Surge Mastercard® Secured Credit Card review

12 March 2018

Rebuild your credit with this card that features high approval rates and reports to all three credit bureaus.

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With high approval rates and reporting to all three credit bureaus, the Surge Mastercard Credit Card is designed to help customers with poor credit scores build or rebuild their credit. Secured, partially secured and unsecured options are available depending on your credit score at the time of application.

The basics

The Surge Mastercard Credit Card features high approval rates and reporting to all three credit bureaus, making it a great way to start building or rebuilding credit. Qualified applicants may be eligible for the unsecured or partially secured versions, but will otherwise be approved for the fully secured version. Credit limits range from $50 to $500, providing a bit of flexibility to your spending habits.

Unfortunately, there are a handful of downsides to this card as well. The first year annual fee is a whopping $125, decreasing to $96 for the second year but adding $10 monthly maintenance fees. The card also has a 29.99% variable APR, so if you do decide to go with this option, avoid holding a balance at all costs.

What’s great about this card?

The card has high approval rates and flexible credit limits, making it a great starter card if you have limited or poor credit. There is an unsecured option which may work for people who can’t put down a deposit for a secured card and have been denied for other unsecured cards. However, eligibility for the unsecured option is unclear, although some people have reported that it is obtainable despite very low FICO scores.

Payments are due after a 25-day grace period following the end of each billing cycle. Just make sure you pay on time since the APR and late fees are extremely high. This card is great for those who have been rejected by other cards and need a starting point before moving on to a less expensive card with better benefits.

What to watch out for

Unfortunately, there are a few things you should watch out for if you decide to go with this card.

• High APR. This card has a 29.99% variable APR, which is much higher than many other secured card options.
• High annual and late fees. Many secured cards don’t have annual fees, or they at least have low transaction fees to compensate. This card has both a high annual fee and monthly maintenance fee starting the second year. Late and returned payment fees are also much higher than other secured cards.
• No signup bonus or rewards program. Some secured cards offer a rewards program or signup bonus, but not this one.
• No interest on deposit. If you choose the secured or partially secured options, be aware that you will not earn interest on your deposit.
• First year fee charged up front. The $125 annual fee will be charged immediately upon approval and will be deducted from your credit limit. For example, if you start with a $500 limit, that drops to $375 for the first month when you consider the upfront annual fee.

How to apply for the Surge Mastercard Credit Card

Applying for the Surge card is easy, approval is quick and your chances of approval are high. Your application can be completed online or by phone.

Apply online

1. Visit the credit card page on the Surge Mastercard website and click Start your application.
2. Complete the application form with your personal and housing info, then click Continue Your Application.
3. Fill in your date of birth, Social Security number and financial information, answer the three questions and then click Continue Your Application.
4. Agree to the terms of service and e-signature, then click Submit.

Apply by phone

If you’d rather apply by phone, you can do so by calling the Surge customer service team at 866-449-4514. They are available Monday through Friday from 7 a.m. to 10 p.m., and Saturday from 9 a.m. to 1 p.m. If you decide to go this route, make sure you have your personal and financial information on hand, including:

• Personal info, date of birth, and Social Security number
• Housing info
• Financial/income info
• Employment info

How likely is my approval?

Since this card is made for beginners or anyone rebuilding credit, approval rates are very high.

How long will it take to be approved?

Approval is almost immediate, and you can expect to get the card within 10 days. If you see the deposit taken from your account, chances are the card is on its way.

I got the card. Now what?

Now that you’ve been approved, it’s time to start using your card. Here’s how to take advantage of your new Surge Mastercard Credit Card.

• Activate your card. Once it arrives, activate your card by calling the customer service line on the card.
• Make timely payments. Mail in your payment or pay through your online account. And you’ll avoid interest on your purchases by paying your balance in full.
• Set up autopay. Avoid unnecessary fees and interest by setting up automatic withdrawals for your monthly payments.
• Customer service. Support is available by phone or secure email through your online account.

What do customers say?

Continental Finance is not rated on TrustPilot, but they are BBB-accredited since 2017, boasting an A+ rating. Customer complaints mention trouble accessing deposits through their online services, along with a general lack of communication. Many others mention undisclosed fees and trouble having them removed, so be wary.

The card doesn’t have a great reputation online. Many of the issues associated with the bank also carry over to the card, leading to multiple complaints regarding delays, rejections after they were already approved among others.

Bottom line

This card could be a last resort if you can’t get approved for any other secured card. While approval rates are high, there are plenty of other secured cards with much lower fees and better benefits that are just as easy to qualify for.

However, if you can’t get approved for other cards, this card is a good stepping stone as you work towards a more affordable card.

Frequently asked questions about Surge

• Can I allow another family member to use my credit card?

  Yes. You can add friends or family members as authorized users for your card when you apply — for a fee of $30.

• Is this the same Surge Card issued by Celtic Bank?

  Yes, it’s the same card. Continental Finance bought Celtic Bank, so the card is the same, just the issuer has changed.

• Where can I mail a payment in order to fund my security deposit?

  You can send any security deposit via regular mail to the address shown on the Contact Us page:

  Surge Card
  P.O. Box 31292
  Tampa, FL 33631-3292

  Make sure to include your reference number on your check.

• What is Credit Protection and what benefits does Credit Protection offer?

  Credit Protection is an optional debt cancellation program offered with your credit card account. In the event of job loss or disability, the Credit Protection Program covers up to 12 continuous minimum monthly payments for the primary cardholder plus one minimum monthly payment for hospitalization and cancels the full balance in the event of death.

  The monthly program charge is billed to your account and will be shown on your monthly billing statement. The charge is based on your outstanding balance multiplied by $0.99 per $100 of outstanding balance. As an example, if your balance is $200, your Credit Protection fee billed that month would be $1.98. And if your balance is less than $100, for example $70, the Credit Protection fee billed that month would be $0.69.