Review of the Imagine Gold Mastercard



The Imagine Gold Mastercard was last reviewed on 10th July 2006



Brief Description - The Imagine Gold Mastercard from First Bank of Delaware is a sub-prime credit card designed for those with bad credit. Unlike most credit card, this one requires that you set up an automatic payment plan from your checking account.

Mandatory Automatic Payment Plan - The Imagine Gold Mastercard requires cardholders to sign up for automatic payment plan. Two types of plans are availble. Firstly, you can choose the EFT (Electronic Funds Transfer Plan) or a RCC (remotely created check) plan. An EFT is a convenient, paperless electronic transfer of funds from your checking account, while a RCC requires you to authorize First Bank to create paper drafts on your behalf to process payments from your checking account.

Fees - As with most sub-prime credit cards, there are higher than normal fees invloved. The annual fee for the Imagine Card is $150. Once your card is activated, you will be billed a monthly maintanence fee of $6.50 ($78.00 a year) as long as you carry a balance. If you choose the EFT plan, you need to pay a one-time setup fee of $4.95 and. Choosing the RCC plan requires a one-time setup fee of $9.95.

Rates - The apr is prime rate plus 13.25%, with a minimum rate of 19.50%. The average daily balance method (including new purchase) is used to calculate monthly balance. The grace period given is 25 days.

Credit Limits - New cardholders will be given a credit limit of $300. Because $150 will be immediately deducted from your checking account for payment of your first annual fee, the real initial limit for the first billing cycle is $150. Your credit card payments will be reported to the three major credit bureaus. If you make timely payments, you will be considered for a credit limit increase after six months.

Verdict - The Imagine Gold Mastercard credit card will appeal to those with bad credit or even no credit. One of good feature of this card is that it has a very low setup up fees compared to other sub-prime credit cards.

Positives
  • low one time setup fee
  • 25 days grace period
  • Those with no credit can apply


Negative
  • High annual fees and monthly maintanence fees



Imagine Card
Cost/Fees/Interest rates
Annual Fees $150.00
Monthly Participating Fees $6.50 per month
One-time Setup Fees $4.95 for EFT
$9.95 for RCC
Purchase APR P+13.35%, no less than 19.50%
Cash Advance APR P+19.25, no less than 25.50%
Penalty/Default Rate APR P+19.25, no less than 25.50%
Min Finance Charge None
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance fee 5%, min $5.00
Over-the-credit-limit fee $35.00
Late Payment fee $35.00



Apply for the Imagine Credit Card




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