The HUE Mastercard, previously known as the First Savings Credit Card, has undergone a transformation that combines a fresh look with the same solid functionality that made its predecessor a go-to choice for many.
The change from First Savings to HUE marks a new era for this credit card, which continues to serve a similar demographic but with added appeal and modernization.
In this review, we delve into what the HUE Mastercard offers, its costs, and how it compares to other cards in the market, helping you decide if it’s the right fit for your needs.
HUE Mastercard: What You Need to Know
The HUE Mastercard is primarily designed for individuals with fair to poor credit, aiming to help them build or rebuild their credit profiles.
With its range of features and benefits, it positions itself as a competitive option for those new to credit cards or looking to repair their credit history.
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While it may not offer extensive rewards or the lowest fees, its main draw is credit-building potential and ease of access, especially for those who don’t have the funds to secure a traditional credit card.
Key Features of the HUE Mastercard
One of the primary reasons many choose the HUE Mastercard is its ability to build credit. The card reports to all three major credit bureaus—Equifax, Experian, and TransUnion—allowing users to make positive strides towards improving their credit scores.
Responsible usage and on-time payments can have a meaningful impact over time, making it an attractive option for those working to rebuild their credit.
Additionally, the HUE Mastercard offers automatic reviews for credit line increases. This feature allows eligible cardholders to be considered for a higher credit limit after six months of responsible card use, which can help reduce credit utilization and improve credit scores even further. This feature is especially beneficial for those looking to boost their credit profile.
Another benefit is the contactless payment technology integrated into the card, which ensures faster, more secure transactions at participating merchants. This is a modern touch that aligns with current payment trends and offers added convenience when making purchases.
For security, the HUE Mastercard includes fraud protection at no extra cost. If the card is lost or stolen, you won’t be held responsible for any unauthorized charges, ensuring peace of mind for cardholders.
Unlike many credit-building cards, the HUE Mastercard does not require a security deposit. This makes it a more accessible option for individuals who want to start building credit without needing to provide upfront cash, which is typically required for secured credit cards.
Moreover, the card offers access to The PREMIUM Club, a membership that provides discounts on thousands of products and services across various brands. For regular shoppers, this can be an appealing way to get more value out of the card, potentially offsetting the cost of the annual fee.
Finally, cardholders can manage their accounts using the HUE mobile app, which allows for easy access to features like balance checking, payment processing, and setting payment reminders. The app adds a layer of convenience for tech-savvy users who want to manage their finances on the go.
Costs and Fees
The HUE Mastercard comes with an annual fee that ranges from $49 to $75, depending on your creditworthiness and the specific offer you receive. This fee is higher than some other cards that offer similar credit-building opportunities, which may make it less appealing for some.
In addition to the annual fee, the card carries a high APR of 29.9% (variable), which is considerably above the national average. Cardholders who carry a balance from month to month can expect to pay significant interest charges, making it important to pay off the balance in full to avoid additional costs.
Additional fees to watch out for include:
- Late payment fee: Applied if your payment is delayed
- Returned payment fee: Charged if a payment is returned
- Foreign transaction fee: For international purchases
- Cash advance fee: If you withdraw cash using the card
With these high fees, it’s essential for cardholders to use the HUE Mastercard responsibly to avoid unnecessary charges.
Application Process and Eligibility
The HUE Mastercard uses an invitation-only application process, meaning you must receive a pre-approved offer in the mail to apply. This system is designed to target individuals who meet the initial eligibility criteria.
While there’s no official minimum credit score requirement, the card is geared toward those with fair to poor credit, generally in the range of 300-660.
Once you receive an invitation, you can complete the application online by providing personal and financial details. The online process is quick and straightforward, with an approval decision typically coming within a short period.
HUE Mastercard vs. Other Credit Cards
When comparing the HUE Mastercard to other cards, there are several alternatives worth considering. For example:
- The Discover it Secured Card offers cash back rewards, a lower APR of 28.24%, and the opportunity to upgrade to an unsecured card after seven months. However, it requires a security deposit, unlike the HUE Mastercard.
- The Citi Secured Mastercard has no annual fee, a lower APR of 23.99%, and requires a minimum security deposit of $200. While it has better terms for some, it may not be ideal for those looking to avoid a security deposit.
- The OpenSky Secured Visa is a secured card that requires no credit check and offers a lower annual fee of $35, as well as a lower APR of 21.64%. This card could be more appealing to individuals who can afford a security deposit.
Pros and Cons
Pros:
- No security deposit required
- Reports to all three major credit bureaus
- Automatic credit limit increases after six months
- Contactless payment feature
- Access to The PREMIUM Club for discounts
- Fraud protection for lost or stolen cards
Cons:
- High annual fee ($49–$75)
- Very high APR (29.9%)
- Invitation-only application process
- No rewards program
- Potential for high fees (e.g., late payments, foreign transactions)
Who Should Consider the HUE Mastercard?
The HUE Mastercard may be a good fit for:
- Individuals with fair or poor credit looking to rebuild or improve their credit scores.
- Those who want to avoid the upfront cost of a security deposit that comes with many other credit-building cards.
- People who have received an invitation to apply and want to take advantage of a credit line increase.
However, this card may not be the best choice for:
- Consumers who qualify for cards with lower fees or better APRs.
- Those who prefer a rewards program for everyday spending.
- Individuals who carry a balance month-to-month due to the high APR.
Maximizing Your HUE Mastercard Benefits
To make the most of your HUE Mastercard, it’s crucial to:
- Pay off your balance in full each month to avoid interest charges.
- Monitor your credit utilization (keep it under 30% of your credit limit).
- Take advantage of the PREMIUM Club discounts for shopping.
- Set up automatic payments through the mobile app to avoid late fees.
- Keep an eye on your credit score and credit report to track progress over time.
Conclusion
The HUE Mastercard can be a valuable tool for individuals looking to build or rebuild their credit without the need for a security deposit.
While its high annual fees and APR may deter some, its potential for credit line increases and access to discounts through The PREMIUM Club make it appealing to a specific segment of consumers. However, if you’re after a card with lower fees or rewards, you may find better alternatives.
People May Ask
1. Is the HUE Mastercard good for rebuilding credit?
Yes, the HUE Mastercard is designed for individuals with fair to poor credit and reports to all three major credit bureaus, helping you build or rebuild your credit.
2. How can I apply for the HUE Mastercard?
The HUE Mastercard is available through an invitation-only process. Once you receive a pre-approval offer, you can apply online.
3. Does the HUE Mastercard offer rewards?
No, the HUE Mastercard does not offer a rewards program.
4. How high is the APR on the HUE Mastercard?
The APR is 29.9% (variable), which is higher than many other cards.
