6. Surge Mastercard Credit Card
For a rebuilding card, the Surge Mastercard gives a rather good initial starting credit limit of $500. However, there is a $125 annual fee—so that really goes down to $375. The interest rate is at 29.99% APR. The Surge Mastercard comes in secured and unsecured forms. All applicants are initially reviewed for the unsecured card. But if the unsecured card is unavailable for the applicant, then a security deposit is needed for a secured card.
Fees and Rates:
- 29.99% APR
- $125 annual fee for first year, $96 fee for every year after
- $120 annual monthly maintenance fee
Bottom line: This card is not ideal but if you want to rebuild your credit bad and are out of options, then by all means get it. But I would suggest definitely cancelling after your credit score is above a 620 though. Once you get past that threshold, many cards out there are available with a lower interest rate and without all the fees.