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Tribute Credit Card Review

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By jasonhelms


With so many credit card companies out there, there are literally thousands of cards to choose from. So can be hard to make an informed decision about which card you should choose. That is why it is necessary to research popular credit cards at length and see what their terms are. Then you will have something to go by when you choose your own credit card.

Tribute is a popular name in the credit card industry for those that bad credit. They offer a MasterCard Gold card which is one of their most popular unsecured credit cards available which can actually help to rebuild your credit score.

The initial credit limit for the tribute credit card is $300. Be aware that like most unsecured credit cards that people get when they have bad credit, tribute gold card comes with hefty fees. The annual fee for the card $150 and there is also a monthly fee of $9.95. That means a total yearly fee for this card is almost $300. Also the interest rate is rather high at 24.5%. You do have a grace period though of 25 days.

The Downside Of The Tribute Gold Card


Because of all the high fees of this card some people are not happy with it. But do not think that this card is worthless just because some don't agree with its practices. Getting a normal credit card with bad credit is difficult and more often than not you'll get many more applications denied than approved. So when a company offers a credit card targeted specifically for those with bad credit usually a good idea to accept the offer. The reason the fees are so high in the types of cards is that the credit card companies have to offset their liability by charging more.

There is one thing that the bad reviewers have right about this card. Tribute is not exactly upfront when they say you have a $300 line of credit. Because when you get the card they charge you the hundred and fifty dollar annual fee onto your line of credit. They also charge your monthly fee onto it. What you actually end up with is a $78 line of credit. So when you get the card don't automatically go out and spend the $300 limit or you will be quickly over the actual $78 limit. After you end up paying the initial annual fee you do get the full $300 though.

Tribute credit card is not that much different from most other unsecured credit cards.  Many of them share of problems of this card.  In general you would probably be better off with a secured credit card.  With a secured credit card usually only have a first-year fee and no monthly fee.  Also the interest rate is usually at a lower.  With no annual fee and no monthly fee you actually end up saving more than $1000 within five years.  Of course none of this matters if you're credit is bad enough that you are considering a tribute unsecured credit card.

Conclusion

In conclusion, the Tribute MasterCard gold credit card is really only for those who are desperately in need of a credit card and a way to restore their credit. If you make your payments on time consider the annual fees like payments towards getting better credit. On the other hand if your credit score is of at least 500 or higher you're much better off getting a secured credit card which is cheaper and has vastly lower fees. It will also increase your credit score faster than a unsecured credit card could do.

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Kouakouvi C. AKAKPO  says:
4 months ago

Will like to paid a bill online.

Dale  says:
3 months ago

In the event that you have a Tribute Master Card, don't worry about it. All Tribute Gold Master Cards have been cancelled by First Bank of Delaware and all accounts closed with no notice. I only learned this by calling customer service to find out why my credit limit had been reduced to zero after more than two years of an excellent payment history during which I used my card extensively, but responsibly, virtually always paying above the minimum payment. If you want some information on First Bank of Delaware, check out their stock price. They are going down the tubes, and with that kind of treatment of their customers, good riddance I say.

Patty  says:
3 months ago

I have had this card for the past 2 1/2 years and was late once in late 2008 by 2 days. Instead of paying the minimum due I paid a whopping $400.00 + a $14.95 phone processing fee. Since this company was willing to extend credit to me I pledged from day one that I would always pay off my entire balance or most of it, so for me the minimum payment due was always non existant. Days later I decided to call up Tribute and check on my balance only to hear that my last payment was received but that I had no available credit. I immediately got a live CS rep on the line who as usual was well scripted with a phony English accent. It is quite evident this company outsources their call center services outside the U.S. The rep could not give me a definitive answer as to why my card was terminated and hence I requested to speak to a manager. I was advised a manager would return my call in 24 hours. Probably the time it would take to field the information back to corporate in the U.S. When I finally heard from a manager, my account was reviewed and my card was reinstated. Now a year later my payment was just due a week ago and I paid on time and paid as usual, a large amount on my account. $200.00 to be exact + $14.95 phone processing fee. Just after Labor Day I called to check on my balance and was advised through the automated system that I had no available credit. A CS rep then advised that the entire Tribute program was terminated only a day ago and notices mailed the same day. No prior notification whatsoever that this was going to be the case and the only excuse is that this was a business decision. This is not good business practice and it leaves me to wonder if this company is all out for themselves. Strive on those who pay late so they can make their money off late fees, penalties etc. With the economy the way it is, maybe too many people like myself have been paying on time and making the highest payment possible to maintain a good credit record. Obviously, this in all it's irony does not benefit Tribute.

BEWARE!

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