Get Fit, Get Credit: A Guide to the FIT Mastercard

The Mastercard FIT card has been created for those looking to establish credit, or rebuild their current credit score, helping you to regain your financial fitness even if you are starting out with a poor credit score.

When you own a FIT Platinum Mastercard, the credit card company will report to the three major credit card bureaus Equifax, TransUnion, and Experian every single month. Meaning that your financial improvements and rewards are constantly being updated. You can view your improved credit score by opting in for online statements which will display your current credit rating each month.

The card initially has a credit limit of $400, but if you prove that you are financial responsible with on time payments and repayment of debts, you could see this limit increase to $800 after a period of six months. This makes it an attractive alternative to a secured credit card option.

Here are some of the key Mastercard FIT Card features you need to know about:

• Your initial credit limit will be $400, but this can increase to $800 after six months.
• This card is open to applications from those with low credit scores and poor credit histories.
• Your credit behaviour will be reported to all three major credit bureaus on a monthly basis.
• You will have access to the Mastercard Zero Fraud Liability Protection scheme.
• There is no opportunity to earn rewards with this card.
• Because this card is open to those with a lower credit score, you may find that the interest rate and annual fee is higher than those of other credit card issuers. This is to ensure that the provider receives compensation if you default.

The FIT Mastercard – What You Need to Know

Below we will give a detailed breakdown of everything you need to know about this credit card for bad credit scores and give you the information you need to decide if this is the best 2023 credit card for you.

Where and How You Can Use the FIT Credit Card.

When you first receive your credit card, you will initially be working within a credit limit of $400. You can use your card to make purchases with all retailers who accept MasterCard for payments. You will also be able to spend your card on dining and even use it when you travel.

While you use your card, you should make sure to repay your bills on time each month and keep your outstanding balance on the right side of your credit limit to improve your score and access a higher limit in the future.

How Do You Increase Your Credit Limit on Your Mastercard FIT Credit Card?

If you make sure to make the monthly payments for your credit card on time for six months, you should soon see your credit limit double from the initial $400 to $800. Keeping on top of your finances and paying your bills on time will also result in an improvement in your credit score rating.

How Does Owning a FIT Platinum Mastercard Help Your Credit Score?

If you have poor credit, you can use this card to help rebuild your score and improve your credit history, The card issuer will report your financial activity back to the three main credit bureaus on a monthly basis, meaning your credit score will reflect the most up-to-date information.

How Can You Keep Track of Your Current Credit Score?

If you are worried about your credit score and need to build up a good history for a large loan or mortgage, then keeping continual track of your score can be very helpful. When you opt-in for online statements for your account, you will be able to access your score each month. This will help you to see the results of your on-time payments and debt reduction and motivate you to move forward with your financial planning.

Who is the issuer of the Mastercard FIT Card?

The FIT Mastercard is issued by the Bank of Missouri and Continental Finance. The Bank of Missouri is an independent bank which is valued at $1.7 billion and currently has 35 locations across the state. CFC (Continental Finance) is one of the industry leaders for issuing credit cards to those with lower credit who are normally left with few options from other providers.

How Can You Apply for a FIT Platinum Mastercard?

You can apply for a FIT Platinum Mastercard by applying on the website, or by calling one of the advisers at 1-866-513-4598. To complete your application, you will need to provide certain information to get the process started, this includes:

• Your full name
• Social Security Number
• Physical Address (a P.O. Box number will not be accepted.)
• Date of Birth

Once you have submitted this information, the issuer will use it to check both your identity and your current credit bureau history and information. This data will then be used to assess whether you will be issued with a card.

You should learn whether you are accepted almost immediately, but in some cases, it can take up to 30 days when further investigations are needed. If you are successful in your application, a card will be issued and mailed to you within three working days.

What Happens If I am a Victim of Fraud When Using This Card?

If you are worried about your finances and credit history, then having to deal with unauthorized charges on your card can be especially devastating. With the FIT card, you will be subject to the Mastercard Zero Liability Protection scheme and will not be held financially responsible for fraudulent charges to your card.

Please note that all offers and terms are subject to change, and you should always check how products appear on the site of the issuer before applying. These can be subject to change according to issuer and advertiser disclosure.

Tips for Improving Your Credit Score with the FIT Mastercard:

• Pay on Time: Make all payments on time to avoid late fees and negative impacts on your credit score.
• Keep a Low Balance: Aim to keep your credit utilization ratio low by paying off your balance each month.
• Monitor Your Credit Report: Regularly check your credit report for errors and discrepancies.
• Consider a Credit Counseling Service: If you're struggling with debt, a credit counseling service can provide guidance and support.

The Bottom Line

The FIT Mastercard is a valuable tool for individuals looking to rebuild their credit. By using the card responsibly and making timely payments, you can improve your credit score and gain access to better financial products in the future.

Remember: While the FIT Mastercard is a great option for those with limited credit, it's important to use it wisely and avoid excessive spending. By following these tips and using the card responsibly, you can take control of your financial future.