Surge Mastercard Review

Full Review of Surge Mastercard

Pros Explained

• Unsecured Card Access: If you have bad credit or no credit, you may have to build your credit with a secured card, which requires a security deposit. But with the Surge Mastercard, you can potentially qualify for an unsecured credit card with a credit line of $300 to $1,000. 
• Reports to the Three Major Credit Bureaus: Payments on your Surge Mastercard account are reported to the three major credit bureaus—Experian, Equifax, and TransUnion—each month. If you continually make all of your payments on time, using the Surge Mastercard can help you gradually improve your credit score. Most, but not all, credit card issuers report to the major credit bureaus. Before applying for a card designed for consumers with bad credit, make sure they’ll report your payment activity. 

Cons Explained

• High Fees: While the Surge Mastercard is available to people with less-than-perfect credit, it charges very high fees, including: 
  Annual Fee: It will be $75-$99. The fee is deducted from your available credit line in the first month. 
• Monthly Maintenance Fee: The fee is $120, billed at $10 per month and assessed at the start of your billing cycle.  
• Additional Card Fee: If you add a user to your account, you’ll be charged $30. 
• Foreign Transaction Fee: You’ll pay up to 0 - 3% of each transaction in U.S. dollars made outside of the United States. 
• Late Payment Fee: Miss a payment and you’ll be charged up to $40. 
• Returned Payment Fee: If a payment is returned, you’ll pay up to $40. 

While cards for people with bad credit tend to charge fees, the Surge Mastercard’s fees are higher than you’d usually expect. If you’re looking for a credit card that is less expensive, consider the Petal credit card. It charges no annual fees, foreign transaction fees, monthly maintenance fees, or additional card fees, and it doesn’t require a credit check for applicants without an established credit history. 

• Security Deposit may Apply: Applicants who fail to qualify for the Surge Mastercard without a security deposit are required to put down a refundable security deposit. The amount depends on your creditworthiness. The main benefit of the Surge Mastercard is that it’s an unsecured option for people with poor credit. If you don’t qualify for this card without a security deposit, that drawback negates its value. In this case, consider checking out the Milestone Gold card instead. While it also has high fees, it’s unsecured for all approved users. 
• Higher-than-Average APR: At 29.09%, the Surge Mastercard’s APR on purchases is significantly higher than the national average for all credit cards that are assessed interest. While many cards for applicants with bad credit have high rates, carrying a balance while having such a high APR can cause your balance to grow over time. To avoid costly interest charges, aim to pay off your statement balance in full each month. If you anticipate carrying a balance, look for a credit card with a lower APR.
• No Rewards Structure: The Surge Mastercard doesn’t offer any rewards, so you won’t earn cash back or points on purchases. That’s not atypical for a card for consumers with poor credit, but there are exceptions that offer valuable rewards. One option is the Discover it Secured card. It has no annual fee, and you’ll earn 2% cash back at gas stations and restaurants on up to $1,000 spent each quarter. Plus, you’ll get unlimited 1% cash back on all other purchases. To put that in perspective, if you spent $5,000 in a year—$1,000 at gas stations and restaurants each quarter and $1,000 on other purchases—you’d earn $90 in rewards. 

According to Experian, one of the three major credit bureaus, 33% of Americans have a FICO score in the “very poor” to “fair” range, meaning their scores are between 300 and 669. If your credit score falls into those categories, you may struggle to get approved for a credit card, and you may be limited to a secured card. 

Secured cards often require security deposits of hundreds of dollars. If you don’t want to put down a security deposit, the Surge Mastercard may be an alternative. Depending on your credit, you could qualify for this card without a security deposit, giving you access to an unsecured line of credit. 

However, this card does charge a lot of fees. And, unlike a secured card’s security deposit, these fees aren’t refundable. Because of those drawbacks, the Surge Mastercard is only a good option for people who intend to use it as a short-term credit-building tool. Once you can qualify for a credit card with fewer fees, you can close your account. 

Standard Benefits

The card offers a few standard benefits, including: 

• $0 liability on unauthorized charges
• Monthly reporting to the three major credit bureaus
• Online account access

Cardholder Experience

Surge Mastercard is issued by Celtic Bank, which is owned by Continental Finance. This company specializes in issuing credit cards to consumers who have less-than-perfect credit. Continental Finance was founded in 2005 and, according to its own reporting, manages over 2.6 million credit cards. 

As a niche card issuer, Continental Finance was not ranked in J.D. Power’s Credit Card Satisfaction Study. 

You can get help with your account by calling 866-449-4514. Customer service hours are not posted on the website.  

Security Features

This card offers standard security features, such as limited liability on unauthorized transactions, lost or stolen card replacement, and encryption technology. 

Our Verdict

While some consumers may qualify for the Surge Mastercard without having to put down a security deposit, they’ll still pay hundreds of dollars in fees just by being a cardholder. Unlike a secured card’s security deposit, those fees aren’t refundable. 

If possible, look for other cards—including secured credit cards—that don’t charge annual and monthly fees. You’ll get all of the credit-building benefits of the Surge Mastercard without wasting money on extra fees. 

If you’re looking for another option and you have bad credit, consider the Secured Mastercard from Capital One. It has no annual fee, and you can get an initial credit limit of $200 when you make a refundable deposit of $49, $99, or $200, depending on your creditworthiness. After making your first six monthly payments on time, you may qualify for an increased credit limit without making an additional security deposit.