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Review of Rewards 660 Visa®
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The Rewards 660 Visa® was last reviewed on : 13th May 2008
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 the sub-prime market, there are higher than normal cost involved. The annual fee is $48.00. There is a one-time set-up fee of $97.00 and a one-time program fee of $95.00. The monthly participation fee is $10.00 a month, which works up to $120.00 a year. You will get an initial credit of $300. But since the upfront fee will be $250.00 (annual fee, set-up fee, program fee and monthly participation fee), your initial credit limit is actually $50.00 when you get your card.
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.
Positives
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
Negatives
High set-up and program feesMonthly 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 |
| Card Benefits |
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| Cost/Fees/Interest
rates |
| Annual Fees |
$48.00 |
| Annual Participation Fees |
$120.00 - billed at $10.00 a month |
| One-time Account Setup Fee |
$97.00 |
| One-time Program Fees |
$95.00 |
| 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 |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$35.00 |
Apply for the Rewards 660 Visa® Card.
Read our cardholders' review of the rewards 660 Visa®
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