New Millennium Bank Credit Card Reviews
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Title: Love It
Date Reviewed: 2008-07-25 12:30:49 | Recommended?: Yes
Review: This does show up on my credit report.
Easy program to build a credit limit.
Title: Stay Away
Date Reviewed: 2009-01-21 00:25:38 | Recommended?: No
Review: They have hidden fees that will cost you hundreds and they will report to credit bureaus if you will not pay.
This no credit debit card that will cost you more then $500- $900/yr and they will ruin your credit if you will not pay.
Title: ULTRAVX VISA
Date Reviewed: 2009-01-24 14:46:25 | Recommended?: Yes
Review: Didn't know what to expect w/this card, but I was tired of other ccc giving $300 CL, so I use this one to give myself a $3000 CL to show I can handle credit wisely. As it ages I plan on dropping the lower limit CL I have.
Title: Mixed Info From CS Reps
Date Reviewed: 2009-04-11 02:52:14 | Recommended?: Yes
Review: Before I got the card activated in 2/09, I asked to what bureaus do they report... I was told by CS that they report to all 4 bureaus... I know someone else who has this card and they said they only report to EX and TU... I'm wondering to whom do they really report, they haven't shown up on any of my CR yet...
Title: You Got To Have A Plan
Date Reviewed: 2009-06-02 13:46:04 | Recommended?: Yes
Review: I just got the card and so far so good. I have my own business and I needed a credit card for rentals and other things. I got tired of the look when I presented my debit card to vendors and was questioned.
Enterprise Rental Car were not taking debits at one point!
I also needed more than a 300 dollar limit. Yes, there are fees associated with this card, yes it will never ever convert to unsecured. For me it is worth it.
You can withdraw money from your paypal account with it, this is huge.
Never withdraw cash from ATMs huge fee
Never got over the limit
Always pay the credit portion early, it comes from cash account so you need to make sure the money is in there.
As long as you stay with in the guide lines and limit, it is an okay card.
Within the next year my files will be clean and I will go for prime cards, with one 25,000 credit limit reporting on my files!
My plan
Clean up my credit report
Run every expense I can through this card to reach the max limit
Obtain 2-3 prime cards with the same limit.
One note for those of you who want to do ebay and need a bank account. It was in the literature that you could not confirm this account with paypal well I was able to do so and lift my withdraw and spending limits on an old paypal account it took 3 days.
The rewards are crap, you have to spend 20K to get a 100 gift card!
Title: Since No One Has Given A Review...
Date Reviewed: 2009-06-07 06:41:50 | Recommended?: No
Review: 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 $59 annual fee with you pay up front. The interest rate is high for a secured card...19.99%...(that was not a major factor for me because I use the card and make payment for my purchase as soon as it post to my account.) There is no grace period for payments.
All and all, its not a card I'd recommend for my friends, but since I already have it and it is serving its purpose for me so I'm not getting rid of it just yet (I know that sounds so hypocritical). I'll probably consider closing it just before the end of my first year to avoid the next annual fee.
Title: Excellent Secured Card!!!
Date Reviewed: 2009-08-27 20:58:44 | Recommended?: Yes
Review: This is a very good secured card to have... No "mumbo jumbo"... Terms are straight forward. Also any increases you make are free! And can be applied the same day by Money Gram/ Western Union( moneygram is cheaper$ 3.95). Also- The processing fee/ application is only $35.00 dollars if done by phone. Its only $99.00 if done by the web... And this card reports to everyone.
Title: I Love This Card.
Date Reviewed: 2010-05-25 22:21:34 | Recommended?: Yes
Review: My husband didn't have any credit and needed some positive accounts. I searched and searched and found this card. Yes, it does have fees. But, I would pay double for what it does.
It has two sides to it: One is a cash account, you may use it to pay bills or get money out of an ATM machine. The other side is a credit card, and you fund it by putting money into it from your cash account. So you control your credit limit. If you use it as a credit card it will be reported to all 3 major CB's.
You can fund it will direct deposit or through sending money from MoneyGram and places like that. It's very easy! I do not like that I have to pay moneygram a fee to send it and then pay the card to accept it. BUT: Direct Deposit is FREE. So that's how we fund it. We put $250 a week in for my husbands expenses like gas and food. And the rest goes into our regular checking account for household bills.
It does show up as a secured credit card after about 90 days. And it will never ever become a true unsecured credit card, but it is the quickest and most versitle card I found.
I just filed BK and I'm going to get this card as well. They are closed to new applicants at the moment but as soon as they start taking more, I will be first in line.
Good luck with road to credit redemption!!
Title: Ultra VX
Date Reviewed: 2010-11-07 11:27:26 | Recommended?: No
Review: I have had my card for about a year now. Just now getting ready to activate it. I have read a lot about the issues people are having so I decided to call customer service and inquire. All I get is I'm sorry this and 'm sorry that. I ask why are they apologizing all I want to know is why are you not accepting apps right now? Will you accurately report info to the credit bearus? Is that so hard to answer? I ask to speak to another rep and they transfer me to a supervisor. I didn;'t ask to speak to a supervisor. If I am going to have this much trouble before I activate I need to rethink about it.
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