This card offers a line of credit for those looking to build their credit while making low monthly payments.
We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.The Fingerhut FreshStart Credit Account is a line of credit that can be used to purchase items at the Fingerhut online store. This type of account is good for those looking to build or patch up their credit. You can use your Fingerhut FreshStart Credit Account to purchase the best name brands while making low payments with no annual fee and no overlimit fees.
While you’re limited to buying items in the Fingerhut online store, the low payments can be really nice. It’s not like layaway, so you can get your items right away. You’re also more likely to be approved for this type of account, even if your credit is less than stellar.
|Product Name||Fingerhut FreshStart® credit account|
|APR for Purchases ( Purchase Rate )||26.15% variable|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 24 days|
|Returned Payment Fee||$38|
|Minimum Credit Score||Poor (Below 660)|
|Minimum Age||18 years of age|
|Returned Payment Fee||$38|
|Late Payment Fee||$38.00|
- No annual fee. Many accounts like this one charge a monthly or an annual fee, but you don’t have to worry about that here.
- Lower credit score. If your credit has seen better days, it’s likely that you may still be approved for a Fingerhut FreshStart Credit Account.
- Low monthly payments. Depending on what you buy, you could be making payments as low as $6.99.
- Good customers are rewarded. For individuals who pay on time and keep their account in good standing, the Fingerhut company will often increase the credit line and you could qualify for the Fingerhut Advantage Revolving Credit Account.
- Immediate access. As soon as you are approved, you can begin using your account.
The nuts and bolts
What can you expect as far as features are concerned? Fingerhut FreshStart Credit Account offers the following:
- No Annual fee. No need to pay an annual fee to have access to your account.
- Interest-free days. The due date of your account will be at least 24 days after each billing cycle’s end. If you pay the account’s closing balance in full by the due date you don’t have to pay any interest on purchases.
- Late and returned payment fees. You may have to pay up to $38.00 for late and returned payments depending on the state of your residence.
- Higher prices. Because you will be making payments with interest on purchases, in many cases you will pay a higher price than at a traditional retailer. You can of course avoid the interest by paying the purchases in full at the end of each billing cycle.
- Access is limited to Fingerhut. Your credit line is only able to be used within the Fingerhut online catalog.
- Payment options. Much like other credit accounts, payments can be made by mail, through the Fingerhut website, electronically from your checking or savings account, or automated by phone.
- Interest rate. The APR is around 26.15% variable, but the rate fluctuates with the Prime Rate. The APR may vary and may increase.
- Interest charges. To avoid paying interest, you can pay off your balance at the start of each month. Interest charges, however, will always be at least $1, should you decide to leave a balance. They are calculated by multiplying the daily average balance times the monthly periodic rate.
How to apply for the Fingerhut Credit Account
Always consider your options and your financial situation before you apply for a credit card.
- You’re at least 18 years old
- You must have a valid Social Security number
- The minimum required credit is not stated, but those with very low credit may not be eligible
- Your name and your current residential address
- Your phone number and email address
- Your date of birth and Social Security number
- Amount of available income
If you’re looking to get items right away while making low monthly payments, the Fingerhut Credit Account could be an asset for you. Their selection is better than many others that offer similar services, and the added benefit of no annual fee is nice. As with any credit card or line of credit, read the fine print and compare your options before you make a choice.