Initially, applicants are not concerned about the credit scores. However, with the time when they’ve responsibilities, they understand it. At that time they’ve bad credit scores. That’s why they are unable to claim loans and credit cards with a low interest rate. For example fit MasterCard and a fit Credit card. In this blog, applicants can understand how to extract crucial information from reviews to enhance usage. Below is information complied after checking out multiple first digital Nextgen MasterCard reviews:
• Credit limit: Credit limit is the first thing to check. That’s because while purchasing a credit card a user has to rectify the need. For example, if a user is purchasing his credit card for general grocery use then $300 credit limit is enough. If he’s interested in purchasing a credit card for separating business-related expenses then $300 Credit limit is low. Here he should find a card having a high credit limit. Now in case of the first digital Nextgen MasterCard, the company is offering an initial credit limit of $300. The first deduction is of $75 as an annual fee. However, the user can experience an increase in credit limit according to the credit score.
• The extra fee: Many credit card companies don’t charge extra fees however many do. In many cases, there are hidden fees which users came to know after purchasing the cards. In case of a first digital MasterCard, the user has to pay a one-time fee of $95. This fee is to be paid before the opening of Account. Now, there is another fee applied in the name of the annual fee. The annual fee is $75 for the first year which decreases to $48 from the second year. Just for a comparison, the average credit card annual fee is approximately $19.50. However, many companies are charging $0 annual fees.
• Don’t forget to Check-out the interest rate applicable: Interest rate or APR (annual percentage rate) is the extra money a user has to pay for extending repayment dates. For example, suppose a user is unable to repay the borrowed Credit. If he delays for 30 days then he is charged according to the interest rate applied. The interest rate or APR has the power to increase repayments. That’s why it is important to check this.
The APR applicable in case of a first digital Nextgen MasterCard is 35.99%. This is charged annually. Carrying a balance of repayment for one month may cost approximately 3% of the total value. For example, if a user is carrying $3,000 for a month, he has to pay 3% additionally. This amount is $30.
• Rewards: Rewards are offered by many companies for increasing the usage of a user. Many companies use cashback reward. For example, a company may put 5% cashback on the usage of $200 or more in one swipe. Here users should note that while using credit cards they’ve to maintain the utilisation ratio. Not maintaining it might result in bad credit scores.