The Surge Mastercard is a secured credit card designed for individuals looking to build or rebuild their credit.
It is a product offered by Continental Finance, a company that specializes in providing credit solutions for people with limited or poor credit history.
As a secured card, the Surge Mastercard requires a deposit that acts as your credit limit.
This is common with secured credit cards, which offer a low-risk way for cardholders to demonstrate their ability to manage credit responsibly.
Reasons to Choose the Surge Mastercard
Building or Rebuilding Credit
One of the main reasons people choose the Surge Mastercard is its ability to help users build or rebuild credit.
The card reports to the three major credit bureaus—Equifax, Experian, and TransUnion—so your responsible use of the card will be reflected in your credit report.
If you have a low credit score or no credit history, using the Surge Mastercard regularly and paying on time can help you improve your credit score over time.
No Annual Fee
The Surge Mastercard offers a no annual fee option, making it an affordable choice for individuals who are looking to build or rebuild their credit without incurring additional costs.
Many other secured credit cards charge annual fees, which can add up over time. With the Surge Mastercard, you won’t have to worry about paying a yearly fee just to keep your account open.
Low Initial Deposit
The Surge Mastercard has a relatively low initial deposit requirement, which is beneficial for individuals who may not have a large amount of savings.
The deposit is refundable, and the amount you deposit determines your credit limit. You can start with a deposit as low as $200, and this will serve as your initial credit line.
For those with limited financial resources, this is an accessible entry point to the world of credit cards.
Potential for Upgrade to Unsecured Credit Card
A significant advantage of the Surge Mastercard is the possibility of upgrading to an unsecured credit card after demonstrating responsible usage over time.
Once you’ve built a positive credit history with the secured card, Continental Finance may offer you the opportunity to transition to an unsecured Surge Mastercard, which does not require a deposit and typically comes with better terms.
Access to Credit-Building Tools
The Surge Mastercard comes with a suite of credit-building tools to help cardholders improve their financial situation.
For example, you will have access to your credit score for free, allowing you to track your progress.
Additionally, Continental Finance offers helpful resources and guides for managing your credit and improving your score.
Worldwide Acceptance
The Surge Mastercard is backed by Mastercard, which means it is accepted worldwide.
Whether you’re shopping online or making purchases in person, you’ll be able to use the Surge Mastercard wherever Mastercard is accepted.
This makes it a convenient card to have, especially for individuals who travel frequently or make international purchases.
Negative Factors of the Surge Mastercard
High APR on Purchases
One downside to the Surge Mastercard is its high APR (Annual Percentage Rate).
The APR can be as high as 29.99% (variable), which is typical for secured credit cards but can be a significant cost if you carry a balance.
Paying off your balance in full each month will help you avoid interest charges, but carrying a balance will lead to costly interest charges.
Monthly Maintenance Fee
Unlike many secured credit cards, the Surge Mastercard has a monthly maintenance fee. This fee is typically around $9.99 per month, which can add up to nearly $120 per year.
While the no annual fee is appealing, the monthly maintenance fee can reduce the overall value of the card.
It’s important to consider this fee when evaluating whether the Surge Mastercard is the right option for you.
Foreign Transaction Fees
The Surge Mastercard charges a foreign transaction fee of 3% on purchases made outside of the U.S.
This fee is common with many credit cards, but if you frequently travel abroad or make international purchases, it could add up quickly.
For frequent travelers, it may be worth looking for a credit card that does not charge foreign transaction fees.
What Are the Requirements to Apply for the Surge Mastercard?
Credit Score
The Surge Mastercard is designed for individuals with fair to poor credit, making it accessible to those who may have been denied for unsecured credit cards.
While you don’t need a perfect credit score to qualify, the card is ideal for those with low or no credit history.
Applicants with a poor credit score may still be approved for the card, but they will need to make a deposit to secure their credit line.
Income
You must have a regular source of income to qualify for the Surge Mastercard.
While there is no specific income requirement, you will need to show that you have the ability to make payments on your credit card balance.
During the application process, you may be asked to provide proof of income, such as pay stubs or tax returns.
Age and Residency
You must be at least 18 years old (or 19 in some states) to apply for the Surge Mastercard.
Additionally, you must be a U.S. resident or U.S. citizen to qualify. If you do not meet these criteria, you will not be eligible for the card.
Social Security Number
A Social Security Number (SSN) is required for the application process. If you don’t have an SSN, you may not be able to apply for the card.
Deposit
Since the Surge Mastercard is a secured card, you must make a deposit to establish your credit line.
The minimum deposit is typically $200, though you can deposit more if you wish to increase your credit limit.
The deposit amount will directly determine your available credit limit, and it is refundable if you close the account in good standing.
Fees and Costs
- Annual Fee: $0
- Monthly Maintenance Fee: $9.99
- APR on Purchases: 29.99% (Variable)
- APR on Cash Advances: 29.99% (Variable)
- Cash Advance Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3%
- Late Payment Fee: Up to $38
- Returned Payment Fee: Up to $38
- Minimum Deposit: $200
Frequently Asked Questions about the Surge Mastercard
What is the minimum deposit required to get the Surge Mastercard?
The minimum deposit required to open a Surge Mastercard is typically $200, though you can deposit more if you wish to increase your credit limit.
Can I upgrade to an unsecured card later?
Yes, after demonstrating responsible usage of the Surge Mastercard, you may be eligible for an upgrade to an unsecured Surge Mastercard. This is a great way to transition to a product with better terms and no security deposit required.
What happens if I miss a payment?
If you miss a payment, you may be charged a late payment fee of up to $38. Additionally, missing payments can negatively impact your credit score, so it’s important to make payments on time.
Is the Surge Mastercard accepted worldwide?
Yes, the Surge Mastercard is accepted anywhere Mastercard is accepted, making it a great option for both domestic and international purchases.
Are there any rewards associated with the Surge Mastercard?
No, the Surge Mastercard does not offer a rewards program, so you won’t earn cashback or points for your purchases.
Conclusion
The Surge Mastercard is an excellent option for individuals looking to build or rebuild their credit.
With its low initial deposit requirement, no annual fee, and the potential for upgrading to an unsecured card, it offers a straightforward way to improve your credit over time.
However, the monthly maintenance fee, high APR, and foreign transaction fees are important factors to consider before applying.
