Maximum Security Deposit:$5,000
Interest Rate: 20.99%
Introductory Interest Rate: None
Grace Period: 24 days
Foreign Transaction Fees: 3% in US dollars or 3% in foreign currency
Annual Fees: $29
Application Fees: None
Rewards Program: No
Signing Promotion: No
Interest Earned on Security Deposit: This card does not earn any interest on the secured deposit.
Contents
Other Features:
Editor’s Review
This review was provided by William Charles, editor of Doctor of Credit.
Annual Fees
This card comes with an annual fee of $29, whilst not a lot is still much higher than the no annual fee secured cards that are available on the market.
APRs
An APR of 20.99% is quite high when you consider that FNBO is actually just re lending you your own money.
Rewards Program
This card does not come with any rewards program currently.
Credit Reporting
Like most secured credit cards, this card reports to all three of the major credit bureaus (TransUnion, Experian & Equifax).
Adding Funds
We’re unsure if it’s possible to add funds to this card and if it is possible if you can do so without incurring a hard pull on your credit report.
Upgrading To An Unsecured Card
It’s a bit unclear if this card has the potential to graduate to an unsecured card after the 9 month period, or if you have to apply for a separate card. We’ve sent an e-mail to FNBO for confirmation to find out.
Approval
There isn’t much credit card approval information on this card as of yet, that’s because it was only just released.
Final Verdict
At the moment there are too many unknowns to either recommend or not recommend this card. We suggest waiting for more information to come to light before you apply.