Reflex Mastercard App

Manage your account on the go by downloading the mobile app from the App Store or Google Play.

Reflex Mastercard Phone Number

For assistance with an account, cardholders may call 866-449-4514 or write to Reflex Card, P.O. Box 3220, Buffalo, NY 14240-3220.

Other Unsecured Credit Cards We Recommend

Curious about unsecured credit cards worth considering? The Deserve^® PRO Card is a great option that earns 3% back on travel and entertainment and 2% back on dining on your first $500 in purchases each month, plus an unlimited 1% back on all other purchases. Not only does it offer a great rewards structure, but the card also does not charge an annual fee!

Another great option to consider is the Petal^® Visa^® Credit Card. The Petal Visa card is a truly fee-less card as it does not charge an annual fee, late payment fee, returned payment fee, or anything of the sort. As if charging zero fees wasn’t good enough, the Petal Visa card also allows you to earn 1-1.5% in cash-back rewards on every purchase you make, staring at 1% and increasing to 1.25% after 6 months of on-time payments, then 1.5% after 12 months of on-time payments.

Final Thoughts

The Reflex Mastercard can help people get back on track with their credit after troublesome times or establish a credit history when just starting out. The low approval requirements may make this card accessible to those who have been declined from other credit card applications.

Even if you’re planning to pay off your monthly balance, this is an expensive credit card when it comes to its fees. There are alternative credit cards available with cheaper annual fees and no monthly maintenance charge.