Supercharge Your Finances with the Super+ Credit Card (but Read the Fine Print)
The Super+ credit card might be an interesting option if you’re looking to build credit or are locked out of traditional credit cards due to low credit scores. It’s not your standard credit card, though, and there are some key things to consider before signing up.
|
|
Intro Rate: See website for Details* – Intro (Purchases): See website for Details* – Transfers: See website for Details* – Intro (Balance Transfers): See website for Details* – Intro APR Period: See website for Details* – Purchase APR Rate: See website for Details* – Annual Fee: See website for Details* – Credit Needed: Average/Fair/Limited/Poor/Good/Excellent | |
Here’s the gist:
- It’s a secured card disguised as a membership program: Technically, the “Super Card” is a secured credit card, but you can’t apply for it directly. Instead, you need to sign up for the Super+ membership program, which costs $15 a month.
- Build credit while you spend: The Super Card reports your spending activity to credit bureaus, which can help you build credit over time. This is a major perk, especially if you’re rebuilding credit.
- Rewards with limitations: You can earn cashback rewards on purchases, but the rates and categories can vary. Be sure to understand the details before swiping.
- No hidden fees, but a monthly cost: The Super Card itself doesn’t have an annual fee, but the monthly membership fee adds up. Consider this cost when evaluating the rewards program.
Breakdown of the Super+ credit card:
- Super+ Membership: For a monthly fee of $15, Super+ offers a credit-building suite of tools and access to the Super Card.
- Build Credit While You Spend: The Super Card reports your spending activity to credit bureaus, which can help you build credit over time. This is a major perk, especially if you’re rebuilding credit. Super+ even claims members have seen their credit scores increase 28 points on average in 2 weeks by reporting rent payments through their platform (it’s important to note that average results may vary).
- Cashback with Nuance: You can earn unlimited cashback rewards on purchases, but the rates and categories can vary. Be sure to understand the details before swiping.
- Credit Building Tools: The Super+ membership includes a credit building suite with bureau reporting, monitoring, and credit report access. This can be helpful for tracking your progress and understanding your credit score.
- Small Cash Advances: If you need a short-term financial boost, the Super Card offers cash advances up to $200 with no interest or credit check.
- No Annual Fees, But a Monthly Cost: The Super Card itself doesn’t have an annual fee, but the $15 monthly membership fee is a consideration. Factor this cost into the overall value proposition when evaluating the rewards program.
So, is the Super+ credit card right for you?
It depends. If you need to build credit and don’t qualify for traditional cards, it could be a good option. However, the $15 monthly fee can be a significant cost, especially compared to other secured cards that don’t require a membership.
Here are some alternatives to consider:
- Secured cards from traditional banks: Many banks offer secured cards with lower monthly fees than the Super+ program.
- Debit cards with rewards: Some debit cards offer cashback rewards on purchases, without the need to build credit.
Do your research before you commit:
Before signing up for Super+, compare it to other options. Factor in the monthly membership fee when evaluating the rewards program. Make sure the Super Card aligns with your financial goals.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Compare the top Excellent Credit Card Offers - CreditSoup Balance Transfer Cards