Surge^® Platinum Mastercard^® Review

The Surge^® Platinum Mastercard^® offers an easy and effective — but expensive — way to rebuild credit. There is no security deposit which makes it appealing for someone who needs access to credit but may be short on cash at the moment. However the annual and monthly fees quickly add up and, unlike a security deposit, are not refundable.

That said, if you have suffered financial setbacks, have been declined by other credit card issuers and will not carry a balance as you make on-time payments, this could be a useful tool that you use until you’re able to get a better card.

• Low credit scores welcome

  The Surge^® Platinum Mastercard^® offers users a chance to rebuild credit — or start with no credit history at all — by including some features that aim to help build credit with a credit card to get your finances on the right track. With the option to prequalify, you can see if this is a card that’s an option for you without risking the potential negative effects of a hard pull on your credit report.

• No security deposit

  A key selling point of the Surge^® Platinum Mastercard^® is that no security deposit is required. Many secured credit cards (but not all) require a deposit of $100 or more, which may be hard to come up with in a pinch.

• Up to $1,000 credit limit

  Your initial credit limit may range from $300 to as much as $1,000. Usually you’d have to put down a hefty sum of cash to secure this high of a limit with a secured credit card, since most secured credit cards match your credit limit to the amount that you deposit (minus any fees).

• Credit limit may double after six months

  If you make on-time payments for the first six months, your credit limit can double. This means an initial $400 credit limit would increase to $800. Likewise, a $1,000 credit limit would double to $2,000.

  This can be a blessing and a curse. A higher credit limit can boost your credit score by helping you keep a lower credit utilization ratio. However, it also increases the risk of building up a debt that you can’t afford to pay off.

• Reports to all 3 major credit bureaus

  When you’re building or rebuilding credit, you want all of your positive financial moves to be known — and the best way for that to happen is if your credit card issuer reports to the three major credit bureaus (Equifax, Experian and TransUnion).

  Not all lenders report data to all three. This is helpful in the future if you plan to apply for additional credit in the future, like an auto loan or mortgage. You won’t have control over which credit bureau a lender pulls your data from, so you’ll want to make sure your positive payment history is reported in each database.

• High annual fee

  The main drawback of the Surge^® Platinum Mastercard^® is that it’s expensive to carry. There’s an annual fee of $75 - $125. And, you can’t tell what the fee will be until you apply and get accepted. Plus, you’re stuck paying the annual fee for the life of the account, which means you’ll likely have to close the card once you move on to better cards (which could lower your credit score). You can find many cards for building credit that offer minimal or no fees.

• Monthly fee

  In addition to an annual fee, the Surge^® Platinum Mastercard^® charges a $12.50 monthly maintenance fee (waived the first year) for cardholders with a $300 or $500 credit limit.

• No sign-up bonus

  While many issuers offer a sign-up bonus for opening and making purchases on a credit card, the Surge^® Platinum Mastercard^® does not. However, this isn’t a large shortcoming — credit cards for bad credit generally don’t offer lucrative sign-up bonuses, which are reserved for applicants with good credit.

• No rewards program

  Another element of a great credit card that is missing here: rewards. The Surge^® Platinum Mastercard^® doesn’t offer a rewards program, but that is pretty standard with credit cards for rebuilding credit. One card that does offer cash back rewards on every purchase is the Capital One Quicksilver Secured Cash Rewards Credit Card.

• High APR

  With a 35.90% Fixed APR, this is a card that you do not want to carry a balance on. Make sure to use the card to charge only items for which you know you can repay by the due date.

Surge^® Platinum Mastercard^® vs. Capital One Platinum Secured Credit Card

 

The Capital One Platinum Secured Credit Card offers a smaller credit limit, initially up to $200, but with no fees and a minimum security deposit of $49, $99 or $200. Potentially you could begin building or repairing credit for $49, which is refundable. You can raise your initial credit line by depositing more money.

While this card doesn’t offer perks like a sign-up bonus or rewards, it does offer a clear path on how you can use it to rebuild your credit and upgrade to an unsecured card. Additionally it reports to all three credit bureaus to further assist you in improving your credit.

Surge^® Platinum Mastercard^® vs. Discover it^® Secured Credit Card

 

As a card that’s intended for people with poor or limited credit, the Discover it^® Secured Credit Card offers a slightly lower APR, no annual fee and your choice of credit limit (you choose your limit, based on your security deposit, from $200 up to the credit line approved). One feature worth noting is that after seven months of card membership, Discover automatically reviews your account to determine if you’re eligible for a transition to an unsecured account with no security deposit.

Cardholders can 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically And to sweeten this even further, Discover matches all of your cash back at the end of your first year. So if you’ve earned $400 in cash back, you’ll get another $400.

As a last resort, the Surge^® Platinum Mastercard^® might be the right card for you. It has high fees (and lack of transparency on how high of a fee you’ll get) and an uncertain rewards program. Plus, there is no clear card you can graduate to, unlike with the alternative credit cards, so we suggest considering one of those as your first choice of cards to build credit.

If you’re just starting out on your credit journey, we suggest a student credit card, if applicable, or a credit card for beginners. There are several cards that have no annual fee, rewards programs and the option to upgrade to a better card in the future.