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The Fit Mastercard is an unsecured credit card from Continental Finance that is targeted at people with Vantage scores of 560 and above. The starting credit limit of the Fit credit card is $400 and will double to $800 if you pay your first 6 bills on time. The Fit Mastercard has high fees. It charges a one-time program of $95 and from the second year onwards, it charges a monthly fee on top of an annual fee. For most rebuilders, the Fit Mastercard is an expensive card though the credit limit is quite decent as measured by the TFCL (Total Fee to Credit Limit Ratio). Better lower fee alternatives exist.
By : Mr Credit Card
| Activation Fee | $95 |
| Monthly Fee | None for first year, then $12.50month ($150 annually) |
| APR | 35.9% |
| Late Fee | Up to $41 |
| Cash Advance APR | 35.9% |
| Cash Advance Fee | $0 introductory fee for first year, then either the greater of $10 or 3% of cash advance |
| Foreign Transaction Fee | $0 introductory fee for first year, then 3% |
The fees the Fit Mastercard charges are high and have increased as of 4/30/2024.
One-time Program Fee - Fit charges a one-time program fee of $95. It used to be $89 prior to 4/30/2024.
Monthly Fee - Fit Mastercard does not charge any monthly fee for the first year. From the second year onwards, a $12.50/month fee will be charged. This works out to $150 a year. This is an increase from $6.25/month prior to 4/25/2024.
Total Fee during 1st Year - The total fee that you will have to pay during the first year is $95 + $99 = $194.
Total Fee from Second Year Onwards - From the second year onwards, the total fee is $125 + $150 = $275.
The Fit Mastercard has a starting credit limit of $400. If you pay your first 6 bills on time, your credit limit will automatically double to $800. Fit Mastercard will periodically review your credit profile for possible credit limit increase. The maximum credit limit you can get on this card is $4,000.
Fit Mastercard will waive the foreign cash advance and foreign transaction fees during the first year.
The Fit Mastercard has these other benefits:
Cardholders will get the latest Vantage credit score for free. However, you do have to sign up for e-statements to get this benefit.
Fit Mastercard is one of the rare credit cards that allow you to use your Debit Card to pay your bills. However, you have to do so over the phone and this will set up back $10 for expedited payment if you speak to a customer service representative. You could set up your debit card as your default payment when using automated pay by phone service and avoid the $10 fee.
Not many people know this. But you can have more than one Continental Finance credit card. But you have to be aware that you will need two separate logins for your mobile app and desktop account.
There are two key measures I use to evaluate unsecured credit cards targeting people with bad credit. The first things I look at is the total fees (including one-time program fee, annual fee and monthly fee). I also look at the credit limit given and more importantly, how much fees you are paying for the credit limit that you are getting. At AskMrCreditCard.com, we use a measure called the Total Fee to Credit Limit Ratio to measure this .
The Fit Mastercard has high fees on an absolute basis . During the first year, you have to pay a fee of $99 when you get approved and a one-time program fee of $95. This is a total of $194 that you have to pay from the get go. From the second year onwards, you have to pay a $125 fee on the anniversary date and you will have to pay a monthly fee of $12.50 which works out to $150 annually. The total fees from the second year onwards is $125 + $150 = $275. That is a very high fee indeed.
The Total Fee to Credit Limit Ratio (TFCL) is also very high. When the credit limit is $400, the TFCL ratio is $194/$400 = 48.5%. That means you are paying nearly half of your credit limit in fees. After six months of paying your bills on time, Fit Mastercard will double your credit limit to $800 and the TFCL ratio will improve. However, from the second year onwards, the TFCL ratio is $275/$800 = 34.375%. While it is lower than the first year, you are still paying close to 35% of your credit limit in fees.
A good TFCL ratio would be 15% and below.
High TFCL ratios are not uncommon among other subprime credit cards (especially those that charge both annual fee and monthly fee). Below is a table credit cards that have similar starting credit limits and charges both annual fee and monthly.
