For many consumers, debt is a four-letter word and credit cards with erratic APR rates can take most of the blame for that fact. That's why so many credit card holders are trading in their high-interest cards for credit cards with a lower fixed rate. New Millennium Platinum Visa/MasterCard is one of the credit cards we researched. The results of our review are detailed below.About the New Millennium Bank Platinum Visa/MasterCard
New Millennium Bank Platinum Visa/MasterCard is a secured platinum card geared towards individuals with imperfect credit. By placing a security deposit into a Federally-insured savings account, holders of the New Millennium Bank Platinum Visa/MasterCard enjoy a revolving line of credit, up to $100,000 in travel accident insurance, auto rental insurance and extended warranties on qualifying purchases made with the card.
Website Navigation:
The website for the New Millennium Bank Platinum Visa/MasterCard was both attractive and easy to navigate. The application is displayed right on the homepage of the website and the terms and conditions were clearly explained and easy to find.
Star Reviews' Favorite Feature:
Secured cards don't usually offer extended warranties on products purchased with the card, making this card an exception to the rule.
New Millennium Bank Platinum Visa/MasterCard Features:
- Earn $50 for each card holder you refer.
- $100,000 in travel accident insurance.
- Auto rental insurance.
- Extended warranty for purchases.
- Free companion airline ticket upon enrollment.
- Free membership in www.TheWorldsBestTravelClub.com, which offers a $69 cash rebate when you make your first condo booking.
- No credit check or turn downs.
- Reports to all three major credit bureaus.
- No employment verifications.
Introductory Offers:
The New Millennium Platinum Visa/MasterCard does not offer any introductory specials.
Standard Terms:
- 19.5 percent interest rate.
- $59 annual fee.
- Additional cardholders are $12.95 each.
- No grace period.
- $300 minimum credit line, $5,000 maximum credit line (determined by amount of deposit).
- $20 late payment fee.
- $20 over-the-limit fee.
- 2-percent cash advance fee with a minimum of $1 and a maximum of $20.
- $99.95 application fee.
Customer Support:
Customer support is available via an online support form and via phone. When we called New Millennium Bank, our call was answered within five minutes and the rep we spoke with was very helpful and answered our questions thoroughly. Our email inquiry was answered within three days and while it was lengthy, much of the information in the email we received did not apply to the question we had asked.
Upside:
No credit checks, no income verification, member perks.
Downside:
High fees – No introductory offers.