Surge Secured Mastercard May Require Less Deposit Than You Think
Card Details
| Annual Fee | $69 |
| Regular APR | 19.99% |
| Cash Advance APR | 19.99% |
| Minimum Payment | $25 or 10% of Balance |
| Late Fee | Up to $40 |
| Additional Card Fee | $30 (one-time) |
| Cash Advance Fee | Greater of $5 or 5% |
| Foreign Transaction Fee | 3% - Waived during first year |
| Starting Credit Limit | $300 |
| Minimum Deposit Required | Up to $300 |
| Cash Back Rewards | 1% on all regular purchases |
Fees
The Surge Secured Credit Card has an annual fee of $69. The regular APR is 19.99%. One interesting feature of the Surge secured credit card is that foreign transaction fees will be waived for the first year. While you cannot have a joint account, you can have an authorized user. This will cost you $30 in a one-time fee.Security Deposit and Credit Limit Increase
The initial credit limit you will get is $300. However, you may not need to deposit the full $300. You may actually be required to deposit less than that. That means that the Surge Secured Mastercard could potentially be a "partially secured credit card " for some of you in that you do not need to deposit the full $300 to get $300 in credit limit. Furthermore, you will be evaluated for a credit limit increase after 6 months. If you are eligible for a credit limit increase, you will not need to add any additional security deposit.Earn 1% Cash Back
the Surge Secured Mastercard allows you to earn 1% cash back on your purchases. This is extremely rare on a secured credit card. The cash back that you have earned are automatically redeemed via statement credit the following month.Free Credit Score with Electronic Statement
If you opt to receive electronic statements rather than snail mail (which you should), you will get access to a free Vantage credit score.Surge Secured Credit Card Compared To Peers
There a few features that we should compare Surge Secured Credit Card. They are the annual fee, potential to be a partially secured credit card, cash back rewards and modern features.
Surge Secured Annual Fee Compared
There many secured credit cards with no annual fee. But these are typically from mainstream banks like Citi Secured Mastercard and Discover secured credit card. However, these cards are only for folks with no credit. If you have bad credit, then you have to get secured credit cards specifically targeting those with bad credit. These include Opensky Secured Credit Card, First Progress, Applied Bank. They all have annual fees ranging from $35 to $49. So $69 for an annual fee from Surge is at the high end.Cash Back Rewards Compared to Other Secured Credit Cards
The Surge Secured Mastercard is one of the rare secured credit cards that has a reward program. There are some mainstream issuers like Discover and Bank of America that have secured credit cards with cash back rewards. But this is very rare. Earning 1% cash back makes the Surge Secured Mastercard stand out.Potentially a Partially Secured Credit Card
The Surge Secured Mastercard will start you off with a $300 credit limit. For many folks, that means that you have to put up a security deposit of $300 to secure your credit limit. However, under their terms and conditions, it states that you may only have to put up a part of $300. For those who do not have to put up the full $300, it effectively becomes a partially secured credit card.Furthermore, your account will be evaluated for a credit limit increase after 6 months. If you do get a credit limit increase, you would not have to put up any additional security deposit.
Surge Secured Mastercard Modern Features Compared
Surge has features that are typically found in prime credit cards or mainstream credit card issuers. For example, they have a mobile app. They also provide a free credit score if you choose to receive electronic statements. You can also set up autopay.What We Like About Surge Secured Mastercard? - Credit Line Increase, 1% Cash Back
- 1% Cash Back - Surge is one of the rare secured credit cards that has cash back rewards. You can earn 1% cash back for every dollar that you spend. To be honest, as a rebuilder, you should not too concerned about the earning cash back. But it is good to know that you earn something from your spending.
- Review for Credit Limit Increase After 6 Months - After six months of on-time payments, your account will be reviewed for a credit limit increase. That means that you might get a credit limit increase without requiring any additional deposit, making this a partially secured credit card.
- May Required Only Partial Security Deposit - While the minimum credit limit is $300, you may not be required to deposit $300. You may only be required to deposit an amount less than $300. In fact, their terms and conditions imply you may not need a security deposit at all.
- Free Credit Score - You can get a free credit score if you sign up for electronic statement.
- Earn 1% Cash Back - Not many secured credit cards have a reward program. But the Surge Secured Mastercard allows you to earn 1% cash back on all your purchases.
- Mobile App - The Surge Secured Mastercard has a mobile app in which you can manage your account. In fact, all Continental Finance credit cards have access to a mobile app.
What We Don't Like About Surge Secured Mastercard - Annual Fee
- High Annual Fee - The $69 annual fee is one the higher end of the range for secured credit cards. However, the cash back program and the review for credit limit increase after 6 months compensates for this.
Surge Secured Mastercard is Good Except for Annual Fee
The other great feature this card has is that after 6 months, your account will be reviewed for a credit limit increase. If you do get a credit limit increase, you may not need to deposit additional security deposit. And if you do have your credit limit increased, then the $69 annual fee will even look more reasonable.
Another great feature about this card is that you get to earn 1% cash back. Though there are secured credit cards (mainly from credit unions) that offer cash back rewards, most subprime secured credit cards do not. And neither do many mainstream issuers. Only Discover and Bank of America has secured credit cards that offer cash back rewards. Other like Capital One and Citi do not have cash back rewards.
The Surge Secured Mastercard also has features that are common in mainstream credit card issuers. For example, they have a mobile app and offers free credit scores to card holders who choose to receive electronic statements.
Secured credit cards are ideal for those with no credit or those of you with really bad credit. If you have no credit, it is best to get a secured credit card from a mainstream issuer like Citi. But if you really have bad credit, then you may be denied even these secured credit cards. That being the case, the Surge Secured Mastercard is a good card for rebuilders with bad credit.
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