Review of Rewards 660 Visa



The Rewards 660 Visa was last reviewed on : 21st April 2005

Card Features - The Rewards 660 Visa is designed for those with poor or no credit and has minimal criteria for approval. You need a gross monthly of $1,000 and above to qualify. You are eligible for a $100 credit limit increase once every 90 days in you make timely payments of at least $40.00. However, each $100 credit increase will incur a $25.00 fee. You can choose to opt out of this "regular credit increase scheme". The maximum credit limit is $2,000.

Cost and Fees - As with most cards targeted at the the sub-prime market, there are higher than normal cost involved. The annual fee is $48.00. There is a one-time set-up fee of $99.00 and a one-time program fee of $95.00. The monthly participation fee is $8.00 a month, which works up to $96.00 a year. You will get an initial credit of $300. But since the upfront fee will be $250.00 (annual fee, set-up fee, program fee and monthly participation fee), your initial credit limit is actually $50.00 when you get your card. Your total annual fees from the second year onwards will be $144.00 (annual fee plus monthly participation fees).

APR - The apr is a fixed rate of 19.92%. The Rewards 660 Visa® uses the average daily balance method (including new purchases) to compute your monthly balance. The grace period is 25 days. The monthly periodic rate is applied to the average daily balance to compute your finance charges rather than the daily periodic rate used by most credit cards. (which means that your true effective apr is lower than another card with identical apr using a daily periodic rate).

Summary - The Rewards 660 Visa® Card will appeal to those with poor or no credit. One of the favourable points of this credit card is the fact that they use a monthly periodic rate rather than a daily periodic rate to calculate to finance charges. The other is that the grace period is 25 days.



Positives
  • Uses month periodic rate rather than a daily periodic rate - this results in a lower effective interest rate compared to an identical apr card using the daily periodic rate.
  • 25 grace period


Negatives
  • High set-up and program fees
  • Monthly maintanece fees are slightly higher than peers


Rewards 660 Visa
Credit Limits Up to $2,000
Card Benefits
Cost/Fees/Interest rates
Annual Fees $48.00
Annual Participation Fees $96.00 - billed at $8.00 a month
One-time Account Setup Fee $99.00
One-time Program Fees $95.00
First Year Fees $242.00
Purchase APR 19.92% Fixed
Cash Advance APR 19.92% Fixed
Min Finance Charge No minimum finance charge
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance fee Greater of 3% or $5.00
Credit Increase fee $25.00
Over-the-credit-limit fee $29.00
Late Payment fee $29.00


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