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FEATURED CREDIT CARDS

Mission Lane Visa® Credit Card

Mission Lane Visa<sup>®</sup> Credit Card
  • No Annual Fee
  • Fair Credit
  • Enjoy coverage from Visa®.
    *See Card Terms

Indigo® Mastercard® - $1,000 Credit Limit

Indigo<sup>®</sup> Mastercard<sup>®</sup> - $1,000 Credit Limit
  • Get the credit limit you deserve—$1,000 guaranteed if approved
    Rates & Fees

Milestone® Mastercard®

Destiny Mastercard
  • $700 Credit Limit
  • No security deposit
  • Less than perfect credit is ok
    Rates & Fees

The Perpay™ Credit Card : Objective Review

The Perpay™ Credit Card is an unsecured card designed for individuals with bad or no credit history. It is a FinTech product issued by Celtic Bank that links directly to your payroll to manage payments, aiming to build credit with automatic transfers from your paycheck. Perpay also offers a separate, fee-free "Marketplace" product that functions like a catalog card (a closed-loop system), which is a different product than this general-purpose credit card.

How the Perpay™ Credit Card Works

The Perpay™ Credit Card is a legitimate Mastercard product that can be used anywhere Mastercard is accepted, and operates on an automatic payment schedule linked to your payroll.

  • No FICO® Credit Check: Applying for a Perpay™ account will not affect your FICO® or Vantage® score. However, Perpay™ may obtain information from alternative credit bureaus like Clarity Services, Inc., which could affect your credit profile with them.

  • Payroll Direct Deposit Required: To access the card and keep the account active, you must establish and maintain a payroll direct deposit relationship with Perpay™.

  • Variable APR: The card currently has a variable Annual Percentage Rate (APR) for purchases of 27.99%, which can change with the market Prime Rate.

  • Grace Period: Your due date is at least 23 days after the close of each billing cycle, allowing you to avoid interest on new purchases if you pay the entire balance by the due date each month.

  • Credit Building: Perpay™ reports your payment activity and credit line to Experian, TransUnion, and Equifax, which is essential for building a comprehensive credit history.

  • Credit Limit Increase: You can be automatically considered for a higher credit line in as few as 3 months with positive payment history.

    • The Pros and Cons: A Transparent Look

    Here is a straightforward summary of the pros and cons of choosing the Perpay™ Credit Card:

    Pros:

  • No FICO® Credit Check: The application process does not harm your primary FICO® or Vantage® score.

  • Build Credit Safely: Automated payments via direct deposit ensure consistent, on-time payment history.

  • Earns Rewards: Earns 2% back on all payments made towards the balance, in the form of Perpay™ Marketplace credits.

  • Marketplace Access: Cardholders also unlock up to a $1,000 spending limit for use in the Perpay™ Marketplace.

  • Accessibility: Approval is based on income and employment (W-2, SSI, VA benefits accepted), making it accessible to those with bad or no credit.

  • Widely Accepted: The card operates on the Mastercard network and can be used anywhere Mastercard is accepted, including internationally (subject to fees).

  • Rewards Do Not Expire: Rewards points have no expiration date as long as the account is open and in good standing.

    • Cons (The Hard Truth) :

  • Mandatory Direct Deposit: Requires you to redirect a portion of your paycheck to Perpay™, reducing flexibility in your primary banking setup.

  • Monthly Service Fee: The card has a $0 Annual Fee, but charges a monthly account service fee of $9.00 per month (totaling $108 annually). A one-time $9 Account Opening Fee also applies.

  • High APR: The APR of 27.99% is high, and interest starts accruing on purchases immediately unless the full balance is paid by the due date each month.

  • Mandatory Arbitration and Waiver: The agreement includes a mandatory arbitration clause and a waiver of class action and jury trial rights, which significantly impacts your legal rights in a dispute.

  • Penalty and Transaction Fees: A foreign transaction fee of 3% applies. Penalty fees of up to $24.00 apply for late or returned payments.

  • Alternative Bureau Check: Perpay checks alternative credit bureaus (like Clarity Services, Inc.), which may impact that specific profile.

  • Mixed Customer Service Reviews: User reviews online frequently report significant issues with customer support, communication gaps, and difficulty managing accounts.

  • No Cash Advances/Balance Transfers: The account is not eligible for cash advances or balance transfers.

  • Rewards Have No Cash Value: Rewards can only be redeemed for purchases in the Perpay™ marketplace and cannot be cashed out or transferred.

    • Who is this card best for?

    The Perpay™ Credit Card is designed for specific users who can meet its unique requirements:

  • W-2 Employees and Benefit Recipients: You must be a full-time employee or receive eligible government benefits with a direct deposit payroll system to qualify.

  • Individuals Needing Discipline: The automatic payment deduction is ideal for those who struggle to manually make payments on time.

  • Users Willing to Pay for Convenience: This card is for those who value the safety and convenience of a no-hard-credit-check, automated credit builder and are willing to pay the monthly fee and high APR for that service.

    • Final Verdict

    The Perpay™ Credit Card is a legitimate and innovative tool for building credit that prioritizes safety over flexibility. It bypasses traditional credit checks using a forced savings/automated payment model linked to your paycheck. While the monthly fee and high APR are notable drawbacks, its reporting to all three bureaus and guaranteed on-time reporting make it a viable, albeit expensive, option for disciplined individuals who need a structured path to a better credit score.







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    Experian Boost: A Comprehensive Guide to Boosting Your Free Credit Score

    FICO® Credit Scores

    A FICO® Score is a specific, proprietary type of credit score created by the Fair Isaac Corporation (FICO). It is the most widely used credit scoring model, with approximately 90% of top U.S. lenders using a FICO® Score to make lending decisions.

    FICO® Score Ranges:

    • Exceptional: 800–850
    • Very Good: 740–799
    • Good: 670–739
    • Fair: 580–669
    • Poor: 300–579
    While many people (and credit education websites) use "Excellent" and "Bad" as general, descriptive terms, FICO® officially categorizes its score ranges as Poor, Fair, Good, Very Good, and Exceptional.

    What is a Credit Score?

    A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.

    Why is a Credit Score Important?
    A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.

    FICO® Credit Score Facts

    Key Characteristics of FICO® Scores

    • Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.

    • Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.

    • Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.

    • Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.

    Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.


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