New Millennium Bank Secured Platinum Visa® or MasterCard®
Overall Rating |
Benefit Rating |
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- 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 Credit Amount Equals the Deposit
- Complimentary Online Services for Account Management and Payments
- Be Approved Regardless of Income or Credit History
- Reports to the 3 Major Credit Bureaus
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APR |
Annual Fees |
Credit Type |
19.50% |
$59 |
Fair (650-700 FICO credit score)
Bad (600-650 FICO credit score)
Very Bad (300-600 FICO credit score)
No credit |
The New Millennium Bank Secured 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, the New Millennium Bank Secured Platinum Visa/Mastercard 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 New Millennium Bank Secured Platinum Visa/Mastercard 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 per approved referral.
Although the APR applied to purchases is above average for a secured card, the New Millennium Bank Secured Platinum Visa/Mastercard does apply interest to the deposit amount required to secure the account, which is a nice benefit. 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 New Millennium Bank Secured Platinum Visa/Mastercard 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 and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Platinum Visa/Mastercard has to offer.
Review Date: 11/20/2007
New Millennium Bank Secured Platinum Visa/Mastercard
Most Attractive Feature(s): No credit check for new applicants; guaranteed approval; free companion ticket upon enrollment; travel-related benefits.
Least Attractive Feature(s): No grace period; annual fee.
Additional Perks
Access to the referral program to earn up to $50 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.
Important Notations
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 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.
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