The New Millennium Bank secured credit card is a recently introduced credit card targeted at those who want to improve their credit rating, or establish a decent credit rating from scratch. This article looks at the card in more detail, and summarises whether or not it is a recommended credit option for this target area of the market.
New Millennium Bank is a community bank that is located in Somerset and New Brunswick. The company were founded in 1999, and has grown rapidly over the years by offering a range of banking services and credit products. The secured credit card is one of its more recent ventures.
The New Millennium Bank secured credit card works in much the same way as a ‘normal’ unsecured credit card, except for the fact that there is no line of credit being provided. Instead, the cardholder has their credit limit secured by an amount of their own savings. This amount can range from $ 300 to $ 5,000, and depends upon the amount of the security deposit.
Applications for this card are usually made through the New Millennium Bank website, and as the card is secured by the customers own money, no credit check is carried out during application. The main approval requirement is that the consumer meets the terms and conditions of the US Patriot Act, and proves that they are a valid US citizen.
The applicant can state whether they would prefer their card to carry the MasterCard or Visa logo. Whichever one they select, the card can be used at millions of locations worldwide to pay for all types of products and services, as well as for withdrawing cash at around 750,000 ATM’s both at home and abroad.
Like a standard credit card, owners of the New Millennium Bank secured card will receive a monthly statement that lists their spending and requires them to make a payment on or before a set due date. As long as this payment is made the card can be continued to be used in the normal manner.
The main difference with a secured credit card is that if the account holder regularly misses these monthly payments and ends up defaulting on the card, they will have money taken out of their deposit to cover the amounts. For this reason, secured credit cards are by far the best credit card for those that do not want to risk accumulating debt that they cannot afford to pay back.
The New Millennium Bank secured credit card is also recommended for those that want to build (or re-build) their credit score, as it offers regularly reporting to all three of the national credit bureaus in the country. This means that through good credit behaviour it is possible to increase your credit rating, and in time become eligible for better value financial products.
Overall, this card can is a god option for those looking for an alternative to an unsecured credit card, but it is vital that anyone who is interested in applying reads the terms and conditions. As with most credit cards, the New Millennium Bank secured credit card makes a number of fees and charges for various services, and you should be aware of these before applying for the product.
Where You Can Get A Secure Card – click link below… http://www.creditcardbroker.com/member-detail/?tid=5210 (I do get a affiliate commission when you get a card through this link)
Mike explains in detail how to use a secure credit card to raise your credit score. Mike notes the biggest challenge is knowing how the credit bureau’s scores are calculated. Most people have no idea how scores are calculated, thus they do not know what to do to get their scores back in a positive range.
What to do if you have avoided credit the last couple years
This is a good strategy if you had a financial trauma, and your credit scores
have been damaged.
1) Simply, get a secured credit card, better to get two. These are credit cards that credit unions and small banks allow you to open when otherwise you might not be able to open an account.
2) Here’s what you do, put 0 bucks into one of their savings accounts.
3) You ask them if they will issue a credit card using the money in your saving account as collateral.
4) Make sure that they will report it to the credit bureaus. (Don’t forget to ask them this question, it is critical!).
5) Use the credit card for gas or some small expense items that you would otherwise use cash for.
6) Never let your balance go over 0, or 30% of your limit.
7) When the bill comes in, pay it immediately. (Leave a small balance, do not pay off to zero).
By using the card and paying the balance immediately, after 60 days your scores will start to move up.
The longer time you follow this method, the higher your score will go.
We can get you a loan when your score reaches 600, but the real goal is 640 because the
interest rate will be much better.
Feel free to call me if you have any questions about this 7 point plan to get your scores up.
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