The Bank of Missouri Credit Cards

The Bank of Missouri credit cards

The Bank of Missouri is a community bank with more than 30 branches throughout Missouri and has been in operation for over 100 years.

The bank issues unsecured credit cards to help people with poor to fair credit improve their scores without paying an upfront security deposit.

We will review each of the credit cards issued by the Bank of Missouri below so that you can make an informed decision and choose a card that will help you build credit faster.

Side-by-Side Comparison of The Bank of Missouri Credit Cards

First Access Visa®

The First Access Visa® is an unsecured credit card issued by the Bank of Missouri. It's meant for those with less-than-stellar credit looking to build or rebuild their credit. The card comes with an initial credit limit of $300, and a high APR of 34.99%.

Since the First Access Visa doesn’t require a security deposit, it may be a good choice if you want to improve your credit score but don't have the cash to put down for a secured credit card.

However, there's a price to pay as the card comes with a series of non-refundable fees.

First, you'll be required to pay a $95 one-time program fee for account opening and a $75 annual fee for the first year ($48 thereafter). The annual fee is deducted from your credit limit before you begin using the card, which reduces your available credit.You can get additional cards at an annual fee of $29 per card.

You'll also incur a monthly serving fee of $8.25 or $99 annually (waived the first year) and a 20% credit increase fee if you receive a credit limit increase.

Other fees the First Access Visa carries include:

• $10 or 3% cash advance fee, waived the first year
• $35 Express delivery fee
• Up to $40 fee for late payment and returned payments

If you want to build or rebuild credit but don't have the cash to put down a deposit for a secured credit card, the First Access Visa® may work for you. You qualify for a $300 credit limit without a security deposit, but you need to be aware of the above mentioned predatory fees that come with the card.

Milestone Mastercard®

The Milestone Mastercard® is another unsecured credit card issued by the Bank of Missouri designed for borrowers struggling with a challenging credit history.

It comes with an initial credit limit of $300 with no security deposit required and a regular APR of 35.9%. You'll also face an annual fee of $49, depending on your creditworthiness.

The card doesn't offer rewards or low introductory APR, but for someone looking to fix a less-than-perfect credit history, those shouldn't be the focus.

The Milestone Mastercard® is an unsecured credit card that doesn't require an upfront security deposit. If you’re looking to build a solid credit foundation but don’t have the money to get a secured credit card, this card may be a good fit for.

FIT® Platinum Mastercard®

The FIT® Platinum Mastercard® is designed to help individuals with poor credit build or re-establish their credit profiles. This unsecured credit card available to borrowers across the credit spectrum doesn't require an upfront security deposit and can be used anywhere Mastercard is accepted.

The card has an initial credit limit of $400 and charges a 29.99% APR on purchases and cash advances. The good part is, you have a chance to get your credit limit doubled to $800 within six months of responsible card usage. The card has no minimum interest charge.

However, the FIT® Platinum Mastercard® comes with a slew of non-refundable fees that can increase your card-carrying costs. The highest is the $99 annual fee, followed by the one-time processing fee of $89 and the monthly maintenance fee of $6.25 per month or $75 annually (waived for the first year).

These setup and maintenance fees are charged before you begin using your card, which may significantly reduce your available credit.

Other fees on the card include:

• $30 one-time fee for each authorized user
• 3% foreign transaction fee
• $5 or 5% cash advance fee
• Penalty fees of up to $40 for late or returned payment
• $10.95 fee each time you pay by phone

Though the FIT® Platinum Mastercard® has a high APR of 29.99% and charges a myriad of fees, it offers a higher initial credit limit of $400 you can double in only six months.

If you want to build or rebuild your credit and have faced rejection from other card issuers, you may opt for this card as it does not require an upfront security deposit.

Total Visa® Unsecured

The Total Visa® Unsecured may be a good choice for those who have faced financial challenges in the past and struggle to access credit. The card has an initial credit limit of $300, 35.99% APR on purchases and cash advances, and a minimum interest charge of no less than $1. The card has an annual fee of $164 for the first year, reduced to $48 thereafter.

You can use the card online and in-store where Visa is accepted, and all card activity is reported to all three major credit bureaus.

That said, the card comes with a series of other fees that you need to be aware of. These include a $89 program fee to open your account, a monthly servicing fee of $6.25 per month or $75 annually, a $29 annual fee for each authorized user, and a credit limit increase fee of 20%.

Other fees that you may incur while using the card include a $10 or 3% cash advance fee, a $35 express delivery fee, and penalty fees up to $40 for late or returned payments.

The Total Visa® Unsecured credit card may be a good fit for anyone with a challenging past credit history who doesn't have the cash to pay for a secured credit card. You get a quick pre-approval, and once you qualify, card activity is reported to all three major bureaus.

How to choose the right Bank of Missouri credit card

Credit cards issued by the Bank of Missouri are meant to help you build or rebuild your credit. All the cards in our list report card activity to all three major credit bureaus, which is necessary to help you build credit faster.

Thus, you need to choose a card that has a lower APR and fewer fees as that will help you reduce your interest and card-carrying costs. We recommend the Milestone Mastercard® for its lower APR of 35.9% and zero predatory fees.

How to make the most of the Bank of Missouri credit cards

The Bank of Missouri cards on our list are targeted toward borrowers with less-than-perfect credit scores who want to build or rebuild their credit. These cards come with many expensive fees and high APRs.

To make the most of these credit cards, make sure you pay your balance in full each billing cycle to avoid the high APR and penalty fees. Making only the minimum monthly payments will makeyour debt accumulate quickly, given the sky-high APRs these cards charge.

Also, keep your credit utilization below 30% and avoid failed payments to prevent returned payment fees.

Are The Bank of Missouri credit cards worth it?

As you can see, credit cards issued by The Bank of Missouri come with high APRs and a series of fees, which can increase your costs and reduce your available credit.

But if you have poor or no credit and no cash to get a secured credit card, these cards may be worth it.

You can use these cards to improve your credit score so that you can qualify for a better credit card at favorable terms.