Aventium Credit Card - The Credit Card To Re-Build Your Credit

Need a credit card to repair a bad credit history and you can't get it from banks or credit unions where you qualify as a member - then the Aventium credit card is maybe for you.

Issued by First Premier Bank, the Aventium MasterCard is specifically targeted towards people wishing to re-build or re-establish their credit track record.

Features and Costs of the Aventium Credit Card

There used to be two Aventium credit cards - the black-colored Classic MasterCard and the Gold Aventium MasterCard. At present there is only one - the Classic MasterCard and the terms of this card are the same with the First Premier MasterCard offered by the same bank for the type of customers - those with a tarnished credit history.

Upon approval of application, you will be required to make a security deposit of $95.00 which also entitles you to a checking account in the same amount. You may also pay this required deposit in installments and once fulfilled, the credit card will be issued to you. This amount of security deposit entitles you to a credit limit of $ 300.00. During the first 30 days, any subsequent amount that you add to your checking or credit account will be applied as payment to your credit card. If at any time you wish to close your account, the Security Deposit will be refunded to you minus any outstanding balance on your credit card.

The costs involved with the opening and use of the credit card are the following:

o Annual Percentage Rate (APR) for purchases and cash advances is 49.9%
o First year annual fee is $75.00 to be taken out of your credit limit
o Subsequent annual fee is $45.00
o Annual fee of $ 78.00 to be billed at $ 6.50 monthly. This fee will not be assessed during the first 12 months that your Credit Account is open.
o Cash advance fee of either $ 5.00 or 3% of each cash advance, whichever is greater but the maximum fee for this is $ 10.00
o Foreign transaction fee of 3% of each transaction amount in US dollars

The due date for payment of the credit card is at least 27 days after the close of the billing cycle. You will not be charged interest if you pay your entire balance before or by the due date of each month. The credit card issuer files monthly reports with major consumer credit bureaus and reporting agencies on how you have handled your credit card.

Aventium Credit Card Review

Aventium credit card reviews are mixed. There are those who praise the card for their quick response to applications and those who were pleasantly surprised that their applications were approved.

However, there are also those who criticize the card for their outrageous interest rate and fees and say that the card is only for the desperate ones. While the credit card is claimed to be unsecured - it really is secured because of the security deposit requirement. According to some reviews, the industry average is only 23.95% interest for those with a bad credit rating. Other reviews say that there are other credit cards for those with bad credit histories with lower interest rates and lower fees. Others suggest that secured credit cards are preferable because of the lower interest rates and the lower fees.

Still others strongly call it the Aventium credit card scam. After the first year, the credit limit can be raised to $ 400 for a fee of $100 - they say that this is like being punished for good credit behavior. If you add up the annual fees, the credit limit fees, the monthly service fees, and the cash advance and the foreign transaction fees, you are paying an unbelievably sky-high rate of 70 % more each year.

On the positive side, if the bank increases your credit limit, you are required to post only 50% of that amount as a deposit. However, your credit limit will only increase if you've been a customer for at least a year, and only by $100. Some believe that it is quite a long time to wait - effectively hindering your graduation into a real unsecured credit card.

To apply for the Aventium credit card or not - that is the question. Weigh the benefits versus the costs. Look for other options that may give you the same results - as an exercise in financial responsibility.


Source: Credit Cards For People With Bad Credit Rating

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