The Tribute Gold MasterCard credit card was an unsecured credit card. This credit card was aimed for people with bad credit. The Tribute Gold MasterCard credit card is no longer active although this article will review it and explain the purpose of such a card.
As of September, 2009, the credit card became obsolete. Cardholders that were current at the time were given new account numbers and no new applications have been processed since then. Find other credit cards now!
Although the fees for using the credit card were high, it was beneficial in helping people with bad credit start to build good credit. Unlike other credit cards for bad debt, this was an actual credit card that reported your payment history to the credit bureaus.
The Difference between a Tribute Gold MasterCard Credit Card and Prepaid Credit Cards
If you have bad debt or a bad credit history then you will have a difficult time getting a credit card. The only way to repair your credit report is to actually build a new credit history. If you are unable to get a credit card then you will not be able to accomplish this task easily.
Many people with bad debt will opt for a prepaid credit card in order to take advantage of credit card convenience. However, since prepaid credit cards are not issued with lines of credit they do not report your transaction history to the credit agencies.
Credit Reporting Through the Tribute Gold MasterCard Credit Card
The Tribute Gold MasterCard Credit Card was an actual credit card and the bank reported your payments accordingly. This allowed you to build a positive credit history if you made your payments on time.
The Costs of the Tribute Gold MasterCard Credit Card
Since the Tribute Gold MasterCard credit card was a bad credit credit card for people with poor credit history or bad debt, their fees were high. Any time you have a bad credit history you are considered to be high risk and will pay the price for being so.
The monthly cost of the card was as high as $11 and the interest rate was as high as 25%. Your initial credit limit was $300 and if you made payments consistently for six months your credit limit could be increased.
Since the Tribute Gold MasterCard credit card is no longer available you will need to find a different secured credit card for people with poor credit. Get online credit card offers now!
- Green Dot Gold PrePaid MasterCard
- Eufora Prepaid MasterCard with Credit Builder – Elite Level
- MetroPCS Prepaid Credit Card
- First Bank of Delaware Continental Finance Gold MasterCard Credit Card
- Vision Silver Prepaid MasterCard
- Urban Trust Bank Insight MasterCard Prepaid Card
- No Credit History Credit Cards