New Millennium Bank Platinum Visa®/MasterCard®

Get Approved for Up To $10,000 in Secured Credit with No Credit Check Free Companion Airfare Membership in TheWorldsBestTravelClub.Com, which Offers Cardholders a $69 Cash Rebate on Their First Condo Booking Guaranteed Issue

Review: The New Millennium Bank Platinum Visa®/MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may be having a difficult time in obtaining a standard unsecured credit card. Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. Perhaps the best benefit is the free companion airline ticket, which is awarded to the cardholder after they have been approved for the card. The card provides cardholders with a free membership to TheWorldsBestTravelClub.com, which offers discounts on a variety of travel services and provides the cardholder with a $69 cash rebate on their first condo booking. Applicants also have the chance to participate in a referral program that rewards cardholders with up to $50 and one free companion airline ticket per approved referral. Although the APR applied to purchases is above average for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. In addition, the rates of return that are applied to the deposit are higher than what most secured cards have to offer. This card also has a no credit check and a no turn-down policy. There is an annual fee of $59, which is slightly above average for a secured card, as well as a one time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®). It is important to note that a major drawback to the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card. Therefore, those who do not mind accumulating finance charges once a transaction is posted, can afford the $300 minimum deposit, and need to establish credit will benefit most from what the New Millennium Bank Platinum Visa®/MasterCard® has to offer.

Date of Review: 2006-04-08 00:00:00

Notes: No credit check or turndowns. Reports to all three major credit bureaus. No employment verifications. The card is not available to residents of Puerto Rico, Guam and Canada. The deposit used to secure the account will be kept in a savings account and interest will be applied in the following amounts: 6% for the first three months, 2% for next nine months, 3% APY for the first year, 2% APY for the second year. **The maximum credit and deposit limits of $10,000 are based on the applicant's approval for both the Visa® and the MasterCard®, otherwise the maximum credit and deposit limits are $5,000 per card. ***Application fee is $99.95 for either a Visa® or MasterCard® account OR $129.95 for both a Visa® and a MasterCard® account. See website for complete terms and conditions of card usage and application disclosure.

Additional Perks: Access to the referral program to earn up to $50 and one free companion airfare per referral. Up to $100,000 in travel accident insurance. Emergency cash replacement. Auto rental insurance. Extended warranty for purchases. Free companion airline ticket upon enrollment. Free membership in www.TheWorldsBestTravelClub.com, which offers cardholders a $69 cash rebate on their first condo booking. See website for additional benefits.