When faced with bad credit, unsecured credit cards become the only valid option if you want to hold a card and use it in your transactions. The Tribute credit card is one of the popular bad credit options available in the market and comes with various conventional features and terms as well as additional guidelines from the lender.
However, it does have more benefits when compared with other bad-credit credit cards. Here is a brief look at the Tribute credit card including its application, payment, credit limits, customer service, general pros and cons.
Application and maintenance
There is no doubt unsecured credit cards will take more money in terms of maintenance compared to regular cards. Tribute charges nothing for registration, but you will be paying an annual fee of $150 to hold the card in addition to a $6 monthly maintenance fee.
The application process takes a few minutes as the customer service responds within 30 seconds of application. Delivery is also very speedy and all approved applicants can receive their cards within 2 weeks. You can start using your Tribute credit card once you pay the initial minimum fee of $20.
Credit limit and payment
Once you receive your Tribute credit card, you will get an initial credit of $300 which you can use just as you use other conventional cards. Tribute reports payments to three main credit bureaus; Equifax, Experian and TransUnion and users who pay in time can get their credit limit increased within 6 months.
Making payments with the card is easy as it is accepted in all places MasterCard is used and includes online payment. In addition to making purchases, you can use a Tribute card to get cash advances.
Tribute offers very speedy services and their customer service typically responds within 30 seconds of contacting them. They are available around the clock and attend to applications immediately. You can call customer care for inquiries about Tribute credit card and services offered or even apply for your friend or relative who has bad credit.
The benefits of Tribute card are quite obvious as they include all the pros of unsecured credit cards and much more. As aforementioned, Tribute reports your payments to credit bureaus such as Equifax and Experian so it can be used to build your credit score if you make payments in due time.
This is very important especially since Tribute is an option for those with bad credit. All you need to do to positively impact your score is make all payments in time.
Tribute also provides an initial credit of $300 once your application is approved. From this, they will deduct the $150 annual fee leaving you with a credit line of $170 ($150 + $20 initial minimum payment). The monthly maintenance fee of $6 is not deducted until you make your first purchase or take cash advance.
You may face the risk of getting credit card fraud as there’re many fraud schemes that happened on Tribute credit card every day. Even though you can appeal to void for any illegal transaction on your card, however, the process of dealing with it can be stressful and time-consuming.
Tribute credit card is a good option for those with bad credit and can be used to work your score upwards and regain stability. However, it comes with high annual fees and interest rates of up to 24.5 % on their loans.
Nonetheless, this is just about the range expected of any sub-prime cards and considering all the other benefits, it is simply within acceptable boundary. What’s more, the application is really speedy and the customer service is exceptional.