The Millennium Advantage Pre-Paid MasterCard®, issued by New Millennium Bank, is a stored value card designed for those who may have difficulty in obtaining an unsecured credit card.
This card requires the cardholder to make payments in advance, which are then used to offset future purchases made with the card. The card can be loaded by account-to-account transfers via the Internet, through payments sent by mail, or at load stations from authorized load partners. There is a $1 fee charged for every reload.
There are other fees associated with this card as well, including an activation fee of $99.00 and a monthly participation fee of $5.95 ($71.40 annually). In the first year alone, a cardholder can expect to pay a minimum total of $170.40 in fees.
It is important to note this card does not report cardholder transactions to credit bureaus, which may be considered a major drawback for those who are trying to establish credit.
Therefore, those who are looking for a stored value card and do not need to build credit may find the Millennium Advantage Pre-Paid MasterCard® to be a suitable option.
Review Date: September 02, 2008
Note: The review on this card was updated on September 02, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.
Intro Rate (Intro APR):
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No Introductory Rate Available |
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Annual Fee:
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$0 |
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Cash Advance Fee:
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$1.95 for ATM transactions |
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Application Fee:
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$99 |
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Participation Fee:
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$71.40 ($5.95 monthly) |
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Reload Fee:
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$1.00 |
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InActive Fee:
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$3.00 Monthly (after 60 days of inactivity) |
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Total First Year Fees:
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$170.40 |
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Maximum Credit Limit:
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$2,500 |
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Minimum Deposit:
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$10 |
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Maximum Deposit:
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$1,100 |
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Most Attractive Feature(s):
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| No credit checks. |
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Least Attractive Feature(s):
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| Activation fee; monthly participation fee; does not help to establish a credit history. |
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Additional Features:
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Various Internet account related services.
See website for additional benefits. |
| There is a bill payment fee of $0.75 per transaction for any bill payments made online or by phone. There is a $.75 fee for each ATM inquiry or ATM inquiry decline. There is a $.50 automated voice response fee each time cardholders call 1-877-868-0849 to check the card balance. There is a call center fee of $1 per minute each time cardholders speak with a customer service representative. There is a $9.95 card replacement fee if a card is reported lost or stolen. See website for complete terms and conditions of card usage and application disclosure. |
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