The New Millennium Bank Secured Gold card is a stepping stone toward good credit. When used responsibly, it can be a sound investment in a cardholder’s financial future. There is no credit check and approval is guaranteed. Using the New Millennium Secured Gold Card for purchases allows a cardholder with bad or non-existent credit to develop the habits necessary for a much improved credit score.
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New Millennium Bank is a community bank in New Jersey that has expanded its offerings to help build the credit of cardholders across the country. It has an A- rating from the Better Business Bureau.
Read through this New Millennium Bank Secured Gold credit card review to determine if this is the right credit card for you and then click on the New Millennium Bank Secured Gold Card application button above or use our free tool to compare credit cards from many different places.
No Credit Check
A credit check is not necessary for the New Millennium Bank Secured Gold card because all purchases made with the card are guaranteed by the cardholder. The credit limit, which can be anything from $300 to $5000 per card, is determined by the amount of money the cardholder puts into the savings account attached to the card. To lay claim to the full $5,000 credit limit, one must put $5,000 in his or her bank account. This is the most important distinction between secured credit cards and unsecured credit cards, and one with which consumers should be familiar before applying for any secured card.
Reports to all 3 Major Credit Bureaus
A secured credit card is completely useless when it comes to building credit if the issuer does not make regular reports to at least one of the major credit bureaus. The New Millennium Secured Gold card goes above and beyond by reporting to ALL THREE of the big credit bureaus—Equifax, Experian and TransUnion. It also gives consumers the opportunity to build credit 100% faster by applying for both the Visa and MasterCard versions of the card. Being in possession of both cards at the same time means that two cards will be reported to the credit bureaus instead of just one, thereby propelling cardholders into the realms of good credit at a much faster rate.
Benefits of the New Millennium Secured Gold Card
The New Millennium Secured Gold Visa and MasterCard offer auto rental insurance as well as $100,000 of travel accident insurance on trips and services paid for with your card. Once a cardholder has achieved his or her goal of good credit, many new opportunities for rewards and perks will become available.
Setting up a New Millennium Secured Gold Credit Card Account
The New Millennium Secured Gold Visa and MasterCard come with an annual fee of $69 each or $99.95 for both. The application processing fee is $99.95 (or $129.95 if you apply for the Visa and Mastercard versions at the same time). The interest rate is 19.5%, as is the cash advance rate. The cash advance fee is 2%. The late fee maxes out at $20.
As with any credit card, it is crucial to avoid late fees. The amount of money spent on late fees and interest can add up quickly. But any late-payment situation with the New Millennium secured card is exacerbated by one of the card’s major downfalls—the fact that there is no grace period. This means that interest starts to accrue on purchases as soon as they are made. If a cardholder does not pay the balance on time and in full, the interest and fees can become unmanageable in a hurry.
New Millennium Secured Gold Credit Card in a Nutshell
Annual Percentage Rate: 19.5%
Annual Fee: $69.95 for one card; $99.95 for Visa and MasterCard together
Grace Period: None
Deposit Requirement: Initial minimum deposit between $300 and $5,000 per card
Activation Fees: None
Application Fees: $99.95 for one card; $129.95 for both Visa and MasterCard (with an additional co-applicant fee of $12.95)
Processing Fees: None
Reports to 3 Major Credit Bureaus: Yes
Minimum Finance Charge: $0.50 per month
Cash Advance Fee: 2% of advance (Min $1, Max $20)
Late Payment Fee: $20
Over the Limit Fee: $20
Apply for a New Millennium Secured Gold Credit Card
If a New Millennium Bank Secured Gold credit card—the Visa version, the MasterCard version, or both—seems like a good option when it comes to creating or repairing credit, then get the application process started today.
New Millennium guarantees approval with its Double Money Back program. Anyone who submits a full and accurate application that is not approved will be refunded twice the processing fee.
Once approved for the New Millennium Secured Gold card, you will be on your way to the solid credit score that comes from making timely payments and not taking on more debt than you can handle. Apply today at the top of the page or compare credit cards!
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