Total Visa® Card

Total Visa Card at a Glance

The Total Visa Card is a credit card issued by The Bank of Missouri for applicants who may have difficulty qualifying for traditional credit cards. Approved applicants receive a credit limit between $200 and $500, based on the issuer’s decision.

• Issuer: The Bank of Missouri
• Credit limit: $200, $300, $400 or $500 if approved
• Program fee: $95 paid before the account is opened
• First-year annual fee: $50-$125, depending on the credit limit
• Monthly servicing fee: None during the first year, then $6.25-$10.25 per month
• Purchase APR: 35.99%
• Checking account: Required
• Rewards: 1% back on qualifying payments and up to 10% at select participating merchants
• Credit reporting: Monthly reporting to the three major credit bureaus
• Credit monitoring: Free credit monitoring powered by TransUnion

Finance Globe’s Take

The Total Visa Card provides access to a credit card without requiring a traditional security deposit. It also reports monthly to the three major credit bureaus and includes a rewards program, which is unusual among cards designed for consumers with challenging credit histories.

The primary concern is cost. Approved applicants must pay a $95 program fee before the account is opened. An annual fee is then charged against the credit line, reducing the amount initially available for purchases. Monthly servicing fees also begin after the first year.

The rewards provide some value, but they should not be viewed as offsetting the card’s fees or high APR. The 1% payment reward is redeemed as a statement credit, while the higher merchant rewards are limited to participating merchants and can change.

This card makes the most sense when access to a credit card and monthly bureau reporting are important, the applicant can afford the program fee and the cardholder expects to keep the balance low.

How the Total Visa Credit Limit Works

If approved, the initial credit limit will be between $200 and $500. The annual fee depends on the assigned limit and is charged to the account when it is opened.

• $200 credit limit: $50 first-year annual fee, leaving approximately $150 initially available
• $300 credit limit: $75 first-year annual fee, leaving approximately $225 initially available
• $400 credit limit: $100 first-year annual fee, leaving approximately $300 initially available
• $500 credit limit: $125 first-year annual fee, leaving approximately $375 initially available

The $95 program fee is paid separately before the account is opened. It does not function as a security deposit and does not become part of the available credit.

Optional charges can reduce the available credit further. The currently linked terms list a $29 annual fee for an additional card and a fee of up to $10 for certain premium card designs.

Total Visa Program Fee, Annual Fee and Monthly Fee

The Total Visa Card has several account costs that should be considered together.

• One-time program fee: $95, payable after approval and before the account is opened
• First-year annual fee: $50, $75, $100 or $125, depending on the assigned credit limit
• Annual fee after the first year: $48
• First-year monthly servicing fee: $0
• Monthly servicing fee after the first year: $6.25, $8.25 or $10.25 per month, depending on the credit limit

The combined annual and monthly account fees after the first year are:

• $200 credit limit: $123 per year
• $300 or $400 credit limit: $147 per year
• $500 credit limit: $171 per year

These ongoing fees apply whether or not the cardholder carries a purchase balance. Applicants should consider the account fees in relation to the amount of credit they will actually have available.

APR and Other Transaction Costs

The currently linked terms list a 35.99% APR for purchases and cash advances. The payment due date is at least 21 days after the billing cycle closes. Purchase interest can generally be avoided by paying the entire balance by the due date, subject to the account terms.

Cash advances begin accruing interest when they are posted. The cash-advance transaction fee is waived during the first year. After that, the fee is $10 or 3% of the advance, whichever is greater.

Late-payment and returned-payment fees can each be as high as $41. The terms also allow a credit-limit-increase fee equal to 25% of an accepted increase after the account has been open for at least 12 billing cycles.

How Total Visa Rewards Work

The Total Visa Card currently offers two separate types of rewards.

1% Back on Payments

Cardholders earn rewards points equal to 1% of qualifying payments made toward the account balance. These rewards are not traditional purchase rewards.

• One point is earned for each dollar paid toward the account balance.
• Payments toward the $95 program fee do not earn rewards.
• The account must generally be open for at least six months and in good standing before rewards can be redeemed.
• Rewards are redeemed in 500-point increments.
• Five hundred points provide a $5 statement credit.
• Statement credits do not count toward the required minimum payment.

Rewards at Participating Merchants

The card also advertises rewards of up to 10% on qualifying purchases from select participating merchants. The participating merchants and reward percentages are available through the cardholder’s online account or mobile app.

The 10% rate does not apply to every purchase. Merchant participation, reward percentages and individual offers can change. Purchases from merchants that are not participating do not earn these merchant rewards.

