The commercially developed world is introducing various methods to be a financially stable person. Considering it, the surge credit card play an important role. Absolutely there are so many advantages, which we can’t even imagine. Therefore this credit card go for a demanded level in the society.
However, there are some cons too. But despite all the disadvantages of surge credit cards still it is trending among business people. Now let’s have a look at the pros and cons of this surge credit card.
Advantages of Surge credit cards
Actually you no need to worry about the money that you currently have. You may have to create your credit with a secured card even though you have no credit or bad credit. This requires a security deposit. In need, you can partially qualify for an unsecured credit card with a lines of $300 to $1000. Apart from that credit bureaus’ offerings will give you a wonderful experience.
There are three major credit bureaus called Experian, Equifax, and TransUnion. Above three bureaus collect all information about your regularly payments. This continues on monthly basis. The interesting thing is if you regularly make all the payments at a particular time (within the given period) using the Surge credit card, it automatically cause to increase your value of the credit score. Taking every possible effort to keep a good credit score can help to get more offers from this type of Credit cards.
Maintain a credit score
This procedure happens through credit card issuers. They report your on-time payment to the major credit bureaus. Just make sure that they will report your payment activity before applying for a Surge Credit card. What are the disadvantages that we get with this surge credit card? Well, although there are two major pros; potential unsecured card access and monthly reporting to three major credit bureaus there are few cons too.
But in the true sense of the word, it’s not a big issue. When we focus on the cons, we can see the fee/ external charges which this surge credit card is asking. There are high fees, additional card fees, annual fee, monthly maintenance fee, foreign transaction fee, returned payment fees, and late payment fees. Therefore take every possible efforts to maintain a good credit score.
Cons of using Surge credit card
As we know this credit card is available for company customers with less-than-perfect credit, it charges very high fees. As an example; the annual Fee charge will be $ 75- $ 99. The monthly Maintenance Fee is fee $ 120. After you add a user to the Surge credit card account, you will have to pay an additional Card Fee:$ 30. Apart from that, the foreign transaction fee will be 3% of each transaction.
If you miss a payment and you’ll be charged a late payment fee up to $40. But if a payment is returned, $40 will be charged as returned payment fee. All people are looking for a less expensive credit card.
This Surge credit Card is the best for people who are hoping for unsecured card access. As I have mentioned before one of the three major credit bureaus is required 37% of Americans have a FICO score. This can see from excessive poor to fair range.
This means their scores are between 300 and 669. But the thing is this score down into those scores, you might fight to get the approval for a credit card. Secured cards often require security deposits of $100. You can qualify for this surge credit card without a security deposit. In addition to that it specially gives you access to an unsecured line of credit.
The special benefits
Not like a secured card’s security deposit, the fees that I have mentioned earlier aren’t refundable. Therefore this Surge credit card is a suitable option for consumers who are willing to use it as a short-term credit-building method. The interesting thing is this surge credit card offers a valuable amount of weighting to features in this area.
There are some unbelievable benefits such as Zero liability on unauthorized fees, reporting to the three main credit bureaus every month, and online account access. The issuer of the Surge credit card is Celtic Bank. As we all know the owner is Celtic bank is Continental Finance. Most importantly this Celtic bank specializes in issuing credit cards for people who have less-than-perfect credit.
Apart from that this Credit card benefits spread over the range of offerings such as concierge service, auto rental coverage, travel accident insurance, and lost luggage assistance. Solid Security / Customer Service Security and customer service features such as lost or stolen card replacement, being able to lock one’s card from an issuer app and all-time customer service are there. It is demanding too.
Speciality of Surge credit cards
To put down a refundable security fee The security deposit can apply to candidates who unable to qualify for the Surge credit card. If you feel that you need to refresh your knowledge about credit cards, then just go through My Best Buy Credit Card-All you Need to Know. The special thing is they don’t ask for a security deposit. This amount depends on the value of the credit.
The major important thing about this Surge credit card is that it’s an unsecured option for people with poor credit. If you don’t qualify for this card without a security deposit, that drawback negates its value. In this case, consider checking out the Milestone Gold card instead. Somehow, by maintaining a good credit score, you will be able to get the full value of this credit card.