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Surge Secured Mastercard®
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By : Mr Credit Card

Surge Secured Mastercard May Require Less Deposit Than You Think

The Surge Secured Mastercard from Continental Finance is issued by Celtic Bank. It is a rare secured credit card with cash back rewards and you can earn 1% cash back on all regular purchases. Your starting credit limit is $300 but some of you may not have to put down the full $300 as a security deposit. This makes it potentially a partial secured credit card. What is even better is that you will be evaluated for a credit line increase after 6 months. You will also get a free credit score monthly if you sign up for e-statements. The card also has a slick mobile app where you can manage your accounts. This secured credit card is ideal for rebuilders with bad credit who want a secured credit card that can potentially increase their credit limits.


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

Card Annual Fee APR Starting Limit Minimum Security Deposit Rewards Surge Secured$6919.99%$300$300 or less1% Cash Back Opensky Secured$3517.39%$200$200 to $3,000N.A. Capital One Secured$026.49%$200$49, $99 or $200N.A. Discover it Secured$022.99%$200-$2,5002% on gas stations and restaurants

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

Aside from the $69 annual fee (which is on the higher end of the secured credit card spectrum), the Surge Secured Mastercard is actually a pretty good secured credit card. I like the fact that you may be required to deposit less than the starting credit limit of $300. This means that this card may turn out to be a partially secured credit card rather than a fully secured credit card. The only other partially secured credit card we know off today is Capital One (which has no rewards).

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.


Online Application Form

Below are screen shots of the Surge Secured Mastercard application page. It is a very simple online application form that will take just a couple of minutes to fill in. Once you submite the application, you should know the results almost immediately.

surge secured application surge secured application surge secured application surge secured application surge secured application surge secured application surge secured application surge secured application surge secured application


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Customer Service Information

Phone

Automated Account Information

1-866-449-4514
(Available 24 hours a day/7 days a week)

Customer Service

1-866-449-4514
(Customer Care Specialists are available 7 a.m.–10 p.m. Mon–Fri, 9 a.m.–4 p.m. Sat/EASTERN TIMES)

Payments

1-800-518-6142
(7 a.m.–10 p.m. Mon–Fri, 8 a.m.–4 p.m. Sat/EASTERN TIMES)

Mail

Inquiries Continental Finance Company LLC
P.O. Box 3220
Buffalo, NY 14240-3220