Our Verdict
The Surge® Platinum Mastercard® issued by Celtic Bank and serviced by Continental Finance, is an unsecured credit card targeted to those with less than perfect credit. The card charges an annual fee and offers a starting credit limit between $300 and $1,000 with a potential increase in as little as six months.
The card can be an effective tool to build credit as the issuer reports your monthly payments to the three major credit bureaus. But without any rewards or other perks, this is not a card to keep once your credit improves and you can qualify for better products.
Pros
- Applicants with less-than-perfect credit are considered
- No security deposit required
- Build your credit with monthly reporting to all three major credit bureaus
- Get an increased credit line in just six months with responsible use
Cons
- Checking account required
- Potentially high annual fee and low credit limit, based on your credit
- Monthly fee starting the second year
- High costs for carrying a balance and adding authorized users
Highlights
- Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
- All credit types welcome to apply!
- Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
- Initial Credit Limit of $300 – $1,000 (subject to available credit)
- Monthly reporting to the three major credit bureaus
- See if you’re Pre-Qualified without impacting your credit score
- Fast and easy application process; results in seconds
- Online account access 24/7
- Checking Account Required
Introduction
The Surge® Platinum Mastercard® is designed for those with limited or damaged credit. Celtic Bank, the card’s issuer, considers applicants with substandard credit. But, unlike most cards aimed at the subprime market, it is not a secured card and no upfront security deposit is needed upon approval. The card’s servicer, Continental Finance, reports your payment history to all three credit bureaus (Experian, TransUnion and Equifax), which allows cardholders to build credit with responsible use.
The Surge® Platinum Mastercard® can help you achieve your goal of improving your credit history, but it will cost you. The card comes with an annual fee that varies depending on your creditworthiness. Along with that annual fee, the card is equipped with a monthly maintenance fee beginning with your second year as a cardholder. Additional costs apply for authorized users and foreign transaction fees. These unappealing charges mean the Surge should be considered as a last resort to boost your credit.
Quick Facts
- Open to people with less than perfect credit
- Possible credit limit increase after just six months
- Monthly reporting to the three major credit bureaus
- $0 fraud liability
Other Surge Platinum Mastercard Benefits
- $0 fraud liability: You will not be held responsible for unauthorized charges on your credit card.
- Credit reporting: Payments are reported monthly to the three major credit bureaus—TransUnion, Experian, Equifax.
- Credit limit increase: Potential credit limit increase in as little as six months of making timely payments.
- All credit types considered: Applicants with various levels of credit may be considered for approval.
- Approval credit limit: Those approved can expect a minimum credit limit of $300.
Fine Print
Interest Rates
- APR: 29.99% APR (Variable)
- APR on cash advances: See Terms*
- Balance transfer intro APR: N/A
Fees
- Annual fee: See website for Details*
- Foreign transaction fee: See terms*
*Click here to see terms and conditions of the Surge® Platinum Mastercard®
How the Surge Platinum Mastercard Stacks Up
Surge® Platinum Mastercard® vs. Indigo® Mastercard®*
These two unsecured credit cards are similar except for the annual fee. Where the Surge may charge you a high annual fee in the first year (see terms), the Indigo® Mastercard®* comes with a set annual fee every year ranging from $0-$99 depending on your creditworthiness. Since both are unsecured credit cards, no cash deposit is required in exchange for a line of credit.
Despite the high annual fees, each card accepts applicants with poor credit. Since both cards report your credit activity on a monthly basis to the major bureaus, either can be a useful tool for those who need to revamp their credit—assuming you are never late on a payment. But know that there are better options for credit cards with bad credit without any annual or other unnecessary fees.
Surge® Platinum Mastercard® vs. Credit One Bank® Platinum X5 Visa®
Both of these cards are geared toward customers with poorer credit. What differentiates the Credit One Bank® Platinum X5 Visa® from the Surge® Platinum Mastercard® is that the former earns cash-back rewards. Credit One Bank® Platinum X5 Visa® cardholders can earn 5% cash-back rewards on the first $5,000 of eligible gas, grocery, internet, cable, satellite TV, and mobile phone service purchases each year, then 1% thereafter. All other purchases earn 1%.
The Credit One Bank® Platinum X5 Visa® includes free access to your credit score, credit reporting to all three major credit bureaus and $0 fraud liability. The Credit One Bank® Platinum X5 Visa® has a $95 annual fee. We would recommend the Platinum X5 Visa over the Surge Mastercard for most people, but would also recommend that anyone consider a secured card before applying for an unsecured card for bad credit for the opportunity to pay even lower fees.
Surge® Platinum Mastercard® vs. Citi® Secured Mastercard®*
The Citi® Secured Mastercard®* is also for customers looking to build a strong credit score, just as the Surge. But unlike the Surge® Platinum Mastercard®, Citi’s Secured Mastercard requires a security deposit upon card approval.
The credit limit is determined by the deposit amount you make, from a minimum of $200 up to a maximum of $2,500 in $100 increments. If you pay your credit balance on time each month, Citi may even return your initial deposit (eventually) and upgrade you to an unsecured credit card.
Another major difference between the two: The Citi® Secured Mastercard®* is issued by the third-largest credit issuer in the world, Citibank. Cardholders of the Citi® Secured Mastercard®* will be able to establish a relationship with Citibank which may help their case for a stronger credit card from Citi as their credit improves.
Although this card earns no rewards, it comes without an annual fee which gives it an edge over competitors.
Compare Surge Mastercard With Other Cards
Is the Surge Platinum Mastercard for You?
The Surge® Platinum Mastercard® is for those that need to establish credit for the first time or improve their credit profile through responsible card use. Though it doesn’t offer rewards on purchases, it is an option for customers seeking to achieve more spending power and build their credit, though we don’t think it’s one of the best.
Consumers should note that the Surge® Platinum Mastercard® has a high annual fee in the first year of card membership and a steep APR, making it critically important for cardholders to make on-time payments in full each month. With plenty of competition in the subprime credit card market, it may be worth considering other unsecured or secured credit cards with lower rates and fees.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: Indigo® Mastercard®, Citi® Secured Mastercard®. The card details on this page have not been reviewed or provided by the card issuer.