Application and Program-Fee Process

The application requires an active checking account. The issuer may review credit-report information, identity-verification information and other application details when making its decision.

“All credit types are welcome to apply” does not mean approval is guaranteed. Finance Globe does not recommend a particular FICO score or claim that applicants above a specific score have a higher likelihood of approval.

If the application is approved, the applicant must pay the $95 program fee in full before the account is opened. The issuer provides a payment deadline with the approval information. The card cannot be activated or used until the program fee has been processed and the account has been opened.

Does the Total Visa Card Report to the Credit Bureaus?

Yes. Total Visa states that account information is reported monthly to Equifax, Experian and TransUnion. The card also includes free credit monitoring powered by TransUnion.

Monthly reporting provides an opportunity to establish payment history, but it does not guarantee that a credit score will improve. Payment history, balances, credit utilization and other credit-report information can all affect a consumer’s score.

Late payments and other negative account information may also be reported. Cardholders should make at least the minimum payment by the due date and keep the account balance manageable.

Where Can the Total Visa Card Be Used?

The card can be used for eligible purchases in the United States wherever Visa is accepted, subject to available credit and the account restrictions.

The currently linked terms state that the card cannot be used outside the United States, for transactions in a foreign currency, at automated fuel pumps or for gambling transactions. Cardholders purchasing fuel should expect to pay inside rather than at the pump.

Who the Total Visa Card May Be Useful For

The Total Visa Card may be worth considering for someone who:

• Has experienced difficulty qualifying for lower-cost credit cards
• Wants monthly reporting to all three major credit bureaus
• Can pay the $95 program fee before the account is opened
• Understands that the annual fee reduces the initially available credit
• Plans to keep the balance low and make every payment on time
• Can use the card within its U.S. transaction restrictions
• Values an unsecured account more than a refundable secured-card deposit

Important Things to Consider

• A $95 program fee must be paid before the account is opened.
• The annual fee reduces the credit initially available.
• The credit limit may be as low as $200.
• A monthly servicing fee begins after the first year.
• The purchase and cash-advance APR is 35.99%.
• The 1% payment reward is a statement credit, not cash paid directly to the cardholder.
• The advertised reward rate of up to 10% applies only at select participating merchants.
• The card cannot be used outside the United States or at automated fuel pumps.
• A fee may apply when accepting a credit-limit increase.
• The offer is not currently available to New York residents under the linked terms.
• Approval and a particular credit limit are not guaranteed.

Frequently Asked Questions

Is the Total Visa Card a secured credit card?

The card does not require a traditional refundable security deposit. However, approved applicants must pay a separate $95 program fee before the account is opened.

What is the Total Visa credit limit?

Approved applicants receive a credit limit of $200, $300, $400 or $500.

Why is the available credit lower than the credit limit?

The first-year annual fee is charged to the account when it is opened. Depending on the assigned limit, this reduces the initially available credit to approximately $150-$375.

Is the $95 program fee part of the credit limit?

No. The program fee is paid separately before the account is opened. It is not added to the account’s available credit.

Does the Total Visa Card have a monthly fee?

There is no monthly servicing fee during the first year. After that, the fee ranges from $6.25 to $10.25 per month, depending on the credit limit.

Does the Total Visa Card earn cash back?

Yes. The card offers 1% back on qualifying payments and up to 10% on qualifying purchases at select participating merchants. Restrictions and redemption requirements apply.

Does the Total Visa Card report to all three credit bureaus?

Yes. Total Visa states that it reports monthly to Equifax, Experian and TransUnion.

Is a checking account required?

Yes. The current application requires an active checking account.

Can the Total Visa Card be used at a gas pump?

The currently linked terms prohibit transactions at automated fuel pumps. Cardholders may be able to pay for eligible fuel purchases inside the merchant location.

What credit score is needed for the Total Visa Card?

Total Visa does not publish a guaranteed minimum credit score for approval. The issuer may consider credit history, income, identity-verification information and other application details.

Finance Globe’s Bottom Line

The Total Visa Card provides a credit line of up to $500, monthly reporting to the three major credit bureaus, free TransUnion credit monitoring and two forms of cash-back rewards.

The tradeoff is a substantial fee structure. Approved applicants must pay a $95 program fee before opening the account, the annual fee reduces the credit initially available and monthly servicing fees begin after the first year. The 35.99% APR also makes carrying a balance expensive.

This card is best suited to someone who understands the total cost, values access to an unsecured credit card and plans to keep the balance low. Applicants should review the current rates, fees, costs and limitations before applying.