The Tribute Gold MasterCard is an unsecured card that is issued by the First Bank of Delaware. The card works in largely the same manner as most, in that it can be used to pay for goods and services at outlets that display the MasterCard sign, including online shops. Outlets such as these number several million worldwide. The cardholder is able to pay for items up to the total of their assigned limit.
It is also possible to withdraw cash from an ATM using the card, as long as the bearer has the funds available in their account. It is important to be aware, however, that there is a 5% (minimum $5) cash advance fee for doing this, and the interest rate on cash withdrawals is higher than that for card purchases.
The Tribute Gold MasterCard comes with an initial limit of $300, but due to there being an annual fee of $150, only $150 is accessible to a customer when they first receive their card. There is also a monthly account maintenance fee of $9.95, which totals up to $119.40 over the course of a year. These fees are slightly on the high side, even for a card of its type.
The customer will then receive a monthly bill, detailing their spending over the previous month. They are required to make a full or partial payment of the balance amount, by a set date. If they miss this deadline they will be billed a late payment fee of $35.
The card has an APR (annual percentage rate of interest) of 24.5%, meaning that customer will be charged a relative amount of interest every month on top of their balance. There is however a grace period of 25 days, meaning if you pay your balance off in full before this time period has elapsed, you will not accumulate any interest charges for that particular billing period.
Possibly the best feature is that it reports to all three of the national bureaus. This means that if you manage your finances well and make your monthly payment on time, you will start to see a gradual increase in your score, as well as a periodic increase in your card's limit.
Applications are made online, and a decision is made quickly. Once approval has been granted, providing certain criteria is met with regards to factors such as identity and Social Security Number you can expect to receive the card within two weeks.
It is hard to recommend this card due to the high interest rate and monthly and annual fees. Even if you have a relatively low score, you may still be able to find a different one with more competitive fees and charges elsewhere.
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