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This content is not provided by Mid America Bank & Trust Company. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Mid America Bank & Trust Company. Review content is powered by Finance Globe.Title: Kind Of Regret This One...
Date Reviewed: 2015-06-04 01:24:42 | Recommended?: No
This is a card for rebuilding credit. It is offered by Mid America Bank and Trust. I have another one of their cards, the Total Visa, which I like very much, and I thought this one would be the same, but I found out I was very wrong. There is an $89 processing fee to open the card. I paid that with my debit card with no issue. There is a $75 annual fee year 1, and year 2 and beyond it is $48. Year 2 starts a monthly participation fee of $6.25 a month. These fees are the same as my Total Visa account. They do have a website to make payments and see transactions, however, it is not in real time, it seem to update once a day, so you can't see pending transactions at all, so you must keep track of your available credit if you buy several things in one day...it is the same site I use for my Total Visa...You start with a $300 limit. They will review you for a credit line increase every 6 months upon your request...Payments are subject to a 14 day hold for non guaranteed funds. You can not pay with a debit card to avoid the hold, except if you are past due. This was told to me by customer service rep. They do not accept Western Union or Moneygram payments, even though the website says it does, again I was told this by customer service. I told them that was very misleading, and should be changed. The woman I spoke with agreed with me, and was apologetic with me. It seems to me they are making it difficult to make a payment without the hold on your available credit. Again with my Total Visa, thru the same bank, I do NOT have this issue. So you can pay thru the site with your checking or savings account only, subject to a hold. She did tell me that payments under $100 typically do not receive the hold. You can only make a payment on the site once every 14 days. She told me three payments thru the same bank with no issues establishes you with them, and then holds aren't placed, except if you charge up the card and then suddenly pay it off all at once, that may trigger a hold she said...You can mail in a money order also to avoid a hold, or they do accept electronic payments thru your banks bill pay with no hold IF THEY CAN BE PAID ELECTRONICALLY, and that you have to check with your bank on that. I did a $10 payment on 6/2/15 just to test the waters and see how long it will take, and my bank(Bank of America, a MAJOR bank)estimated they would receive on 6/5/15, so that seems like a paper check would be sent to them. So i'm thinking this card is going to be a hassle. I was pleased that it only took 6 days to receive. I applied 5/26/15 and received the card on 6/1/15. Setting up for payment for the remaining $65 on the annual fee today, so hopefully that will be available to me tomorrow morning, and have the whole $300 available to me. I will report back if I have any issues. Think hard on getting this one, I ultimately regret it, but building credit is important to me. I just wont use this one very often that's for sure!!!
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