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If you have little or poor credit, this card has easy-to-meet eligibility criteria — with no fees or credit check required.
As a primor® Secured Mastercard Gold cardholder you can enjoy a credit line from $200 to $5,000. The amount you deposit for your security deposit becomes your credit limit.
The application process is quick and easy, and you don’t have to worry about processing or application fees. In fact, the application can be completed in minutes, with no required credit check.
Once you apply, Berkshire Bank will process your information to see if you qualify. All you have to do is open an FDIC–insured savings deposit account.
| Product Name | primor® Secured Mastercard Gold Card |
|---|---|
| APR for Purchases ( Purchase Rate ) | 9.99% variable |
| Annual fee | $49 |
| Cash Advance Rate | 18.99% variable |
| Card Type | MasterCard |
| 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 25 days |
| Returned Payment Fee | $29 |
| Minimum Interest | $1 |
| Minimum Income | at least $100 higher than your monthly expenses |
|---|---|
| Minimum Age | 18 years of age |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $200 |
| Max credit limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $5,000 |
| Annual fee | $49 |
|---|---|
| Returned Payment Fee | $29 |
| Late Payment Fee | $29 |
| Cash Advance Fee | 5 or 5% of the transaction amount (whichever is more) |
| Additional Cardholder Fee | $29 |
Pros
- Allows you to build credit.
- Easy application.
- Fixed interest.
- Guaranteed approval.
Cons
- Fees.
- Cash advance interest.
- No smart chip technology.
- Variable credit limit.
Product details
- Product name. The primor® Secured Mastercard Gold Card
- Annual fee. $49 per year
- Purchase APR. 9.99% variable fixed
- Cash advance APR. 18.99% variable
- Penalty APR. No penalty rate; you also get a 25-day grace period.
- Foreign transaction fee. 3% of each transaction in U.S. dollars
- Minimum interest charge. $1
- Maximum credit limit. Limit is equal to the amount of your deposit — from $200 to $5,000. With Berkshire Bank’s approval, you can increase your credit limit by making additional $50 deposits.
- Card upgrade fee. Up to $49
- Cash advance fee. 5 or 5% of the transaction amount (whichever is more)
- Penalty fees. Up to $29 for late and returned payments and $10 for expedited phone payments
- Additional card fee. $29
- Replacement card fee. $29.00
What are the benefits of the primor Secured Mastercard Gold Card?
- Allows you to build credit. The card reports to all three nationwide credit bureaus, so you can build credit as you use the card.
- Easy application. Complete the application in minutes, with no application fees and no credit check.
- Fixed interest. Pay 9.99% variable interest rate on purchases with no penalty rate.
- No minimum credit score. People with all credit types are welcome to apply.
What to watch out for
- Fees. If approved for the card, you can expect a $49 annual fee. There are a few other fees to watch out for, like penalty fees and a replacement card fee.
- Cash advance interest. APR for cash advances is 18.99% variable and begin immediately.
- No smart chip technology. primor doesn’t include this security standard.
- Variable credit limit. Depending on the amount of your account security deposit, you’ll end up with a $200 to $5,000 credit limit. You can increase your limit in $50 increments, but you’re subject to a $49 credit limit increase fee. To avoid this fee, deposit the credit limit amount you’ll need up front.
Am I eligible?
*Approval Requirements
- You are at least 18 years old (19 in Alabama and Nebraska; 21 in Mississippi).
- You have no more than one open credit card with Berkshire Bank.
- If you have an open credit card with Berkshire Bank, are current with the card’s payments and not over your credit limit.
- If you have had a credit card with Berkshire Bank, your account has never been charged off.
- Your monthly income is at least $100 higher than your monthly expenses
What information do I need to apply?
You’ll need the following information to apply:
- Your full name and contact information
- Your email address
- The length of time you’ve lived at your current address
- An active checking account
- Your birthdate and Social Security number
- Proof of income
- A deposit that will become your credit line
You may also need to provide government-issued ID, like a driver’s license.
How to apply for the primor Secured Mastercard Gold Card
- Go to the Berkshire Bank website and find the primor Secured Mastercard Gold Card landing page.
- Enter your personal and contact information through Step 1 at the right of the page. Once you’ve entered your information, go to Step 2.
- Enter your Social Security number, income and personal information.
- After you apply, Berkshire Bank will contact you with a decision.
I got the credit card! Now what?
Enjoy a variety of features that come with your primor Secured Mastercard Gold Card, including a 9.99% variable APR on all purchases. The card also reports to the three major credit bureaus to help you build credit.
- How to make payments. Berkshire Bank states that all payments are credited promptly. You can pay through the website, digitally and with the card at places that accept Mastercard.
- How to avoid interest. To avoid interest charges, pay your minimum payments on time or your balance in full. If you make payments in increments, make at least the minimum payment by the due date each month. The payment due date will be on the same day every month.
If you’re looking to build your credit, the primor Secured Mastercard Credit Card could be a good solution for your situation. Just be sure to check out other similar credit cards.
FAQs
Can I use this card for balance transfers?
No, the card doesn’t allow for balance transfers.
Can I increase my credit?
Yes. To increase your credit limit, you’ll need to add funds in $50 increments to your security deposit. However, will also have to pay a $49 credit line increase fee.
Is there a minimum credit score required for approval?
The application process does not a require a credit check. You can be approved with bad, limited or no credit history. Regardless of your credit history, your APR is a fixed 9.99% variable.
Does the primor Secured Mastercard Gold Card offer rewards points?
The card does not offer a reward or cash-back program. Instead, it’s a simple card to help cardholders build credit.
To get a card, will I need a savings account?
Yes, you will need to open a personal savings deposit account to secure a credit line.
