Tribute Credit Card

A tribute credit card s designed for those who simply require the basic functions of a credit card, but would like to have their account reported to the credit bureaus, typically because they want to build up a good credit score. By building your credit score you can release yourself from high APRs, and that is the goal because you want to get better APRs on all credit purchases.

The tribute card offers high interest rates, and all of the variable interest rates have minimum caps. No matter how low the prime rate drops, the interest rates on the account will not go below the stated minimum caps. In addition, the APRs for all transactions are tied to the highest Prime Rate during a 90-day period. Because of this setup the APRs may never reach the lowest possible interest rates.

Often there is an annual fee applied to your tribute credit card. Moreover, there is also an account opening fee and monthly maintenance fee of $6.50. These fees definitely hurt as does the high APR, but that is the price to pay in order to restore your poor credit. This card reports to the credit bureaus, which may be worth the additional fees and that can be your saving grace.

Therefore, those who can afford to pay in full each month (to avoid high finance charges), do not mind paying the various fees associated with the card, and have a limited credit history will benefit most from the Tribute Credit Card.

Written by Nagel on April 15th, 2007 with 3 comments.
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