Reflex® Platinum Mastercard® Credit Card Review
Let’s find out the pros and cons of the Reflex® Platinum Mastercard® Credit Card, which helps you go from zero to good credit.
The Reflex® Platinum Mastercard® Credit Card’s main selling point is that it gives people with little or no credit, as well as those with bad credit, an opportunity to build it without a cash deposit. By practicing good financial habits, you can rebuild and improve your credit score, both of which, in turn, can help you qualify for better terms down the line.
While the Reflex® Platinum Mastercard® Credit Card reports to all three major bureaus and can help you go from zero credit to good credit fairly quickly, the real question here — is it right for you? Let’s find out.
Reflex® Platinum Mastercard® Credit Card: pros and cons
|Chance to get a higher credit limit. After just 6 months, you may be able to apply for a credit increase, which is a huge bonus especially considering the fact that limits on cards meant for people with limited or no credit history tend to be on the lower side. Even though the reassessment doesn’t mean you will actually get a credit limit increase, most issuers won’t even agree to review your account after such a short period.
||No rewards. You won’t earn cash back or any other rewards when you pay with the Reflex® Platinum Mastercard® Credit Card.
|All credit scores are welcome to apply. This card caters to people with limited or no credit history, as well as those with bad credit who want to rebuild their credit.
||High Regular APR. Carrying a balance on the Reflex® Platinum Mastercard® Credit Card could sting you badly. It has a very high variable APR ranging from 25.90% to 29.99%.
|Reports to three bureaus. The Reflex® Platinum Mastercard® reports to all three major credit bureaus — Equifax, Experian, and TransUnion. This can help you build your credit if you pay your credit card bills on time, maintain a credit card utilization rate of 30% or lower, and don’t carry a balance.
||High annual fee. Depending on your creditworthiness, you’ll have to pay anywhere between $75 and $99 just to maintain the credit card. While nearly all unsecured credit cards designed for people with no credit history charge an annual fee, some give you a chance to qualify for a lower fee if you are more creditworthy.
|Check if you prequalify without affecting your credit score. People looking to build credit should apply for a new credit card carefully since every new application invariably results in a hard inquiry on their credit report, which will temporarily bring down their credit score. Thankfully, with the Reflex® Platinum Mastercard® Credit Card, you can check your odds of approval before applying.
||Monthly maintenance fee. After your first year as a cardholder, you’ll have to pay a monthly fee ranging from $0 to $10, in addition to the annual fee. That means you could end up paying up to $219 annually from the second year onward just to maintain the card.
|No deposit required. The Reflex® Platinum Mastercard® Credit Card gives you an opportunity to build credit without a deposit.
||Additional card fee. Adding an authorized user to this card could set you back by $30, which is higher than what most credit cards with this feature charge.
|Foreign transaction fee. The Reflex® Platinum Mastercard® charges a 3% fee to every purchase you make while you’re abroad, unless you are eligible for the $300 credit limit. In that case, the foreign transaction fee is dropped for 12 months.
Rewards system in a nutshell
The Reflex® Platinum Mastercard® Credit Card doesn’t offer a rewards program. That means you won’t earn cash back when you pay with this credit card, which is a tad disappointing considering its high cost of ownership. Even 1% cash back on eligible purchases like gas, groceries, and phone services would help offset its high fees.
Who can benefit from getting the Reflex® Platinum Mastercard® Credit Card?
People who have little or no credit history may benefit from the Reflex® Platinum Mastercard® Credit Card. It gives you a chance to build credit fairly quickly by reviewing your profile for a credit limit increase in as little as six months.
Are there any other benefits?
This card comes with a few additional benefits, such as the following:
- $0 fraud liability. You’ll not be held responsible for any unauthorized charges on your Reflex® Platinum Mastercard®.
- Free monthly credit score. You receive a free monthly credit score when you sign-up for e-statements. This, in turn, allows you to see the impact financially-responsible behaviors, like paying the credit card bills by their due date, have on your credit score every month.
- Credit Protection. This is an optional program designed to make it easier to pay credit card bills in the event of a covered event, like job loss, hospitalization, disability, or the death of the cardholder.
- Online account management. You can check due dates, view statements, and make payments by logging into Continental Finance online account management.
- Mobile app. Manage your account on-the-go from any Android or iOS device using the mobile app.
The Reflex® Platinum Mastercard® is geared toward people with bad credit or those with little or no credit history. However, its annual fee and interest rate are higher than the average. Plus, it charges a monthly maintenance fee from second year onward, something which most cards for credit-builders don’t. Unless you qualify for the best terms, this card is not likely to offer you a good bang for your buck.
What is the customer service phone number for Reflex® Platinum Mastercard® Credit Card?
You can get in touch with the Reflex® Platinum Mastercard® customer service at 1-801-363-6500
How to check my application status for Reflex® Platinum Mastercard® Credit Card?
Continental Finance doesn’t offer any way for checking the status of your application. You get an instant approval if the issuer is able to immediately verify your identity and ability to pay. Otherwise, it may take up to 30 days to get an approval.