| Card | Annual Fee | Upfront Fee | Monthly Fee | Starting Limit | TFCL |
|---|---|---|---|---|---|
| Fit Mastercard | See Terms | $95 | $0 1st Year Then $12.50/month | $400-->$800 | Year 1 = 48.5% 34.375% |
| Surge Mastercard $500 | $125 | N.A. | $12.50/month | $500 | Year 1 = 25% Year 2 = 27.5% |
| Reflex Mastercard $500 | $125 | N.A. | $12.50/month | $500 | Year 1 = 25% Year 2 = 27.5% |
| Revvi Visa | $75 1st Year Then $48 | $95 | Year 1 = $0 Then $8.25/month | $300 | Year 1 = 56.67% 49% |
| First Access Visa | $75 1st Year Then $48 | $95 | Year 1 = $0 Then $8.25/month | $300 | Year 1 = 56.67% 49% |
| First Digital Mastercard | $75 1st Year Then $48 | $95 | Year 1 = $0 Then $8.25/month | $300 | Year 1 = 56.67% 49% |
| Total Visa | $75 1st Year Then $48 | $95 | Year 1 = $0 Then $8.25/month | $300 | Year 1 = 56.67% 49% |
As you can see from the table above, many of Fit's competitors and peers also have very high TFCL ratios . For example, Total Visa has a TFCL ratio of 56.67% during the first year and 49% from the second year onwards. These numbers are even worse than Fit. You would notice in the table above that there are 2 other cards issued by Continental Finance, Reflex and Surge Mastercard. Both these card could offer credit limits of $300, $500, $750 and $1,000. In the table above, I have listed the $500 limit version because it is closes to the $400 starting limit that Fit Mastercard has. Like Fit, both Reflex and Surge will double your limit after 6 months if you pay on time. Both the Reflex and Surge have lower TFCL ratios from the second year onwards because they have slightly higher limits. But nevertheless, all the cards in the above table have high fees and high TFCL ratios.
Fortunately, there are subprime credit cards that have much lower fees and TFCL ratios (which we will highlight below).
| Card | Annual Fee | Starting Limit | TFCL (assuming $500 limit) |
|---|---|---|---|
| Arro Mastercard | $36 | $500 - $2,500 | $36/$500 = 7.2% |
| Upgrade Select Visa | $39 | $500 - $2,000 | $39/$500 = 7.8% |
| Credit One Visa | Year 1 = $75, Then $99 $300 - $1,500 | $99/$500 = 19.8% | |
| Mission Lane | $59 | $300 - $1,500 | $59/$500 = 11.8% |
The table above shows other subprime credit cards which only charge an annual fee (ie no monthly fee from second year onwards or no one-time program fee). One thing you will notice is that the annual fees are considerably lower then Fit Mastercard and the other cards that charge both annual and monthly fees . As a result, their TFCL ratios are significantly lower. Let's look at a couple of examples.
The Arro Mastercard charges a monthly fee of $3/month ($36 annually). This is much lower than the $194 (1st year) and $275 (from Year 2 onwards) total fees that you have to pay for Fit. Arro does not perform any credit checks but requires you to link your bank account to them. Approval will be based on your bank account balance and cash flow. For those of you who have FICO scores in the 500s, this is a great alternative.
Another card with low fees is the Upgrade Select Card, which has a $36 annual fee and and credit limits ranging from $500 to $2,500. You would a FICO score of at least 580 to be approved for this card.
As you can see, there are lower fee alternatives to Fit.
The Fit Mastercard is an unsecured credit card for people with bad credit that actually has a decent credit limit. Not many credit cards will double your credit limit of $400 to $800 just after 6 months. However, this is offset by the high fees that you have to pay for this card. It charges an annual fee, a monthly fee from the second year onwards and even a one-time program fee. During the first year, the total fees you have to pay is $194 and it increases to $275 from the second year onwards . These are really high fees regardless of what card or credit limits you have. And this is reflected in the high Total Fee to Credit Limit ratio of this card.
Based on our evaluation and review of the Fit Mastercard, we give it a 3.5 stars out of 5 for it's credit limit, the ability of pay via debit card and modern features like mobile app and free Vantage scores. The high fees and the presence of lower fee competitors prevent us from giving it a higher rating.
The Fit Mastercard is specifically targeted at those who have Vantage scores ranging from 500 to 600. In reality, most people who get approved have Vantage scores of 560 and above . If you have Vantage scores ranging from 500 to 600 and are looking an unsecured subprime credit card, you will find that most will come with high fees like the Fit Mastercard. I would suggest secured credit cards as an alternative. But if you insist on getting an unsecured credit card, there are alternatives with much lower fees which you should consider (see below).
Arro Mastercard - The Arro Mastercard is a rare unsecured credit card that does not perform any credit checks. Instead, they rely on other factors like income to approve you. You are required to link your bank account to them via PLAID and Arro will approve you based on your bank account balance and cash flow. Hence, if you have an income and positive cash flow, you can get approved even if your credit score is in the 500 area. There is a monthly fee of $3/month (so much lower than Fit Mastercard) and the APR is only 16% (one of the lowest). You may start off with a $50-$200 starting credit limit but it will quickly rise the more you use the card. the maximum credit limit is $2,500.
Upgrade Select Visa - The Upgrade Select Card is another lower fee alternative to the Fit Mastercard. The annual fee is only $36 (much lower than Fit) and the credit limit ranges from $500 to $2,500. You would need a a FICO score of at least 580 to get approved for this card.
Sezzle - Instead of Fit, you might want to consider a Buy Now Pay Later app like Sezzle. There is no hard inquiry, no fees and the APR is 0%. When you make a purchase with Sezzle, you can pay-in-4 at 0% interest rate and they report to all three major credit bureaus. For those looking for an unsecured credit line with no hard inquiry, Sezzle is a good alternative to subprime credit cards.
