Tribute MasterCard
The Tribute MasterCard is an unsecured credit card. This means that when you get your card you will have an initial credit limit of $300.
You are not required to put any money down or pay anything up front. You will be mailed a monthly bill.
It is issued through the First Bank of Delaware one of the largest lenders in the sub prime market.
This card is often used to rebuild a damaged credit score. This is because it will report monthly to all 3 major credit bureaus.
www.tribute.com
Simply by paying your monthly bill on time you can create a record of positive payments on your credit report. It has been found that one of the most effective methods to raise a damaged score is by creating new positive marks.
Benefits
- Reporting to All 3 Major Credit Bureaus
- $300 Initial Credit Limit
- Easy Approval
- Free Online Account Access
- No Minimum Income
- No Application Fee
Tribute MasterCard - Recommendation
No, we do not recommend the Tribute Credit Card. This is because it has such high fees.
For example a $150 Annual Fee and a $9.95 Monthly Maintenance Fee or $119.40 annually. In addition it comes with an astronomical 24.5% APR.
Not only do we not recommend this card the FDIC sent a cease and desist letter to First Bank of Delaware demanding that they reform their lending practices.
The FDIC determined that were using deceptive tactics and had to change them. Shortly thereafter the credit crisis hit and the First Bank of Delaware is no longer offering any credit cards.
We are un sure if this is due to the credit crisis or due to the cease and desist letter. Instead we suggest you check out some other bad credit credit cards.