Hi Everyone,
I had a lot of questions when deciding to app for this card that I couldn't find so now that I've had it for some time I'd like to drop some info.
First, similar to the Ollo card this card is currently by invite only. You will either receive an invite in the mail or you will see a "pre-approved" offer in credit karma. With these invites, they will tell you what you're annual fee is based off of info from you credit file. For example, people who apply with better credit history might not have an annual whereas others might have a fee as high as $79. The APR seems to be the same for everyone. The annual fee will not automatically be taken out of the credit line when you receive the card, it will be charged once the first statement cuts.
Payments made for the first few months of having this card are held for a minimum of 5 business days. You will see the payment made in your account and they will subtract that amount from your balance but you will not be able to spend it until the entire 5 business days have passed. I inquired about if this will be a forever thing with customer service and was advised that they do waive this sometimes if you have consistently good payment history.
Unlike a lot of other subprime lenders, you will not get charged daily interest on purchases. Interest will only be charged if you have not paid the full balance by the payment due date NOT the statement date.
Lastly, One of the selling points this company has is that everyone is eligible for auto CLI after 6 months of payments. This card keeps its promise of increasing the credit limit after 6 months of on time payments even if you're only paying the minimum amount due.
I am not an advocate for this card or anything but just wanted to give you all some info. It's not the best card out there but it's much better in comparison to indigo, first premier, etc. and can be a great tool to rebuild for those who can't get approved for cards with better terms just yet.
P.S. - this card reports a couple of days after the first statement date even though a payment may not be due. I'm adding this in because my friend who also has the card, swiped away and was upset that they reported her balance a few days after she activated the card even though her first payment and first real statement date we're far out. So pay attention in your account details about the first statement date. This is also important because if your payment is due after your statement date, your balance will report what your statement said regardless of your payment.
Filed bk7 05/19
Discharged 08/19
Starting FICO8 Scores 05/19:
EX 462 EQ 474 TU 495
Current Scores FICO8 07/20:
EX 651 EQ 672 TU 659
Starting Score: 589
