The Next Millennium MasterCard®, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past.

This secured card establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months). Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account.

The card has a fixed APR for both purchases and cash advances. The APR is considered high, even for a secured credit card. There is a $59 annual fee that applies for this card. This is in addition to the initial $35 processing fee (for one card) or a $49 fee (for two cards). If a cardholder is applying with a co-applicant, a $10 processing fee will be required. If a cardholder requires rush processing, the fee for that service is $10. There are no monthly activity fees for this card. If you are not approved for this credit card offer, the application fees will be refunded.

The Next Millennium MasterCard® is a good option for people who need to establish credit history with the three major credit bureaus, while earning interest on the amount deposited as collateral on the account.

Updated:  April-18-10

Most Attractive Feature(s):  Deposits earn interest; guaranteed approval; no credit check.

Least Attractive Feature(s):  No introductory offers; no grace period.