Redwood Capital Bank Consumer Low Rate Mastercard®

Redwood Capital Bank Consumer Low Rate Mastercard® Review

This is a card issued by Redwood Capital Bank. If you're wondering whether Redwood Capital Bank Consumer Low Rate Mastercard® is the right card for you, read on.

Key Takeaways

• No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. Redwood Capital Bank Consumer Low Rate Mastercard® charges a fee of 3% on balance transfers, if you transfer the balance within 180 days of opening the account. For example, a balance of $1,000 could cost $30 in transfer fees. The minimum fee is $10.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 2% every time you make a transaction outside the U.S.
• Accepts cosigners. Redwood Capital Bank is one of the few credit card issuers that allows applicants to include a cosigner. Adding a cosigner can really improve your approval chances if your credit is not great.

Pros & Cons of Redwood Capital Bank Consumer Low Rate Mastercard®

Redwood Capital Bank Consumer Low Rate Mastercard® FAQ

Does Redwood Capital Bank Consumer Low Rate Mastercard® have a cash back or rewards program?

No, it does not offer a rewards program.

What are the relevant APRs for Redwood Capital Bank Consumer Low Rate Mastercard®?

Redwood Capital Bank Consumer Low Rate Mastercard® has a variable purchase APR starting at 10.49% . The card has a variable balance transfer APR starting at 10.49% . It also has a variable cash advance APR starting at 10.49% . Note that late payments are subject to an APR of 19.24% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for Redwood Capital Bank Consumer Low Rate Mastercard®?

The following fees apply:

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does Redwood Capital Bank Consumer Low Rate Mastercard® report your account activity to credit bureaus?

Yes, Redwood Capital Bank Consumer Low Rate Mastercard® reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Redwood Capital Bank Consumer Low Rate Mastercard®

• Visit the Redwood Capital Bank Consumer Low Rate Mastercard® website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.