If you're struggling with bad credit and desperate for an unsecured credit card, the FIT™ Platinum Mastercard® might have caught your attention. But before you apply, you need to understand exactly what you're signing up for — and whether there are better alternatives for rebuilding your credit score.
Let's dive into everything you need to know about this controversial credit-building card, including its sky-high fees, limited benefits, and who (if anyone) should actually consider applying.
What Is the FIT Mastercard?
The FIT™ Platinum Mastercard® is an unsecured credit card designed specifically for people with poor credit scores — typically those with FICO scores below 580. Issued by The Bank of Missouri and serviced by Continental Finance, this card promises to help you rebuild credit without requiring a security deposit.
Here's the catch: what you save on a security deposit, you'll more than make up for in fees. This card is notorious for being one of the most expensive credit-building options on the market.
Key Features at a Glance
- Initial credit limit: $400 (can increase to $800 after 6 months)
- Security deposit: None required
- Credit bureau reporting: Monthly to all three bureaus
- Annual fee: $99 first year, then $125
- APR: 35.90% Fixed
- Rewards: None
- Application requirements: Accepts credit scores as low as 500
The Real Cost of the FIT Mastercard
Let's talk about the elephant in the room: fees. The FIT Mastercard's fee structure is frankly shocking, even by subprime credit card standards.
Year One Fees
- One-time processing fee: $95 (charged before activation)
- Annual fee: $99
- Total first-year cost: $194
Year Two and Beyond
- Annual fee: $125
- Monthly maintenance fee: $12.50 (that's $150 per year!)
- Total annual cost: $275
To put this in perspective, you'll pay $469 in fees over your first two years — more than your initial $400 credit limit. That's before you've made a single purchase or paid a penny in interest.
Hidden Costs to Consider
Beyond the stated fees, the 35.90% APR means carrying any balance will result in hefty interest charges. For someone trying to rebuild credit, this creates a dangerous debt trap. Miss one payment, and you could face additional late fees while damaging the very credit you're trying to repair.
How the FIT Card Claims to Build Credit
The FIT Mastercard reports your payment history to all three major credit bureaus (Experian, TransUnion, and Equifax) every month. This triple reporting can help improve your credit score — if you use the card responsibly.
The card also provides access to your VantageScore 3.0 from Experian when you enroll in e-statements, allowing you to track your credit progress monthly.
Credit Limit Increases
After six months of on-time payments, your credit limit may double from $400 to $800. While this sounds promising, remember that by this point, you'll have paid nearly $200 in fees. Your usable credit remains limited, especially after the annual fee hits your account.
Who Should (and Shouldn't) Consider the FIT Mastercard
Might Work For:
- People who absolutely cannot afford any security deposit for a secured card
- Those who have been rejected by every other credit card issuer
- Individuals who need an emergency credit line immediately
- People willing to pay premium fees for unsecured credit access
Better Alternatives Exist For:
- Anyone who can afford a $200-$300 security deposit
- People looking for rewards or cashback benefits
- Those trying to minimize credit-building costs
- Anyone with access to other bad credit options
Smarter Alternatives for Building Credit
Before resigning yourself to the FIT Mastercard's expensive terms, consider these more affordable credit-building options:
1. Secured Credit Cards
The Capital One Quicksilver Secured Cash Rewards offers 1.5% cash back on all purchases with no annual fee — just a refundable security deposit starting at $200. You'll earn rewards while building credit at a fraction of the cost.
2. Credit Builder Cards
The Capital One Platinum Mastercard is designed for fair credit with no annual fee and potential credit line increases after just five months of on-time payments.
3. Authorized User Status
Consider asking a trusted family member to add you as an authorized user on their credit card. This strategy can help you piggyback on their positive payment history without any fees.
4. Alternative Credit Building Tools
Services like Self offer credit builder loans that help establish payment history while you save money. These often cost less than the FIT Mastercard's annual fees.
How to Maximize the FIT Card (If You Must Get It)
If you've exhausted all other options and decide the FIT Mastercard is your only choice, here's how to minimize damage and maximize benefits:
- Pay the balance in full every month — The 35.90% APR makes carrying a balance extremely expensive
- Keep utilization under 30% — With a $400 limit, keep your balance below $120
- Set up autopay — Never miss a payment that could damage your rebuilding credit
- Use sparingly — Make one small purchase monthly, then pay it off immediately
- Plan your exit strategy — Use this card only long enough to qualify for better options
For more strategies on responsible credit use, check out our guide on credit cards for beginners.
Red Flags to Watch For
Several concerning aspects of the FIT Mastercard deserve special attention:
- Inactive until fee payment: Your card arrives inactive and requires the $95 processing fee before use
- Limited availability: Not available to residents of Colorado, Washington, West Virginia, or Minnesota
- No upgrade path: Unlike some starter cards, the FIT doesn't graduate to a better product
- No grace period on cash advances: Interest accrues immediately (though no cash advance fee for the first year)
The Bottom Line: Is the FIT Mastercard Worth It?
For 99% of people looking to rebuild credit, the answer is no. The FIT Mastercard's excessive fees make it one of the most expensive credit-building options available. You're essentially paying $275 per year for the privilege of having a $400-800 credit line with no rewards or benefits.
However, if you're in a true emergency situation — you need unsecured credit immediately, have been rejected everywhere else, and absolutely cannot afford a security deposit — the FIT Mastercard might serve as a very temporary solution.
Better Long-Term Strategy
Instead of jumping at the FIT Mastercard, take these steps:
- Check if you qualify for a secured card with a small deposit
- Look into credit builder loans or becoming an authorized user
- Review your credit report for errors at AnnualCreditReport.com
- Consider working with a nonprofit credit counseling agency
- Save up for a secured card deposit — even $200 opens better options
Remember, rebuilding credit is a marathon, not a sprint. The cheapest, most sustainable path will serve you better than expensive shortcuts.
Frequently Asked Questions
Does the FIT Mastercard really build credit?
Yes, the FIT Mastercard reports to all three credit bureaus monthly, so responsible use can improve your credit score. However, many less expensive cards offer the same benefit.
What credit score do you need for the FIT Mastercard?
The FIT Mastercard accepts applicants with credit scores as low as 500 and those with limited credit history. This makes it one of the easier cards to qualify for, which partially explains the high fees.
Can I use the FIT Mastercard anywhere?
Yes, as a Mastercard, it's accepted at millions of locations worldwide. You'll also receive Mastercard's Zero Liability Protection for unauthorized purchases.
How do I avoid the monthly fee?
The $12.50 monthly maintenance fee is waived for your first year only. After that, it's unavoidable unless you close the card, which could hurt your credit score.
Final Thoughts
The FIT Mastercard represents a last-resort option for credit building. While it technically delivers on its promise to help rebuild credit without a security deposit, the cost is extraordinarily high. For most people, patience and a small savings effort to afford a secured card deposit will lead to much better long-term results.
If you're serious about rebuilding your credit, explore our guides on the best credit cards for bad credit and credit cards for beginners to find more affordable alternatives.
Remember: The best credit-building card is one you can afford to use responsibly. Don't let desperation drive you into a cycle of fees that could make your financial situation worse.
