The Total Visa Unsecured Credit Card is designed for people with bad or no credit who really want an unsecured credit card to improve their credit score, and are willing to pay for the privilege. The main advantage of this card is that it accepts practically anyone with the cash to pay its inflated fees. The card is issued by the Mid America Bank, a small bank based in Janesville, Wisconsin with 25 employees and $87.6 million in assets (2015).
- The Total Visa Unsecured Credit Card has a 29.99% APR on purchases and cash advances. These rates are high even for a card designed for people with bad credit, particularly when you consider the initial credit limit is only $300.
- The Total Visa Unsecured Credit Card has a one-time $89 processing fee and an annual fee of $75 for the first year. After that, the annual fee drops to $48 a year but a monthly servicing fee of $6.25 a month kicks in, which raises the annual cost of the card to $123 a year. This includes the cost of opening an account with Mid America Bank, which is a requirement to qualify for the credit card.
There is also a 5% cash advance fee (minimum of $5) and a $37 fee on late and returned payments. The card cannot be used at gas pumps, for gambling transactions or for purchases outside of the United States. On the bright side, this means there aren't foreign transaction fees to worry about either.
The Total Visa Unsecured Credit Card doesn't have a rewards program. The only purpose of this card is to give people with compromised credit access to an unsecured credit card.
Total Visa Unsecured Credit Card does not have a signup bonus.
The Total Visa Unsecured Credit Card offers people with compromised credit access to a genuine Visa credit card, manageable monthly payments, and a fast and simple application process. It also guarantees to report the financial activity of members to all three credit bureaus, which can help improve their credit score..
Total Visa Unsecured Credit Card is an option for people who need to repair their credit and want the convenience of a regular, unsecured credit card. The fees and interest rates charged by this card are among the highest in its category, but it does have the advantage of extremely lax eligibility requirements and it guarantees it will report your payments to Equifax, Experian and TransUnion. This card is an alternative to secured credit cards, which require cardholders to make a security deposit to open a line of credit. However, the initial of line of credit of this card is $300 and the first year fees amount to $164, which means members must pay $164 for a $300 line of credit and, unlike security deposits, these fees are not reimbursable.
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