The Reflex Mastercard, issued by Celtic Bank, is a credit card with an initial credit limit of up to $500. It is designed for people who have fair credit, want an unsecured credit card (one that doesn't require funding with a deposit), and are interested in improving the way lenders look at them. Aside from establishing a stronger credit history, the other incentive is that after a year of responsible use, credit lines on this offer may reach a level as high as $2000. All applicants for the Reflex Mastercard must have a checking account.
In the event that an application for the unsecured Reflex Mastercard is not approved, some people may be offered the secured version which would require a deposit of either $50, $100, $150, or $500 to obtain a new account. This deposit is completely refundable, meaning that if you were to close your account at any point in time, and had paid off the entire balance owed, you'd receive your security deposit back.
The positive aspects of this Mastercard include reporting to the three major credit bureaus, the fact that there is an unsecured option available, and the increased credit line potential with responsible use after one year. The negatives include the fee structure and the possibility of having to fund the card with a security deposit if denied for the unsecured option. It's unsurprising that the fee structure is in place, as a majority of the competing offers for this demographic have similar attributes.
There are three ways to apply for the Reflex Mastercard. The two easiest are to apply for it online using a www.yourreflexcard.com invitation code or through the bank's website, accessible directly or through a third party. The only way to apply for the card with the invitation method is if you have a reservation number that is unique to you. These numbers have been sent out with yourreflexcard.com mail offers. The way this works is to go to directly to the bank's website that caters to their pre-approved applicants. There, a potential account holder can enter their code and a personal identifier, their social security number, and the application pre-populates for efficiency. There is also the opportunity at the web address to apply without the reservation number. Below is a snapshot of the pre-approved page:
The second way to apply for the card is via the secure Celtic Bank website over a secure server. This method doesn't require the www.yourreflexcard.com code and is just as easy as any other online application. You may enter the required information here and will receive an instant online decision. The third way is probably the least desirable as it's the phone option. The only reason to do this is if you don't have access to the internet or keep getting timed out while trying to apply. This is the least efficient method, yet it is offered for people experiencing these types of difficulties.
What do the experts say about the Reflex Mastercard?
Generally speaking, the consensus is the target audience for this card is one that has had trouble obtaining upmarket/prime credit cards and wants to get themselves into a situation where they can do so. The problem with the card lies primarily with the fees. Many experts feel that the better option for many people who have received www.yourreflexcard.com invites should look at the Capital One Platinum card because while the target audience is similar (fair/limited credit), the fees strapped to the Reflex Mastercard are much higher than that of the Capital One Platinum, which is $0. However, those who have applied for a Capital One Platinum Card and have been denied and have then received yourreflexcard.com notices, may want to explore the opportunity.