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The New Millennium Bank Secured Platinum VisaŽ/MasterCardŽissued by New Millennium Bank, is ideal for those with limited or poor credit who may be having a difficult time in obtaining a standard unsecured credit card.
A secured credit card works like an unsecured credit card. The only difference is that a savings account is established to open the secured credit card account. The savings account serves as collateral for the credit card.For New Millennium Bank Secured Platinum VisaŽ/MasterCardŽ, your credit card will have a credit limit of $300.00 to $5,000.00. You determine your credit limit by the amount you deposit in your collateral savings account with New Millennium Bank. Your credit limit will be equal to the balance in your collateral savings account. Minimum deposit is $300, maximum deposit is $5,000.00 per card. This card does apply interest to the deposit amount required to secure the account, which is a nice benefit. You will be sent your confirmation and savings account materials after the issuer receives your acceptance form and processing fee. You are required to make on-time monthly payments to ensure that your account remains in good standing. In the event of non-payment, your card charges will be deducted from your collateral deposit and any remaining balance will be returned to you as soon as all charges have been cleared. The card has an annual fee of $59 and one-time processing fee of $99.95. If you are taking both cards, Visa and MasterCard, you will need to pay $129.95 for the processing fee. By taking up both cards, you will have total credit limit up to $10,000($5,000 each) and you will need to send in two deposits, one for each card. However, unlike unsecured credit cards, there is no monthly participation or maintenance fee. Unlike most secured credit cards, this card offers benefits such as auto rental insurance, up to $100,000 in travel accident insurance and an extended warranty for purchases. This card also offers a Bonus $5,000 credit line from eClubUSA, which can be used to finance computer systems, personal and home electronics, vacations and other services provided for the members of the club. Another benefit is that the card report to all three major credit bureaus: TransUnion, Equifax, and Experian. The APR that is applied to purchases is above average for a secured card. It is important to note that there is no grace period for purchases, which means that interest will be applied immediately to any charges made with the card. However, if you are having difficulty in obtaining an unsecured card, this card does have a no credit check and a no turn-down policy. 
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for a secured Platinum VisaŽ and a Platinum MasterCardŽ! You get the benefits of Platinum status: emergency cash transfers, free $150,000 accident insurance, free auto rental insurance, free extended warranty protection and more...
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Cardholders Comment/Review/Rating "This card helped me out the hole! In March 2005, I discovered that my past debts had cleared away and that my credit score was ZERO...a clean slate! I got this New Millennium MasterCard and cautiously used it for exactly 12 months. I never increased my $300 limit. I only charged $200 at a time. I sent in 3x the minimum payment due. After 7 months, my credit score skyrocketed to 620! After a year, it's now 730! Wow! I immediately applied for a REAL credit card and was approved for $4,000! I sliced up my New Millennium card and now have 2 other credit cards with 0% rates and grace periods. I mention all this because New Millennium is an easy-to-get way to boost your credit. (Yes, there are drawbacks and pricey fees but who else is gonna take a chance on poor credit people like us? There are prices to pay when you don't look good on paper.) I would never, ever KEEP it for extended, regular use. Instead, I'd recommend that people use it as a tool ONLY. After a year of flawless use, this card will really payoff and, when you cancel it after 12 months, you get your deposit back as well as the interest it accrued. You may also want to use it for 11 months and cancel BEFORE you get hit with those sky-high fees. Again, think of this card as a TOOL to TEMPORARILY use to boost your credit standing. Who knows? It may help improve YOUR credit just enough to get a regular card, too!" Eric, 9/6/2006 "GREAT CARD, GREAT EXPERIENCE. I dont know what these folks that are badmouthing this card are talking about....they must not be doing something right. Bottom line, its gonna cost you if you have little or no credit. Youre gonna pay more fees, higher interest, deposits, etc. Yes, the fees arent cheap but if youre looking at secured credit cards you know youre gonna pay....and who the heck doesnt know youre gonna have to send in a deposit for a SECURED CREDIT CARD? There is no other secured card that I know of that offers no credit or employment check and free