Rebuild or establish your credit rating while taking advantage of the convenience of secured credit cards through New Millennium Bank. Located in New Brunswick, NJ, New Millennium Bank provides secured Visa® and MasterCard® credit cards and reports to the three major credit bureaus. New Millennium’s cards are accepted in all the places as standard credit cards but have a higher approval rating due to the fact they are secured. Applicants must be at least 18 years of age and have a verifiable address and Social Security number.
The Millennium Bank cards offer up to $100,000 in travel accident insurance and insurance for car rentals. Upon approval, applicants receive a free airline companion ticket. Extended warranty coverage is included for all purchases made with the cards. Interest is immediately assessed on all purchases (19.5% APR) and there is an annual fee of $59. The processing fee is $69.95. If there is a co-applicant, an additional fee of $12.95 is charged. A minimum deposit of $300 is required and the maximum allowed is $5,000.
There are three secured cards: Black Diamond, Secured Platinum and Gold.
Black Diamond Visa/MasterCard
Your security deposit will earn interest with this card. For the first three months, cardholders will earn 6.0% interest on security deposits. Thereafter the interest rate drops to 2.0%. Rates may change at any time.
Secured Platinum Visa/MasterCard
Cardholders receive a membership in The World’s Best Travel Club (online club). Cardholders receive discounts on travel-related services of up to 50-70%.
Gold Visa/MasterCard
With a tightening economy, some businesses are not accepting as many types of credit cards. If your favorite stores are among those, the Gold is perfect for you. For an extra monthly fee you can obtain both a MasterCard and a Visa. The processing fee is $99.95 instead of the normal rate. After approval cardholders receive a bonus $5,000 credit from eClub USA. Use the bonus to finance vacations, tvs, computers and more. All secured deposits are insured by the Federal Deposit Insurance Corporation (FDIC).
Advantage Prepaid MasterCard
The prepaid MasterCard can be used at more than 900,000 ATMs and there is no minimum balance required. The downside is prepaid cards are not reported to the credit bureaus. On prepaid cards, you load the amount you wish to spend in advance. Cards can be loaded by transfers from your financial institution, check or money order via mail or at authorized prepaid retailers. Retailers will charge $1 per reload.
Fees for this card are as follows:
| Activation: | $99.00 |
| Monthly Fee: | $5.95 |
| Bill Pay (online/phone) | $.75 |
| ATM Inquiry/Decline | $.75 |
| ATM Transactions | $1.95 |
| Check card balance | $.50 |
| Customer Service Rep (per minute) | $1.00 |
If your MasterCard is lost or stolen, there is a $9.95 replacement fee.