When
you are approved for the card, there is a $99 setup fee, and a $95 program fee.
In addition, there are two recurring fees with this card: a $48 annual fee and
an $8 monthly participation fee. When you receive the card, the initial credit
limit will be $300, but the available credit with only be $50 due to all of the
fees.
Now, the upside to this card is that you are able to get a $100 credit limit
increase after only 3 months of on-time payments, and by not going over the
available credit limit. However, this relative ease of increasing your credit
limit does have a downside: a credit limit increase fee. Yes, every time that
the credit limit is increased by $100, a $25 fee is imposed. As you can easily
see, this card is very heavy on the fees.
In
order to qualify for this card, you must be at least 18 years old. In addition,
you must have a monthly income of $1,000, have a valid social security number,
and not be a Wisconsin resident. This credit
card is not available in Wisconsin.
Finally,
it should also be noted that this card does come with a higher than average
minimum monthly payment. The Rewards 660 card requires a minimum monthly
payment of 5% of the current balance, or $40.00, whichever is greater. The
reason they require at least a $40 payment per month is that the outstanding
balance is reduced more quickly.
Aspire
The
fees that will be subtracted from your initial credit limit include a $150
annual fee and an account opening fee of $29. In addition, you will also incur
a monthly maintenance fee of $6.50.
One
thing that is different with the Aspire Visa card from other cards is that you
must make a payment before you can activate the card. When you receive the card
and call to activate it, you will be required to make an initial payment of
$20.
Finally,
the interest rate on this card is much the same as other cards targeting those
with credit problems. The initial rate will be around 20%, but can go upwards
of 25% if you default on a payment. In addition, if you use the card for cash
advances, expect an interest rate on the cash to be upwards of 31%!