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Should You Consider the Surge Mastercard?

Last updated on November 1st, 2021

With so many credit repair credit cards on the market today, what should you look for? The Surge Mastercard, from Continental Finance and Celtic Bank, is one such card – and it has plenty of great features. So, why should you consider applying for the Surge Mastercard from Continental Finance?

Regular Reporting to Credit Bureaus

The biggest upside to cards like the Surge Mastercard is regular reporting to the three major credit bureaus: TransUnion, Experian, and Equifax. Regular reporting to the major bureaus means that credit builder cards can help boost a person’s FICO Score quickly.

Building a positive credit history requires two key elements:

  • Paying Your Statement On-Time Each Month. Paying your credit card bill on-time every month will have the most significant impact on your credit score. Payment history is the single largest factor of both FICO Score and VantageScore credit models.
  • Keeping Credit Utilization Low. Part of making on-time payments each month is paying the statement balance in full. Credit utilization, or usage of your available credit lines, accounts for 30% of a FICO Score. Ideally, you want to keep your credit use below 10%, as this is the fastest way to improve your credit score.

No Security Deposit Required

Building credit usually requires opting for a secured credit card. Secured cards are excellent options for those with subprime credit because they are easier to receive, thanks to their security deposit requirements. These minimum deposits usually start from around $200.

However, many people with bad credit (or no credit) simply do not have the disposable income to place on a deposit. When this is the case, unsecured cards like the Surge card are excellent options to consider.

Because the Surge Mastercard is an unsecured credit card for bad credit, applicants can get the credit-building tools they need without the requirement of leaving a hefty security deposit. However, keep in mind that the Surge card charges fees to offset this cost. However, those fees are payable via the initial credit line and over time.

Pre-Qualify with No Credit Score Impact

The Surge Mastercard is one of many credit cards for bad credit that offers pre-qualification for potential applicants. Prequalifying for the Surge card means providing necessary information so Continental Finance can assess your basic qualifications for the card. This is known as a “soft inquiry.”

A soft inquiry is a type of credit check where the credit card issuer pulls necessary information from a credit file instead of pulling their entire credit history. Because soft credit inquiries (also known as soft pulls) do not require a bank to pull your full credit file, this type of credit check has no impact on your credit score. For someone seeking to repair their damaged credit score, a soft pull can make all the difference between a score rising – or falling.

Is the Surge Card Right for You?

The Surge Mastercard is a quality option for rebuilding credit. The card offers regular reporting to the major credit bureaus, the Mastercard network’s purchasing power, and more. Even better, the card doesn’t require a security deposit to open.

Ultimately, choosing a subprime credit card comes down to how you plan to use it. If you plan to act responsibly, a card like the Surge is an excellent tool to learn the basics of credit; if not, a secured card might be a better option for keeping your spending backed up by a costly security deposit

Featured photo by geralt / PixaBay

About: Cory
Cory Santos

Cory is BestCards.com's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. Cory holds academic degrees in both the U.S. and U.K. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.

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