Tribute Mastercard - ripoff or are the reviews one-sided?

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Tribute Mastercard - ripoff or are the reviews one-sided?

Postby 2timetony » Sat Dec 04, 2010 4:07 pm

Is the Tribute Mastercard really as bad as the complaint sites say it is? This is what I have found about the Tribute Mastercard: It an unsecured credit card and the fee for it is $9.95 per month or $119.40 per year. The interest rate is high but the purpose of the card is to rebuild credit and that is why I don't care about it.

I don't feel that $120 per year is that high if it means i can get an unsecured credit card with my bad credit. The Tribute Mastercard application fee is zero and that is better than some of the other cards I have seen. Do I apply for one or are the reviews on ripoff reports and consumer complaints things i need to pay attention to?

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Postby Mogul of Pineapples » Mon Dec 06, 2010 4:17 pm

To be perfectly honest I know nothing about the Tribute Mastercard, but when it comes to sub-prime, I think some of them get negative credit card reviews unfairly because the typical cardmember is more likely to be someone that makes late payments and what not. I am in no way suggesting that's you but for the average sub-prime cardholder it would be. Because they are more likely to make late payments and experience those problems it's not uncommon to see a ton of negative reviews where the bank or credit card is being blamed for problems largely caused by the customer.

Again though I would like to reiterate I am not familiar with the Tribute Mastercard and therefore don't know whether that's the reason for the negative reviews and complaints you saw.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby Generallisimo » Wed Dec 08, 2010 3:36 am

Absolute rip-off. Don't bend over unless you absolutely have to; for $120 you can pay the annual fee for an Amex green card and then some (not saying you'll get it, I'm saying compare the level of service you are getting in return for that fee). Keep your dignity and try to stick to the big, reputable, banks and try to get a card that does not have an annual fee (i.e., it is free). Although they have BS fees everywhere, it's pretty easy to avoid all of them if you are savvy (which you should be from now on if you want to have good credit). I believe you can even get a secured card and then have it later become unsecured over time (I wouldn't know, so I would ask the bank about that). I am pretty sure they are OK with bad/limited credit (I have a friend who had no credit history coming from another country and got a Chase Freedom with $500 limit last year), but will keep your limit very low for a while.

Have you tried applying for any cards lately? Seriously, try applying for a Chase, Capital One or Citi (maybe not all at once). They'll probably give you a very low limit, but it's free and within a year you can keep upping the limit (with some usage and paying it off of course). If they reject you, wait a few months and try again, it's be pretty fool-hardy of them to turn down a paying customer.

Don't sweat not having a credit card in the meantime, your credit report should be repairing itself and you will eventually qualify for a normal credit card (I'm assuming by bad credit you mean a missed payment or bankruptcy, and obviously, the longer it has been since then, the better your report gets, regardless of whether or not you have credit. I mean, at least to me it is obvious and that is the sensible thing that should happen, someone should correct me if I am wrong).

In general, if there are a lot of complaints across the board online about something, then it probably is true. And um, the "9.95/month or 119.40/year" shtick indicates they are a company that is in cahoots with the likes of "Honest Ed's used cars" as 9.95*12=119.40, so you are not saving jack by paying a yearly fee (which they appear to suggest by listing a yearly fee).

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