The Tribute Gold MasterCard is issued by The First Bank of Delaware. This is an unsecured bad credit card with no minimum income and no employment verification. It was created as a tool to help improve credit history.
It is designed specifically for individuals with a bad credit score. It will report to all 3 major credit bureaus and give a chance to create some positive credit with the bureaus.
By paying your monthly bill on time it will create a record of a positive payment history. This factor alone ‘payment history’ allegedly is about 40% of your credit score when it is calculated.
It is reported as an unsecured line of credit. Because it is unsecured the credit bureaus will give it more weight and you can re-establish your credit faster than with a secured credit card.
- Monthly Reporting to All 3 Major Credit Bureaus
- Easy Approval
- Low Annual Fee
- Online Account Access
- 30 Second Online Decision
- $300 Credit Limit
- No Application Fee
- No Account Set Up Fee
- No Minimum Income
Tribute Credit Card Suggest?
We, mildly suggest the Tribute MasterCard. This is because it has some very high fees.
For example; $150 annual fee, $119.40 maintenance fee, $29 opening account fee, and more. And on top of that a very high 24.5% APR.
Additionally some of these fees are charged up front. When your card is issued it has a $300 credit limit however after the upfront fees your available credit will be under $100.
However the Tribute MasterCard like many other credit cards for people with bad credit are no longer being issued. This is due to the credit crisis and then new credit legislation.
In the void these cards have left prepaid cards have emerged. They will give you a Visa or MasterCard that can be used for online and over the phone purchases. You can use it to rent a car, book a hotel, buy airfare ….
It will give you free direct deposit, saving you money on check cashing fees. And you get free online bill pay just like a checking account with a non ChexSystems bank. You can send a check in your name with the convenience of a few clicks on your mouse!