New Millennium Bank Secured Credit Card Review

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… (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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What Is A Secured Credit Card?

Secured credit cards benefit those with bad or non-existent credit histories, and they allow you to put up collateral (usually a cash deposit) in order to get a credit card. For example, handing over a deposit of 0 will give you a 0 credit limit. It’s a good option (or perhaps the only option) for those who don’t yet qualify for a regular credit card.

Click the link above to learn more about secured credit cards.
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Today we look at secured credit cards and how they can help you build your credit score. Asking the question: Which one is right for you?

Capital One Card:
Discover It Card:
Open Sky Card:
TD Bank Card: Apply in branch or over the phone.

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No Annual Charge Secured Bank card- Mystery Revealed

Amongst all introductory credit scores card offers, no annual charge safeguarded charge card is most likely perfect for every person looking for it. As a possible card purchaser, you may be a very first time user or might be changing over from another card- you should always try and grab a card with a special kind of offer matched simply for you.

As an astute customer, you can get a bargain only if you depend on day with the most recent offers being made by issuing companies. Credit history with annual charges forgoed off are not mysterious, from the globe, rocket science stuff. Though this idea is packed with heavy economic lingo, no annual fee credit card deal is rather understandable, value and also of program, use for regional super market or at any type of possible service transaction.

Irregular to any type of other cards, such simple cards offer you a globe of hassle-free methods of negotiating, either via the Web, or in your neighborhood area. Allow us first understand just what a safe card is, as a complete understanding of the idea of protected charge card is vital to demystify different jargon. Such yearly card is more like a pre-paid card, that is, you reach spend only exactly what you have actually transferred.

< br/ > This is a win-win situation for both the company as well as the customer. A no annual cost protected credit report card, just like a typical card, looks like a pre-paid history in its functioning.

Secured cards are provided versus a savings account and also the providing company has the capability to risk claim to such funds in the financial savings account if the card owner defaults in paying his monthly expense. This arrangement makes a virtual danger totally free, to any releasing company as well as is opted by consumers that have not so appropriate credit score costs settlement documents, unstable employment record or are not solvent.

The customer because of being the credit score owner could make use of all the eas used by such card advantages in all business purchases. As discussed earlier- secured cards are favored by customers that have long shots of being provided not secured cards. A line of credit report aids clients develop a great credit settlement history and also obtain various other much better credit line services.

A releasing company levies various kinds of charges on the credit report card user like Annual costs, Transaction fees, Rate of interest charges and so on. As the name recommend annual charges are paid once in a year as well as does not depend on how numerous transactions you do via the charge card.

< br/ > It is a set fee and also is usually paid throughout the application for the card or at the end of the fiscal year. If in all you require to decide for a secured card, you should be choosing such with a great introductory card credit deal. While there are numerous kinds of introductory deals with safe credit scores cards, a no yearly fee secured bank card is most likely the most popular one.

< div class="bio" > A No Yearly Fee Protected Credit score Card is among the organisation parts Joe Maldonado acts as potential guide, ecommerce advisor as well as accredited writer. His emphasis as a top leading authority in credit score is attending to customer safety and security as well as aiding site visitors request Secured Credit report Cards online

Exactly What Do You Suggest By A Secured Credit Card?

Secured bank cards are another preferred strain of bank cards. Secured bank cards, because their title suggests, tend to be guaranteed. Well, they truly are secured for bank card provider, truly. Secured credit cards require you to start a free account with all the charge card supplier and keep maintaining some cash balance because account. This cash balance will act as a security for provider of secured credit card.

Your credit limit is based on the amount you possess inside account you have begun because of the supplier of secured bank card. This can be generally speaking between 50 to 100percent of the account balance. So in that sense, secured credit cards are not actually charge cards (since they do not offer any credit really). Because of this, the secured charge cards are occasionally also referred as debit cards.

Why is the thought of secured credit cards essential?

As we understand, credit debt is a raging problem that is brought on by incorrect use of bank cards. Such men and women wind up spoiling their credit score to an extent in which they cannot get another unsecured bank card (this is certainly that which we call the widely used credit cards). Even with they usually have repaid their dues and cleared their particular financial obligation, their credit score nevertheless haunts them. For such folks, guaranteed charge cards tend to be a boon.

Secured bank cards present these with a way to not only get credit cards originally and to boost their credit rating using the secured credit card in a disciplined method (paying their particular dues in time, controlled spending, utilizing a maximum of 70per cent credit limit etc). While they carry on with these great practices, their credit score slowly improves over a period of time. Thus secured charge cards supply them with the means of rectifying their mistakes (credit rating).

It is not simply the people who have bad credit score whom opt for secured bank cards. Some individuals decide on secured bank cards simply because they do not want to bother themselves using the bills an such like for charge cards. They don’t want to even fill-up applications for unsecured bank cards.

After that you can find just who just dislike to borrow money (whether or not it indicates borrowing from a credit card supplier making use of their credit card). However, such people are really rare to locate.

Some individuals only select secured credit cards since they be aware lots of horrifying stories on personal credit card debt – possibly someone from their loved ones or among their friends had been devastated by personal credit card debt plus they wouldn’t like to repeat the error. So that they choose to try using a secured bank card.

Whatever trigger choosing it, the secured credit cards tend to be surely well-known too.

Uchenna Ani-Okoye is an online marketing advisor and co president of Free Affiliate Programs

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