Review of Oakstone Platinum Secured Mastercard®

Key Features of Oakstone Platinum Secured Mastercard®

Like all secured cards, the Oakstone Platinum Secured Mastercard® requires a refundable security deposit to open the account. The card's key features include:

• Credit line of $200 to $5,000 based on your corresponding security deposit
• 9.99% variable APR
• $49 annual fee
• No processing fees or application fees
• Payments are reported to all three credit bureaus
• No minimum credit score required to apply
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• 25-day grace period

Pros of Oakstone Platinum Secured Mastercard®

The low APR and high credit line option are two of the biggest benefits to the Oakstone Platinum Secured Mastercard®. While many credit cards charge 20% APR or more, this card has a 9.99% APR. Better still, the 25-day grace period means that you have 25 days to pay off the card balance in full to avoid interest. If you pay the balance off in that time, you will not be charged interest. If you have a rolling balance for the next month, you'll only be charged an APR of 9.99%.

With a secured card, you control how high the line of credit is. If you deposit $500, you'll have a $500 line of credit. Deposit $1,500 and you have a $1,500 line of credit. With this in mind, many secured cards cap the credit lines at $2,000. That is not the case with Oakstone Platinum Secured Mastercard®. You can deposit up to $5,000 and increase your credit building potential.

Yet another perk to the Oakstone Platinum Secured Mastercard® is the fact that payments are reported to all three credit bureaus. If you make on-time payment each month, you'll receive positive reports to boost your credit score. There is a potential for negative credit impact if you make late payments, so keep that in mind before opening an account.

You can qualify for an Oakstone secured card even if you have past credit challenges. There is no minimum credit score required to apply, and there is no fee for applying. If you need a credit card to reestablish your credit history, this could be a fitting choice for you.

Cons of Oakstone Platinum Secured Mastercard®

The $49 annual fee could be considered a drawback for the Oakstone Platinum Secured Mastercard®. There are other secured cards on the market with lower annual fees. The card also has a rather hefty late fee and returned payment fee. Both of these could prove problematic if you struggle to make monthly payments on time.

Since the Oakstone Platinum card reports to all three credit bureaus, late payments can hurt your credit score. Before you commit to this card or any other credit card offer, make sure you're able to handle on-time monthly payments within the grace period. To maintain this commitment to positive credit building, only charge the card for purchases you know you can repay in a timely manner.

Most secured cards do not come with rewards programs, including Oakstone Platinum Secured Mastercard®. If you want a rewards card, you may need to seek alternate options. Chances are you're exploring secured credit cards because of past credit challenges, so you may not have a sufficient score to qualify for your dream rewards card. You can use a secured card like Oakstone or the others available on SecuredCardChoice.com as a stepping stone toward more lucrative credit card opportunities.

How Does the Oakstone Platinum Secured Mastercard® Compare to Other Secured Cards?

Overall, the Oakstone Platinum Secured Mastercard® is an excellent secured credit card. It has reasonable fees, a high credit limit, and a rapid online application process. However, it is important to compare secured cards to select the best one for your lifestyle, spending habits and credit goals. Here are some factors to consider:

• Do you plan to carry a balance each month? If so, choose a secured credit card with a low APR. If not, you can look at a card with a higher APR. You will not be charged interest if you pay off your complete balance on-time each month.
• Do you need a card with a high credit limit? If so, the Oakstone Platinum Secured Mastercard® has one of the highest credit limits available for secured credit cards.
• Do you have past credit challenges that impact your ability to get a credit card? Oakstone and other secured cards accept applicants with bad credit, low credit, or no credit, giving you the option to build your score with time.
• What kind of annual fee can you afford? The Oakstone Platinum Secured Mastercard® carries a modest annual fee compared to other credit cards, but there are cards out there with lower annual fees. If you do not plan to use your card often, you may be better off with a different secured credit card.
• Do you plan to use your secured card out of the country? Oakstone Platinum Secured Mastercard® has a 3% foreign transaction fee, which is standard for most credit cards. If you plan to consistently travel and use your secured credit card, you may look for an option with a lower foreign transaction fee but they may be difficult to find.

Evaluate the credit cards available to you, and then find the ideal match to align with your needs.

Who Qualifies for the Oakstone Secured Card?

Oakstone Platinum Secured Mastercard® is designed for people looking to build or rebuild their credit. This includes those with past credit challenges, bad credit scores, late payment histories, repossessions, or no credit history whatsoever. There is no minimum credit score required to apply, and you can start building your credit with a few months of on-time payments.

The application process is quick and easy. Simply apply online, find out if you qualify, and receive a card with a credit limit equal to your security deposit.

How to Build Credit with Oakstone Platinum Secured Mastercard®

To maximize your credit building potential, use your Oakstone Platinum Secured Mastercard® for everyday purchases. Save the money you would have spent from your bank account or cash, and then use that to pay off your balance in full each month. As long as you make your payments on time every month, this routine will allow you to gradually build your credit.

If you plan to use your secured credit card for a large purchase, create a repayment plan before using your card. Confirm that you can pay off your card balance within the next few months, or delay the purchase until you can successfully pay it off. This is a smart credit card habit that you can carry with you, whether you have a secured card like the Oakstone Platinum or an unsecured credit card in the future.