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Reflex Credit Card Review (2024): Is It Worth It?
August 30, 2024
Are you considering applying for the Reflex® Platinum Mastercard® to build or rebuild your credit? In this in-depth Reflex Credit Card review, we take a closer look at the features, fees, and benefits of this credit card issued by Celtic Bank and serviced by Continental Finance to help you decide if it's the right card for your needs.
What is the Reflex Credit Card?
Are you considering applying for the Reflex Credit Card to build or rebuild your credit? In this in-depth Reflex Credit Card review, we take a closer look at the features, fees, and benefits of this credit card issued by Celtic Bank and serviced by Continental Finance to help you decide if it's the right card for your needs.
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Who is the Reflex Mastercard For?
The Reflex Platinum Mastercard aims to serve people with low credit scores or limited credit history who want to build credit. If you have a credit score below 600, you may still qualify for this card. The Reflex Credit Card can help you establish a positive credit history by reporting your payments to all three major credit bureaus.
Reflex Credit Card Pros and Cons
Pros:
- Can qualify with bad credit or no credit
- Reports to the three major credit bureaus to help you build credit
- Potential to double your initial credit limit after making six on-time monthly payments
- No security deposit required, unlike many secured credit cards for bad credit
Cons:
- High annual fee of $75-$125 in the first year, $99-$125 after
- Additional monthly maintenance fee of up to $12.50 per month after the first year
- Very high regular APR of 35.90% fixed
- 3% foreign transaction fee
- Requires a checking account to qualify
- $30 fee for each authorized user added to the account
Reflex Credit Card Fees & Interest Rates
One of the biggest drawbacks of the Reflex Mastercard is its fees. The annual fee is $75-$125 the first year, then $99-$125 per year after that. On top of the annual fee, there is a monthly maintenance fee of up to $12.50 that kicks in after the first year. This means you could pay up to $150 per year in maintenance fees alone.
The card also has an extremely high fixed APR of 35.90% on purchases and cash advances. The average APR for credit cards is only around 22%, so the Reflex card's rate is very steep. Carrying a balance on this card will get expensive fast. There are also other fees to watch out for, like a 3% foreign transaction fee and a $30 fee for each additional card.
Reflex Mastercard Features & Benefits
The main benefit of the Reflex credit card is that it can help you build or establish credit. The card reports your payments to the major credit bureaus each month. Making on-time payments and keeping your balance low relative to your credit limit will help boost your credit score over time.
Another potential benefit is the credit limit increase. If you make your first six monthly minimum payments on time, Reflex may double your initial credit limit up to $2,000. Your starting credit limit will be between $300-$1,000 depending on your creditworthiness. Just be aware that your initial credit limit will be reduced by the first year's annual fee.
The Reflex card also comes with standard Mastercard benefits like fraud protection, identity theft resolution services, and 24/7 customer service. But beyond that, the card is very bare-bones. There are no rewards or bonus categories.
Comparing the Reflex Card to Other Credit Cards for Bad Credit
While the Reflex Platinum Mastercard can be an option if you have poor credit and are looking to build credit, there are some alternatives to consider that may be more cost effective.
Secured credit cards like the Discover it® Secured Credit Card and the Capital One Platinum Secured Credit Card (see rates & fees) require a security deposit, but have $0 annual fees. Your deposit is refundable when you close the account in good standing. And the Discover card even earns cash back rewards.
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Is the Reflex Credit Card Right for You?
The Reflex Platinum Mastercard can be a way for those with bad credit to build a positive credit history and eventually qualify for better card options. But its high fees and interest rate make it an expensive credit building option.
Before you apply for the Reflex card, check to see if you prequalify for credit cards with lower fees and better benefits. Prequalifying won't affect your credit score. Consider a secured card to minimize costs while you work on your credit. Once your score improves, you can upgrade to a card with better terms and more robust rewards.
If you do get the Reflex credit card, have a plan to build credit responsibly. Make small, essential purchases, pay your statement balance in full and on time every month, and keep your credit utilization low. Treat the Reflex card as a stepping stone to better credit card offers in the future.
As you work on building your credit and transitioning to better credit cards, consider using Kudos, a free AI-powered wallet that helps you maximize your credit card rewards. With Kudos, you can:
- Get personalized recommendations for the best credit card to use for each online purchase to earn the most rewards
- Autofill your credit card information, including the CCV, with one click to check out faster
- Access exclusive high-value sign-up bonuses through Kudos' partnership with The Points Guy
- Organize hidden credit card perks such as food delivery credits and extra rewards
- Manage all your credit cards in one convenient place
Best of all, Kudos is completely free and available on both desktop and iPhone. It's a valuable tool to have on your side as you build your credit and work towards qualifying for top rewards credit cards.
No matter where you are in your credit journey, making strategic decisions about which credit cards to use and how to use them is key. While the Reflex Platinum Mastercard can serve a purpose for some, most people will be better off with a lower-cost secured card or a card that offers rewards. As your credit improves, upgrading to better cards and optimizing your rewards with tools like Kudos can help you get the most value out of your credit card spending.
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Reflex Credit Card FAQ
What is the highest credit limit for a Reflex credit card?
The initial credit limit for the Reflex Platinum Mastercard ranges from $300-$1,000 depending on your credit profile. If you make your first 6 monthly payments on time, Reflex may double your limit up to $2,000.
What is the annual fee for the Reflex card?
The annual fee for the Reflex Mastercard is $75-$125 in the first year, then $99-$125 per year after that. Additionally, there is a monthly maintenance fee of up to $12.50 that starts after the first year, which can add up to $150 per year in maintenance fees alone.
How do I increase my credit limit on my Reflex card?
If you make your first 6 monthly minimum payments on time, Reflex will double your initial credit limit up to a maximum of $2,000.
What credit score do I need for the Reflex credit card?
There is no specific minimum credit score requirement disclosed by Reflex. However, this card is designed for people with poor credit (FICO scores below 580) or limited credit history. Scores below 600 may still be sufficient to qualify.
Which bank issues the Reflex card?
The Reflex Platinum Mastercard is issued by Celtic Bank and serviced by Continental Finance Company.
Is the Reflex Platinum Mastercard a good credit card?
The Reflex card can help build credit, but it has significant drawbacks like high fees and APR. There are likely more affordable options available, even with poor credit, such as secured credit cards.
How many credit cards does Continental Finance have?
Continental Finance services several credit cards aimed at the subprime market, including the Reflex Platinum Mastercard, the Surge Mastercard, the Verve Credit Card, and the FIT™ Platinum Mastercard®.
Is there an app for the Reflex card?
Currently, there is no dedicated mobile app for managing your Reflex Platinum Mastercard account. However, you can manage your account online through the Continental Finance website.
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Editorial Disclosure: Opinions expressed here are those of Kudos 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.
