Rewards 660 Visa Credit Card - Another Card Targeting The Sub-Prime Segment
Review of Rewards 660 Visa®
Card Features - The Rewards 660 Visa Card is designed for those with poor or no credit and has minimal criteria for approval. An initial payment of $40 is required before you can use it. You also need proof a gross monthly of $1,000 and above to qualify. You are eligible for a $75 credit limit increase once every 3 months. The maximum credit limit is $2,000.
Cost and Fees - As with most cards targeted at the sub-prime market, there are higher than normal costs involved. There is a one-time account set-up fee of $97.00 and one-time program fee of $90.00. The annual fee is $48.00 and the participation fee is $15.00 per month, which works up to $180.00 per year. Your starting credit limit will be $300.00 and the following fees will be billed to your first month's statement: Annual Fee of $48.00, one-time Account Set-Up Fee of $97.00, one-time Program Fee of $90.00, and monthly Participation Fee of $15.00. You will have $50.00 of credit after these charges at card issuance. You must make an initial payment of $40.00 before you can activate and use your Account. After your payment has cleared and posted to your Account, your available credit will be $90.00.
APR - The APR is a fixed rate of 19.92%. The Rewards 660 Visa® uses the average daily balance method (including new purchases) to compute your monthly balance. The grace period is 25 days. The monthly periodic rate is applied to the average daily balance to compute your finance charges rather than the daily periodic rate used by most credit cards. (which means that your true effective APR is lower than another card with identical APR using a daily periodic rate).
Summary - The Rewards 660 Visa Card will appeal to those with poor or no credit. One of the favorable points of this credit card is the fact that they use a monthly periodic rate rather than a daily periodic rate to calculate to finance charges. The other is that the grace period is 25 days.
Update - Rewards 660 is no longer available and the card is no longer in the market. As an alternative, we suggest that you consider the Orchard Bank MasterCard instead as it is a better card with lower fees.
- Uses month periodic rate rather than a daily periodic rate - this results in a lower effective interest rate compared to an identical APR card using the daily periodic rate.
- 25 grace period
- High set-up and program fees
- Monthly maintenance fees are slightly higher than peers
Rewards 660 Visa® Unsecured Credit Card - Key Points
Initial payment of $40 required before account can be used
* Proof of minimum $1,000 gross monthly income required to be approved
* $300 Starting Credit Limit
* No Fee Credit Limit Increases
* $75 Increments
* As Often as Every 3 Months
* Automatically Granted Upon Qualification
* Maximum $2,000 Credit Limit after Increases
* Fast Online Response
* Monthly Reporting to Major Credit Bureaus (TransUnion & Equifax)
* Free Online Account Access
* Free Online Payments
|Rewards 660 Visa|
|Credit Limits||Up to $2,000|
|Annual Participation Fees||$180.00 - billed at $15.00 a month|
|One-time Account Setup Fee||$97.00|
|One-time Program Fees||$90.00|
|Purchase APR||19.92% Fixed|
|Cash Advance APR||19.92% Fixed|
|Min Finance Charge||No minimum finance charge|
|Grace Period||25 days|
|Balance Calculation Method||Average Daily Balance (including new purchases)|
|Cash Advance fee||$5.00|
|Late Payment fee||$39.00|