FIT™ Platinum Mastercard®

The FIT™ Platinum Mastercard® is issued by The Bank of Missouri and serviced by Continental Finance Company. It is marketed to consumers with less-than-perfect credit and is an unsecured credit card, meaning it does not require a refundable security deposit. The issuer and servicer report account activity monthly to TransUnion, Experian, and Equifax. Responsible use may contribute to a consumer's credit history, but opening the card or making payments does not guarantee a particular credit score improvement. The current official sample cardholder agreements list a 35.90% fixed APR for purchases. The same rate applies to cash advances. The payment due date is at least 25 days after the close of each billing cycle, and purchase interest can generally be avoided by paying the entire applicable account balance by the payment due date under the agreement terms. Because the APR is high, carrying a balance can result in substantial interest costs. The fee structure is a major consideration. The current official disclosure lists a $95 one-time processing fee. Approved applicants must pay this processing fee before activating the account and accessing available credit. The annual fee is $99 for the first year and $125 for each subsequent year. In addition, the monthly maintenance fee is $0 during the first year and $12.50 per month thereafter, equivalent to $150 per year. These ongoing charges make the card relatively expensive after the introductory first year. The official product information currently describes an initial credit limit of $400. The disclosure explains that setup and maintenance charges assessed to the account can reduce initially available credit. Credit limits and account approval remain subject to the issuer's underwriting criteria and should not be treated as guaranteed solely from general product information. Cash advances are not permitted during the first 95 days after account opening. The cash advance transaction fee is $0 during the first year and then becomes the greater of $10 or 3% of the amount of each cash advance. The foreign transaction fee is also $0 for the first year and then becomes 3% of applicable transactions in U.S. dollars. Late payment and returned payment fees can reach $41 under the current agreement, and some account versions may also impose an overlimit fee when the applicable overlimit feature has been elected. The FIT Mastercard focuses on access to credit and credit reporting rather than rewards. No general cash back, points, or miles program was confirmed for the standard product reviewed. Mastercard Zero Liability Protection is available subject to Mastercard guidelines, and Continental Finance provides online and mobile account-management tools. The FIT Mastercard may be relevant to consumers who have difficulty qualifying for lower-cost unsecured credit cards. However, the combination of the processing fee, annual fee, second-year monthly maintenance fee, and 35.90% APR means applicants should compare the total cost with secured and unsecured credit-building alternatives before applying.