The New Millennium Bank Secured Black Diamond Visa®/MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.

Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. Perhaps the best benefit is the free companion airline ticket, which is awarded to cardholders upon approval. The card also offers a referral program that rewards cardholders with up to $50 per approved referral.

Although the APR applied to purchases is high for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. This card also has a no credit check and no turn-down policy.

There is an annual fee of $59, which is slightly above average for a secured card, as well as a one-time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®).

It is important to note that a drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card.

Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Black Diamond Visa®/MasterCard® has to offer.

Card Last Review 2009-04-01

The New Millennium Bank Secured Platinum Visa®/MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.

Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits, including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. Perhaps the best benefit is the free companion airline ticket, which is awarded to cardholders upon approval.

The card offers a free membership to TheWorldsBestTravelClub.com, which offers discounts on a variety of travel services and provides cardholders with a $69 cash rebate on their first condo booking. The card also offers referral program that rewards cardholders with up to $50 per approved referral.

Although the APR applied to purchases is high for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. This card also has a no credit check and no turn-down policy.

There is an annual fee of $59, which is slightly above average for a secured card, as well as a one-time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®).

It is important to note that a drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card.

Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Platinum Visa®/MasterCard® has to offer.

Card Last Review 2009-04-01

The Next Millennium MasterCard®, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past.

This secured card establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months). Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account.

The card has a fixed APR for both purchases and cash advances. The APR is considered high, even for a secured credit card. There is a $59 annual fee that applies for this card. This is in addition to the initial $35 processing fee (for one card) or a $49 fee (for two cards). If a cardholder is applying with a co-applicant, a $10 processing fee will be required. If a cardholder requires rush processing, the fee for that service is $10. There are no monthly activity fees for this card. If you are not approved for this credit card offer, the application fees will be refunded.

The Next Millennium MasterCard® is a good option for people who need to establish credit history with the three major credit bureaus, while earning interest on the amount deposited as collateral on the account.

Card Last Review 2009-04-01

The First Option Visa® Card, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past.

This secured card establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months). Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account.

The card has a fixed APR for both purchases and cash advances. The interest rate is considered high, even for a secured card. There is a $59 annual fee, in addition to an initial $99.95 processing fee that will be drafted once the cardholders identification is verified. There are no monthly activity fees for this card. If you are not approved for this card, the processing fee will be refunded.

The First Option Visa® Card is a great option for people who need to establish credit history with the three major credit bureaus and who want to earn a generous interest rate on their deposits while doing so.

Card Last Review 2009-04-01