Imagine Gold MasterCard®
Issued by First Bank of Delaware

Review

The Imagine Gold MasterCard®, issued by First Bank of Delaware, is a credit card designed for those with poor credit who would like to have their account reported to the major credit bureaus.

The main benefit of this unsecured credit card is that it reports to three major credit bureaus. This is a rare opportunity for those with poor credit who would otherwise only qualify for secured or prepaid cards, which often do not report to credit bureaus or charge fees to report to credit bureaus.

However, there are several fees in order to open and maintain this account. There is an annual fee of $150, and there is a $9.95 maintenance fee that will apply in each month in which the cardholder carries a principal balance after they use their card. It also charges a one-time processing fee of $4.95. This means that the total amount in fees that a cardholder can expect to pay in the first year will be $274.35, if the cardholder chooses to carry a balance on a monthly basis.

This card does have an above average interest rate for purchases, and the rate for cash advances is high, but those cardholders who can pay their monthly balances in full will be able to avoid these high rates as well as the monthly maintenance fee while still taking advantage of this card.

It is important to note that there are minimum caps for all transactions, so no matter how low the Prime Rate falls (the APRs are tied to the Prime Rate), the interest rates will not go below the minimum caps.

Therefore, those who can pay their balances in full, do not mind paying the various fees, and would prefer an unsecured credit card may find the Imagine Gold MasterCard® to be beneficial.

Most Attractive Feature(s): Reports to three credit bureaus; no security deposit required.

Least Attractive Feature(s): Annual and monthly fees.

Additional Perks

See website for additional benefits.

Important Notations

***After the cardholder uses their card, there will be a $9.95 account maintenance fee for each month in which the cardholder carries a principal balance.
This card reports to 3 credit bureaus.
The minimum APR for purchases is 19.5%.
The minimum APR for cash advances is 25.5%.
This offer is not valid for non-U.S. residents or residents of Iowa, Wisconsin, New York, West Virginia, Puerto Rico or other U.S. territories.
See website for complete terms and conditions of card usage and application disclosure.
 

Note: The review on this card was updated on 4/20/2007. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.