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Next Millennium MasterCard® Review
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Written by: freshstart on 2009-06-07

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freshstart's review: Callout Comment Since no one else has given a review on this one I figured I would in case some one is giving this card consideration.  These cards come wrapped in several different packages... Next Milennium, New Milennium... All issewed by New Milennium Bank.  I applied and received this card about 6 months before finding this forum. I applied for it after being turned down by B of A and before I knew of Orchard's secured card, which is far better than this one based on the terms. I would say, as with any of the cards for people with poor credit, you have to weigh the pros and cons and do what works for you...

Pros... There is no credit check, thus no new inquiry and basically guaranteed approval. Their online system is easy to use and they have free online bill pay which allows you to debit your checking account electronically. If made by a certain time the payment is credited as of that day, although I believe it takes about 7 days before those funds are reflected in your available credit.  You can only make one payment every 7 days I believe and you can only make the payment for up to your current posted balance, not for pending transactions. They report to all three major credit bureaus right away. I had a credit monitoring service, and as soon as my application was processed I got notifications that they were reporting.

Cons... The fees are pretty steep for account set up... I believe it was $79 application fee and $59 annual fee with you pay up front. The interest rate is high for a secured card...19.99%...(that was not a major factor for me because I use the card and make payment for my purchase as soon as it post to my account.) There is no grace period for payments.

All and all, its not a card I'd recommend for my friends, but since I already have it and it is serving its purpose for me so I'm not getting rid of it just yet (I know that sounds so hypocritical). I'll probably consider closing it just before the end of my first year to avoid the next annual fee.

1 Comment

Comment 1 by b_lookout
New SCAM!! User Icon on 2010-01-04

Remarks Http://www.complaintsboard.com/complaints/next-millenium-credit-card-c105947.html? Sort=datea&page=1
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