Fit Platinum Credit Card: Key Benefits, Fees, and How to Apply
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The Fit Platinum Credit Card is a popular option for individuals with limited or poor credit who are looking to rebuild or improve their credit scores.
It’s an unsecured credit card, meaning you don’t need to put up collateral, and it provides a path for credit building. However, like any financial product, it comes with its pros and cons.
In this guide, we’ll explore the Fit Platinum credit card’s benefits, fees, how to apply, and whether it’s the right card for you.
What is the Fit Platinum Credit Card?
The Fit Platinum Credit Card is designed for individuals who need to build or rebuild their credit. Unlike many other cards that require a security deposit, the Fit Platinum is unsecured, meaning you don’t need to provide collateral.
It’s ideal for people who are new to credit or those looking to improve their credit score over time. The credit limit for this card can vary, but it typically starts around $300 and can go up as you demonstrate responsible credit use.
Who Is the Fit Platinum Card For?
The Fit Platinum card is geared toward individuals with limited or poor credit scores (typically under 600) who need a simple, accessible way to build or rebuild their credit.
If you’re struggling with high-interest rates on other cards or have been declined for other credit cards, the Fit Platinum might be a good option to consider.
Benefits of the Fit Platinum Credit Card
The Fit Platinum credit card offers several key benefits, especially for those looking to rebuild their credit history:
How Fit Platinum Helps You Build Credit
Using the Fit Platinum card responsibly can help you improve your credit score over time. As long as you make payments on time and keep your credit utilization low, the card will report your activity to the three major credit bureaus: Equifax, Experian, and TransUnion.
This consistent reporting can help you establish a positive credit history, which is crucial for getting approved for future credit and loans at better rates.
Credit Limit and APR Details
The credit limit typically starts at around $300, but this can increase with responsible use over time. Keep in mind that the APR (annual percentage rate) for this card tends to be higher compared to traditional credit cards, especially for those with lower credit scores.
The APR can range anywhere from 24.99% to 29.99%.
While the APR is on the higher side, this is typical for cards designed to help individuals with poor credit. It’s essential to pay off your balance in full each month to avoid paying high-interest charges.
If you can’t pay the full balance, try to pay as much as possible to minimize the interest.
How to Apply for the Fit Platinum Credit Card
Applying for the Fit Platinum card is straightforward. Here’s what you need to know:
Application Process
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Visit the application page: To start the process, you’ll need to go to the official application page.
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Provide personal details: You’ll be asked to provide personal details, such as your name, address, Social Security number, income, and employment information.
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Review and submit: Once you’ve completed the application, you’ll be able to submit it for approval. Many applications are approved quickly, but some may take a few days to process.
Credit Limits and Initial Fees
The credit limit for the Fit Platinum card typically starts at $300 but may vary. In some cases, you may need to pay a security deposit to secure your line of credit. Be sure to carefully review the application terms to understand your starting credit limit and any associated fees.
The card comes with an annual fee of around $75. While the annual fee is relatively high for a card designed to help those with poor credit, it is standard for many subprime credit cards.
Fit Platinum Credit Card Fees and Costs
Understanding the fees associated with the Fit Platinum credit card is crucial to making sure it fits within your budget. Here’s a breakdown of the main costs:
Common Fees
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Annual fee: Typically $75 (first year, $0 for some promotions).
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Late payment fee: Up to $38.
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Returned payment fee: $38 for any returned payments.
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Cash advance fee: Typically 5% of the amount or $10, whichever is higher.
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Foreign transaction fee: 3% per transaction made outside the U.S.
How to Minimize Fees
To avoid fees, make sure to:
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Pay your bill on time: Set up reminders or automatic payments to avoid late fees.
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Keep your balance low: Try to use no more than 30% of your credit limit to maintain a healthy credit utilization ratio.
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Avoid cash advances: Cash advances can be expensive and usually carry high fees and interest rates.
Pros and Cons of the Fit Platinum Credit Card
Every financial product comes with its pros and cons. Here’s a breakdown of the key advantages and disadvantages of the Fit Platinum credit card.
Pros
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Opportunity to build credit: It reports to all three major credit bureaus, which is great for rebuilding your credit.
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No security deposit required: Unlike some other credit cards for bad credit, the Fit Platinum card doesn’t require a deposit.
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Easy application process: The application is simple, and you can apply online.
Cons
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High APR: The APR can be quite high, which makes carrying a balance expensive.
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Annual fee: There is a significant annual fee, which may be a drawback for those on a tight budget.
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Limited credit limit: The initial credit limit is generally low ($300), so the card may not be ideal for those looking for a higher limit.
Alternatives to the Fit Platinum Credit Card
If you’re looking for alternatives to the Fit Platinum credit card, here are a few options to consider:
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Secured credit cards: If you’re looking for a low-interest card, a secured card might be a better option. With a secured card, you deposit money upfront, and the card’s limit is usually equal to the deposit. Some popular secured cards include the Discover it Secured and Capital One Secured Mastercard.
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Other unsecured cards for poor credit: If you want an unsecured card but don’t like the Fit Platinum’s fees, consider other cards like the Indigo Platinum Mastercard or Milestone Gold Mastercard, which offer lower annual fees.
Frequently Asked Questions (FAQ)
Q1: What is the Fit Platinum credit card?
The Fit Platinum credit card is designed for individuals with poor or limited credit who want to build or rebuild their credit scores. It’s an unsecured card with a relatively low credit limit and an annual fee.
Q2: Can I get a higher credit limit with the Fit Platinum card?
Yes, over time, you can increase your credit limit with responsible use. By making timely payments and keeping your balance low, the card issuer may offer you credit limit increases.
Q3: Does the Fit Platinum card have any rewards?
No, the Fit Platinum credit card does not offer any rewards, cash back, or points. It’s designed primarily for credit building, not rewards.
Q4: Is the Fit Platinum card good for building credit?
Yes, the Fit Platinum card is a good option for building credit as it reports to all three major credit bureaus. By using the card responsibly and paying on time, you can improve your credit score.
Q5: How can I avoid paying high fees with the Fit Platinum card?
To avoid high fees, make sure to:
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Pay your bill on time.
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Keep your balance low (below 30% of your credit limit).
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Avoid cash advances and foreign transactions.
Conclusion
The Fit Platinum credit card is a solid option for individuals who are looking to rebuild their credit but don’t have access to traditional credit cards.
While it does come with high fees and a relatively low credit limit, it can be a useful tool for improving your credit score over time with responsible use. Make sure to compare it with other cards on the market before making a decision, and if it fits your needs, apply for it today.
