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Reflex Platinum Mastercard Review 2024: Is the Fee Worth It for Credit Builders?

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updated: July 10, 2024

Having no credit history or bad credit doesn't disqualify you from getting a credit card, but it does limit your options. The card_name is one of several cards marketed toward people with bad credit or a limited credit history. Unlike some credit-building cards, it does not require a security deposit to qualify. However, that's deceiving, as the card comes with expensive annual and monthly fees, which make it a costly way to build credit.

card_name

Reflex® Platinum Mastercard®

Reflex® Platinum Mastercard®

Annual fees
annual_fees
Credit score needed
credit_score_needed
Regular APR
reg_apr,reg_apr_type

TIME’s Take

The card_name is a miss for individuals looking to build credit. Yes, the card can help you build or rebuild your credit profile with responsible use, but at a high cost. The card's annual and monthly fees add up quickly. Plus, you must have a checking account to qualify for the card. There are several credit-building cards and secured cards with lower fees or no fees at all that require you to jump through fewer hoops to access benefits or build credit.

Pros and cons

Pros:

  • No security deposit requirement
  • You can qualify to double your credit limit after 6 months of on-time minimum payments
  • Free monthly credit score when you sign up for e-statements

Cons:

  • Expensive fees
  • High APR
  • A checking account is required to qualify

Who is the card for?

The card_name is for individuals with bad credit or no credit history. It's also for anyone who doesn't want to pay a security deposit for access to credit. The card charges several fees, so it's important to weigh those costs against paying a security deposit, as is the case with secured credit cards, especially if the deposit is refundable.

Features

Credit-building cards generally don't come with extensive features and perks, and that's the case with the card_name. As a Mastercard, it comes with basic benefits like Mastercard Zero Liability Protection, which protects you from responsibility for unauthorized card charges. Here's a look at the Reflex card's other features.

Credit limit increase

If you're approved for the card_name, you'll start with an initial credit limit between $300 and $1,000. By making the first six monthly minimum payments on time, you can qualify to have your credit limit doubled, up to a maximum of $2,000.

Monthly reporting

Continental Finance reports Reflex card payments to the three major credit bureaus — TransUnion, Experian, and Equifax. Reporting is standard practice for most card issuers but, by making on-time payments and keeping low or no balances each month, you can improve your credit score.

Free monthly credit score

Cardholders can get free monthly credit score access after enrolling in e-statements. Having access to your credit score can help you track progress as you build your credit profile. It's worth noting that the card comes with access to your Vantage 3.0 score, not your FICO score.

The fine print

Here is a breakdown of the card_name’s APR and fees:

Interest rates

  • Regular APR: reg_apr,reg_apr_type.
  • Purchase intro APR: intro_apr_rate,intro_apr_duration.
  • Balance transfer intro APR: balance_transfer_intro_apr,balance_transfer_intro_duration.

Fees

  • Annual fee: annual_fees initial fee; after that, $99 to $125 annually.
  • Monthly maintenance fee: $0 for the first 12 months; after that, $0 to $120 annually (billed at $0 to $10 per month).
  • Additional card fee (if applicable): $30.
  • Foreign transaction fee: 3%.
  • Balance transfer fee: balance_transfer_fees.
  • Cash advance fee: cash_advance_fee

What could be improved

The card_name's fee structure leaves much to be desired. The specific amount you'll pay in fees depends on your creditworthiness. It is comparable to several popular travel rewards cards despite having few benefits outside of credit building.

Having poor credit limits your options, but there are few benefits or features of the card_name that don't involve jumping through a hoop. Even the card's optional credit protection program requires paying an additional monthly fee.

Card alternatives

card_name
U.S. Bank Cash+® Visa® Secured Card
Annual fees
annual_fees
annual_fees
$0
Minimum security deposit requirement
No security deposit required
No security deposit required
$300
Regular APR
reg_apr,reg_apr_type
reg_apr,reg_apr_type
29.99% Variable
Credit score needed
credit_score_needed
credit_score_needed
Limited

Bottom line

If you are struggling to be approved for traditional credit cards, the card_name could give you access to credit so you can start the journey to establish or repair your credit profile. Because of its high fees, though, exhaust other options, including researching secured cards, before you settle on the Reflex Mastercard.

Frequently asked questions (FAQs)

What is the highest credit limit for card_name?

The highest initial credit limit for the card_name is $1,000. You can qualify to double your credit limit up to a maximum of $2,000 by making the first six minimum monthly payments on time.

What credit score do you need for a card_name?

Continental Finance doesn't publicly disclose credit score or other requirements to qualify for the card_name. The card is geared toward people with bad, fair, or no credit, but all credit types are welcome to apply for the card. You can prequalify for the card without negatively impacting your credit score.

How much does the card_name cost?

The card_name carries an annual fee of up to annual_fees per year, plus a monthly maintenance fee of up to $10 per month, or $120 annually after the first year. There is a one-time $30 card fee to get an additional card.

Is the Reflex credit card legit?

The Reflex Mastercard is an unsecured credit card that offers a path toward building credit through monthly reported payments, credit score access, and a credit limit of $300 to $1,000, or up to $2,000 if you meet payment requirements after six months. You can use the Reflex Platinum card anywhere that accepts Mastercard.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

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