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The Surge® Platinum Mastercard® offers an easy and effective — but expensive — way to rebuild credit. There is no security deposit, which makes it appealing for someone who needs access to credit but may be short on cash at the moment. However, the annual and monthly fees quickly add up and, unlike a security deposit, are not refundable.
If you’ve suffered financial setbacks, have been declined by other credit card issuers and will not carry a balance as you make on-time payments, this could be a useful tool that you use until you’re able to get a better card.
But given that this card is so expensive, you should consider a secured credit card to build credit instead. You may be able to qualify for the Discover it® Secured Credit Card without a credit score and with a $200 refundable deposit. Once your credit score improves and you open a new card, you can close your old account and get your deposit back.
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
|
Surge® Platinum Mastercard® *
|
$75 - $125 | N/A | 35.90% Fixed | ||
Chase Freedom Rise® Credit Card*
|
$0 | 1.5% cash back
| 25.99% Variable | ||
Discover it® Secured Credit Card*
|
$0 | 1% - 2% cash back
| 27.24% Variable APR | ||
Petal® 2 Cash Back, No Fees Visa® Credit Card*
|
$0 | 1% - 10% cash back
| 28.99% - 30.99% |
Low credit scores welcome
The Surge® Platinum Mastercard® credit score threshold is low, which offers users a chance to rebuild credit — or start with no credit history at all. It includes features that aim to help build credit with a credit card to get your finances on the right track. With the option to prequalify, you can see if this card is an option for you without risking the potential adverse effects of a hard pull on your credit report.
→ See the best preapproved credit cards
No security deposit
A key selling point of the Surge® Platinum Mastercard® is that no security deposit is required. Many secured credit cards (but not all) require a deposit of $100 or more, which may be hard to come up with in a pinch.
→ Find the best unsecured credit cards
Up to $1,000 credit limit
Your initial credit limit may range from $300 to as much as $1,000. You’d have to put down a hefty sum of cash to secure this high of a limit with a secured credit card.
→ Discover how to increase your credit limit
Reports to all 3 major credit bureaus
The Surge® Platinum Mastercard® reports your payments to the three major credit bureaus — Equifax, Experian and TransUnion.
This is helpful in the future if you plan to apply for additional credit in the future, like an auto loan or mortgage. You won’t have control over which credit bureau a lender pulls your data from, so you’ll want to make sure your positive payment history is reported in each database.
→ Check your credit score for free with LendingTree Spring
High fees
The main drawback of the Surge® Platinum Mastercard® is that it’s expensive to carry. You’ll pay an annual fee of $75 - $125, depending on your Surge® Platinum Mastercard® credit limit. And, you can’t tell what the fee or credit limit will be until you apply and get accepted.
In addition, the Surge® Platinum Mastercard® charges a $12.50 monthly maintenance fee (waived the first year) for cardholders with a $300 or $500 credit limit. Also, there are one-time fees if you choose a premium card, as well as another fee for getting an additional card.
You’re stuck paying these fees the life of the account, which means you’ll likely have to close the card once you move on to better cards (which could lower your credit score). You can find many cards for building credit that offer minimal or no fees, especially secured credit cards, like the Discover it® Secured Credit Card.
Three-year cost of Surge® Platinum Mastercard®
| Annual fee | Monthly fee | Total cost | |
|---|---|---|---|
| Year 1 $300 credit limit | $75 | $0 | $75 |
| Year 2 $500 credit limit | $125 | $12.50 ($150/year) | $275 |
| Year 3 $1,000 credit limit | $125 | $0 | $125 |
| Cost over 3 years | $475 |
High APR
With a 35.90% fixed APR, this is a card that you do not want to carry a balance on. It’s considerably higher than the average credit card interest rate in America. Make sure to use the card to charge only items for which you know you can repay by the due date.
No rewards program
Another element of a great credit card that is missing here: rewards. The Surge® Platinum Mastercard® doesn’t offer a rewards program. Some credit-building cards that do offer cash back rewards on every purchase are the Chase Freedom Rise® Credit Card and the Discover it® Secured Credit Card.
While it’s recommended for good / excellent credit, you can boost your approval odds by having at least $250 in a Chase checking or savings account. If approved, you can use the money as you like; it’s not held like a security deposit.
Chase will review your account after six months for a potential credit line increase, and you can use Chase Credit Journey to track your credit and get tips on how to improve your credit score.
Discover also offers guaranteed account reviews starting at seven months to see if you can transition to an unsecured card and have your deposit refunded. Also, there’s no penalty APR, no late fee the first time you make a late payment or other hidden fees to worry about.
You might qualify for a high credit limit — $300 to $10,000 — without a security deposit. This is unusual for an unsecured credit card that doesn’t require a credit score. You’ll also earn earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants.
If you can’t qualify for other cards, the Surge® Platinum Mastercard® might be the right card for you. Since it reports to the three major credit bureaus, it can help you build credit and could work as a stepping stone to better cards from other issuers.
However, it has high fees (and lack of transparency on how high of a fee you’ll get) and an uncertain rewards program. Plus, there is no clear card you can graduate to.
You can find no-annual-fee credit cards for beginners, like the Chase Freedom Rise® Credit Card. Or, if you’re rebuilding bad credit, a secured card like the Discover it® Secured Credit Card may be the more cost-effective option in the long run.
We rate credit-building cards on how they help you build credit and how much they help you save in the process:
The information related to the Surge® Platinum Mastercard® , Discover it® Secured Credit Card, Chase Freedom Rise® Credit Card and Petal® 2 Cash Back, No Fees Visa® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
