Today Card™ Mastercard®: Bad Credit? No Problem

Our review of the Today Card™ Mastercard®

The Today Card™ Mastercard® is a credit repair credit card designed for individuals with bad credit. Issued by fintech XTM in partnership with Utah-based Capital Community Bank, this card offers access to unsecured credit for those looking to rebuild their credit – but at a cost.

How Today Card Works

The Today Card functions like any other unsecured credit card for individuals with poor credit. Approved applicants receive a credit line without the need for a security deposit. While the minimum credit limit for new cardholders is not disclosed by XLM, similar cards typically start around $300 to $750 based on creditworthiness.

High APR Alert

One standout feature of the Today Card Mastercard is its high purchase APR, exceeding 30%. This is one of the highest purchase APRs available on the market today. It is crucial to pay off your balance in full each billing cycle to avoid accruing significant interest charges.

Variable Annual Fees

Like many bad credit credit cards, the Today Card Mastercard comes with an annual fee to offset the risk associated with lending to individuals rebuilding their credit. The card charges a $120 annual fee, billed at $10 per month. While this fee is on the higher side, it is not unreasonable compared to other similar cards with larger credit lines and steeper annual fees.

Boost Your Credit Limit with Responsible Use

Demonstrate financial responsibility by paying your bill on time and keeping credit utilization below 30% to potentially qualify for credit limit increases. XTM and Capital Community Bank regularly review cardholders’ credit scores for possible increases.

How Does Today Card Compare?

Before choosing a credit card, it’s essential to compare different options. Here’s how the Today Card™ Mastercard® stacks up against other cards in key categories:

• Rewards: Today Card™ Mastercard® does not offer rewards. If you’re interested in cash back rewards, consider cards like the Aspire® Cashback Rewards Card.
• Annual Fee: With a high annual fee, the Today Card™ Mastercard® may not be the most cost-effective option. Compare annual fees to find a better fit.
• APR: The high APR of the Today Card™ Mastercard® makes it crucial to compare interest rates with other cards to ensure you’re getting the best deal.

What We Like About Today Card

The Today Card provides access to unsecured credit, allowing individuals to transition from secured to unsecured credit. It operates like a standard credit card, offering flexibility for making purchases wherever Mastercard is accepted.

Things to Consider

While the Today Card has benefits, there are drawbacks to consider. The high annual fee and APR may make it less appealing compared to other credit repair cards with lower fees and interest rates.

Other Card Features

The Today Card offers standard Mastercard perks, including Zero Liability Protection, Global Services, and ID Theft Protection. Cardholders also benefit from the user-friendly Today app for managing their accounts conveniently.

Should You Apply for Today Card™ Mastercard®?

While the Today Card™ Mastercard® may serve a purpose for some in credit repair, its high fees and APR make it less favorable compared to other options on the market. Individuals looking to rebuild credit should explore alternative cards with lower costs and better potential for growth. Consider secured credit cards or other credit repair options for a safer path to financial improvement.