auto rental insurance. I applied for the card, and had it in about 2 weeks, no problems and they have an awesome online system that lets you make your payments, check balances, etc. I dont think they want alot of phone calls, the phone center was not the greatest experience but frankly thats not a big deal to me, I dont plan on calling them very much or very often.....If youre smart, and use the card wisely you wont have it more then about 18 months or so before you can qualify for better cards because they report to all 3 bureas. I would recommend this card to anyone and will be increasing my limit next month. I think the folks that gave bad reviews arent telling the whole story....." Frank, 4/15/2006 "Made a world of difference in my credit. OK... so let's be honest. I had to get a secured card because my credit stinks. Can't blame anyone but me for that. However, this card is great in what it does. The fees are "fair" (I mean for a little over $100 I have basically bought myself good credit!) and since they report to all 3 credit bureaus I have seen my credit scores go up! One tip for those like me... Either send in enough cash to get a high credit limit and low balance (from the fees) or pay it down right away. I only use my card once a month to fill up my gas tank and then pay if off each month when the bill comes in! Never really keep any debt on it, get a return on the money they keep in savings and get good credit rating at the same time. I hope to use this card to eventually qualify for better cards with no fees. If you have found yourself with bad credit like I did, make sure you have learned your lesson and use the card wisely. This card is great from starting over... just keep your head about you and be smart!" J. S., 1/26/2006 "you're in control... i've been with new mill. for going on 3 years, and i highly recommend (if you can afford it) get yourself a decent limit $1000-5000. and the interest you accumulate is worth it!! my only complaint, it took forever to get my card, but it's well worth it. i have a flex. limit and no one knows it's secured but me. and i know i can increase it anytime!" carol, 1/23/2006 "Get this card. Anyone who gets a secured credit card wants to for a reason, and NM exceeded my expectations. The best part about this card is the online payment/transaction history. You can set it up via their website to have your payment taken AUTOMATICALLY out of your checking account each month. It can be the minimum balance due or entire balance, you decide. No need to wait for your statement, and never miss a payment! Overall, no disappointments with this card." Kevin, 12/1/2005 "There are many "poor credit cards on the market, but after extensive research, I selected the New Millenium Bank Platinum Visa and MasterCard to improve my credit score. Although I was sceptical at first, every thing went very smoothly and as quick as could possible be expected. What I did not realize is that there is a new website that lets you check your balance, make payments etc. Furthermore, a "real bank" in New Jersey is overseeing these accounts. The great advantage is that you will not get an inquiry on your credit report, and these accounts are not reported as being "secured" credit cards. Also, there is no question about it - as long as you are who you say you are, and are at least 18 years old, you will be approved!" SZW, 8/5/2005 "For those who think they have been ripped off by this company,,let me assure them they have NOT been. the $35.00 is to receive this card, and yes,, there is a min. deposit of $300.00, but that money is yours to spend,all $300 of it! a person can send up $5,000 depending on the limit your willing to spend, this is much like a debit card but there are NO fees as long as you keep atleast $300 in it.and YES it does help to restablish bad credit. since I have increased my limit,,and kept the $300. in it,besides NOT being charged, I also recieved interest from 2004! the interest wasnt much, but it was a way of saying "good job" If you have any doubts,,call and ask them!. I did." Donald, 3/12/2005 "A great option for rebuilding your credit! I obtained my NMB Visa Card in September 2004 and have been extremely pleased with their service. Keep in mind this is a SECURED CREDIT CARD, not UNSECURED, and you will not be issued a card until your deposit is received and clears. The same goes for your payments. The bank will place a hold on your credit line by the amount of your payment for 3-6 business days until your check clears. Obviously, this is required due to the secured nature of the card. If you're in bankruptcy, like I am, this is a great card to help you rebuild your credit. New Millennium consistently reports to all 3 major credit bureaus every month and my credit score is rapidly improving. The interest rate and fees are standard for a secured card and keep in mind you can eventually drop them for a better deal as your credit rating improves." GeoNYC33, 1/7/2005
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