Possible Finance Card has two versions. One has a $400 credit limit and the other has a $800 credit limit. The $400 credit limit version has a $8 monthly fee while the $800 credit limit version has a $16 monthly fee. The Possible Finance Card allows you to either pay in full or in 4 installmens (with autopay activated). The APR is 0% and there is no late payment fee.
The Possible Finance Mastercard is ideal for rebuilders looking for an unsecured credit card with no credit checks with a fixed payment plan that will prevent cardholders from getting into more debt.
Card Details
Credit Limit | $400 or $800 |
Monthly Membership Fee | $400 Version - $8/month $800 Version - $16/month |
APR | 0% |
Payment Terms | Pay in Full or Pay over 4 equal installments (requires autopay enrollment) |
Late Payment Fees | None |
Bank Issuer | Coastal Community Bank |
Serviced by | Possible Finance |
States Available | AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY |
2 Versions - $400 and $800 Credit Limit versions
Possible Finance has two versions based on credit limits. They are the $400 credit limit version and the $800 credit limit version. The $400 version has a monthly membership fee of $8, which works out to $96 a year. The $800 version has a $16 monthly membership fee, which works out to $192 a year. The credit limits for both versions are fixed and you will not get any further credit line increases.Works Like A Short Term Loan
The Possible Finance Mastercard is a credit card that actually works like a short term loan. While most credit cards allow you to pay the minimum balance for as long as you want, the Possible Finance card requires you to pay off the balance either in full or in 4 equal installment payments. If you choose to to pay over 4 payments, then it essentially resembles a 4 month loan.Possible Finance Charges No Interest or Late Payment Fees
Possible Finance does not charge any interest rate at all. That means that it has a 0% APR. Possible Finance does not charge any late fees if you have a late payment before your due date.Pay in Full or Over 4 Equal Installments
Cardholders can choose to pay in full or over 4 equal installments. If you choose to pay over 4 payments, you will need to enroll in autopay. This is different from regular credit cards, which allow you to pay just the minimum balance. In contrast, Possible Finance requires you to pay back your balance over just 4 payment cycles. This more resembles a short term loan and this is helpful in making sure you do not get into additional debt.Analysis - Total Fee to Credit Limit Ratio
Card | Monthly Fee | Credit Limit | Total Fee to Credit Limit Ratio |
---|---|---|---|
Possible Finance $400 | $8/month | $400 | $(8 X 12)/$400 = 24% |
Possible Finance $800 | $16/month | $800 | $(16 X 12)/$800 = 24% |
As you can see from the table above, the Total Fee to Credit Limit (TFCL) ratio for both the $400 and $800 credit limit of the Possible Finance Card is 24%. I would say that this is quite typical for credit cards targeting those with bad credit though we have seen ratios as low as 10%. But there are cards with TFCL ratios ranging from 30% to 45% as well.
The best way to interpret this data is that you will be paying 24% of your credit limit in fees every year.
Competition: Cards Like Possible Finance
The Upgrade Select Visa is targeted at those with bad credit sccores (mid 500s) and has an annual fee of $39. This is lower than the fees in both the Possible $400 and $800 versions. The credit limits of the Upgrade Select Visa ranges from $500 to $2,000. Rather than paying over 4 installment payments, the Upgrade Select Visa has a term of 3 years for every purchase you make on the card.
While the Possible Finance Card does not perform any FICO score checks and you will almost be certain to be approved, the Upgrade Card does perform a hard inquiry and yoy may be denied.
At this moment, the Possible Finance Card does not report to any credit bureaus though they are working on it. In contrast, the Upgrade Select Visa does report to all three credit bureaus as an installment loan.
Despite these differences, the fact that Possible Finance requires you to pay off each purchase over 4 payments versus up to three years for Upgrade means that Possible is more appropriate for those who want a shorter payoff period or emergency use. Upgrade is more suited for purchases that are better suited to be paid off over a 3 year period.
Benefits We Like
- No Interest Rates - The Possible Finance Card charges no interest rates for your purchases even if you pay it over 4 installment payments.
- No Credit Checks - We also like the fact that Possible Finance does not perform any credit checks, making approval really easy.
What You Have to Be Aware Of
- Does not report to credit bureaus at the moment - Possible Finance Mastercard does not report to credit bureaus at this moment though they are working on it with the credit agencies.
- Charges Monthly Fee - Possible Finance charges a monthly fee. Having said that, fees are not unusual for credit cards for people with bad credi and the fact that they do not check your credit justifies it.
- Requires autopay enrollment to pay over 4 installments - If you would like to pay for a purchase over time, you would have to enroll in autopay. I am sure this is not an issue for most people but you should be aware of this.
- Cannot apply if you are have a Possible Finance Loan - If you presently have an existing Possible Finance loan, you cannot apply for this credit card. You can only do so after you have paid off your Possible Loan.
Our Take: A Unique No Credit Check Unsecured Credit Card
Possible Finance also does not charge any interest if you choose to pay over time. This is a very rare thing among credit cards. However, Possible Finance does have a monthly fee.
The one thing that you have to be aware of is that at this moment, the Possible Finance Card does not report to any credit bureaus though they are working on this issue. You also cannot apply for the Possible Finance Card is you have an existing Possible Finance Loan.
To sum up, based on our evaluation and review of the Possible Finance Mastercard, we give it a 3.7 star out of 5 for it's no credit check, no interest if you pay over time and it's ease of getting approved. The lack of credit bureau reporting prevents us from giving it a higher rating. Once the Possible Finance Card starts to report to credit bureaus, then we will upgrade our rating to at least a 4 star out of 5. Because they do not report to credit bureaus at the moment, we suggest you get the Possible Finance Loan instead because the loan reports to credit bureaus and will help to rebuild your credit score.