The Imagine Gold MasterCard was last reviewed on 23rd September 2009
Brief Description - The Imagine Gold MasterCard from First Bank of Delaware is a sub-prime credit card designed for those with bad credit. Unlike most credit card, this one requires that you set up an automatic payment plan from your checking account.
Mandatory Automatic Payment Plan - The Imagine MasterCard requires cardholders to sign up for automatic payment plan. Two types of plans are available. Firstly, you can choose the EFT (Electronic Funds Transfer Plan) or a RCC (remotely created check) plan. An EFT is a convenient, paperless electronic transfer of funds from your checking account, while a RCC requires you to authorize First Bank to create paper drafts on your behalf to process payments from your checking account.
Fees - As with most sub-prime credit cards, there are higher than normal fees involved. The annual fee for the Imagine Card is $150. Once your card is activated, you will be billed a monthly maintenance fee of $6.50 ($78.00 a year) as long as you carry a balance. If you choose the EFT plan, you need to pay a one-time setup fee of $4.95 and. Choosing the RCC plan requires a one-time setup fee of $4.95.
Rates - The apr is prime rate plus 11.50%, with a minimum rate of 19.50%. The average daily balance method (including new purchase) is used to calculate monthly balance. The grace period given is 25 days.
Credit Limits - New cardholders will be given a credit limit of $300. Because $150 will be immediately deducted from your checking account for payment of your first annual fee, the real initial limit for the first billing cycle is $150. Your credit card payments will be reported to the three major credit bureaus. If you make timely payments, you will be considered for a credit limit increase after six months.
Verdict - The Imagine Card is an incredibly expensive sub-prime card. While most subprime credit cards have high fees, the imagine credit card tips the upper end of the fee scale. The annual fee and total monthly maintenance fee adds up to $228.00 a year! If you are looking for an unsecured credit card, then I would suggest that you consider the Orchard Bank Classic MasterCards. You can also read our review of the Orchard Bank MasterCard here.
 , which has low APR on purchases.
The table below shows how much lower in fees the is.
| Cards |
Annual Fee |
One-time application fees |
APR |
| Orchard Bank MasterCard |
$39 to $79 |
$0 to $39 |
14.90% to 19.90% |
| Imagine Gold MasterCard |
$228 |
$4.95 to $6.50 |
P+11.90% (min 19.90%) |
Positives
low one time setup fee25 days grace periodThose with no credit can apply
NegativeHigh annual fees and monthly maintenance fees
| Annual Fees |
$150.00 |
| Monthly Participating Fees |
$6.50 per month |
| One-time Setup Fees |
$4.95 for EFT
$4.95 for RCC |
| Purchase APR |
P+11.50%, no less than 19.50% |
| Cash Advance APR |
P+17.50, no less than 25.50% |
| Penalty/Default Rate APR |
P+23.50, no less than 31.50% |
| Min Finance Charge |
None |
| Grace Period |
25 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Cash Advance fee |
5%, min $5.00 |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$35.00 |
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