The Surge Mastercard® is a great option for a secured credit card for people with bad credit. Learn how to use this card to establish or rebuild your credit.
$75 to $99
24.99% - 29.99% Variable
Adds account to your credit report
Tons of fees attached to card
EASE OF USE
Apply in less than 5 minutes
Credit Knocks Overall Star Rating:
The Surge Credit Card is almost a hybrid credit card, it might no require a security deposit (depending on your credit) and that would make it an unsecured card.
However, you might be required to submit a deposit which makes it function like a secured card. It also has some pretty high fees.
I created this review so that you can understand how their card works, its benefits and short comings.
What's The Surge Mastercard®?
The Surge Mastercard is a hybrid credit card in the fact that depending on your current credit profile it could be secured or unsecured.
The card is primarily for helping people with bad credit obtain new credit and re-build their credit profile.
The card is offered by Celtic Bank and also offers features like access to your VantageScore 3.0 for free.
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Who Is Celtic Bank?
Celtic Bank was founded in 2001 and is a leading nationwide small business lender.
They are headquartered in Utah and are a privately owned industrial bank. They are also an SBA Preferred lender and was named the largest SBA Lender in the nation.
What Makes Them Different?
The best thing about Celtic Bank is that they focus on credit cards for consumers with less-than-perfect credit.
The company specializes in providing access to credit products and services to consumers who are largely overlooked by traditional credit card issuers and local banks.
Along with reporting to all 3 of your credit bureaus, you will get free access to your VantageScore 3.0 as well as an instant credit limit increase after making several on-time payments.
Surge Credit Card Basics
Below are some of the basic features of the Surge Mastercard®:
*With this card you may need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don't pay your bill.
In my personal opinion, paying a small fee to establish a strong credit profile is absolutely worth it; just be sure to make your payments on-time.
Surge Mastercard® Features
The Surge Credit Card is packed with several features that make it one of the best secured credit cards for rebuilding credit.
The main features of this card include:
The Surge Secured Mastercard® helps you to establish a solid payment history with no annual fee required.
Vantage Score Access With Surge
Another amazing feature of the Surge Mastercard® is that you get access to your Vantage Score 3.0
All you need to do is accept electronic statements and your score will be on your monthly statements.
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Surge Mastercard® May Have A Security Deposit
This card is more like an unsecured / secured hybrid card because there is a possibility that you might need a security deposit.
On the other hand, if you have "ok" credit you might not be subject to a security deposit.
If you are required to pay a security deposit it will be returned if you close the card or if your card is graduated to unsecured.
Surge Mastercard® Pros & Cons
Low Deposit Possible
Credit building tool
May Improve Credit Score
Reports to 3 credit bureaus
Free Access To VantageScore
Security Deposit Required
24.99% - 29.99%% (variable) APR
$10 Monthly Fee
$75 - $99 Annual Fee
Alternatives To The Surge Mastercard®
A secured credit card through Surge is one of the best options when it comes to establishing or rebuilding credit.
However, there are a few other options available for building or repairing your credit, and if you can, I would get them in addition to the Surge card.
Credit Builder Loan Through Self Inc.
While these loans have a small monthly fee attached to them, they also pull your credit report for approval.
Just like with a Surge Mastercard®, Credit Builder Loans report to all 3 credit reporting agencies.
The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.
Catalog / Merchandise Account Through Fingerhut
Another great alternative are Catalog/ Merchandise Accounts.
While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.
These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.
One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.
Steps To Take After You're Approved
The real work starts once you have been approved for your Surge Mastercard® Credit Card.
Monitor Your Credit
One of the most overlooked area of building credit, is monitoring your credit.
This is truly your first line of defense when trying to build or rebuild your credit.
If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.
You should try to find a service that allows you to monitor all 3 of your reports.
Make On Time Payments
Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.
Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.
No matter what, avoid late payments.
Keep Credit Utilization Low
Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.
For example, if your Surge credit card has a $300 limit and you spend $60.
Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.
Use The Candy Bar Method
You have probably seen talk about this method throughout our site because we find it to be the best strategy for establishing a good payment history.
Your goal with the Candy Bar Method is to take your card once per month and purchase a candy bar.
This should cost no more than $1.00 or $1.50 and after 3 days you should be able to make your payment on the card.
This will show that the card is being actively used and that you are paying your bill.
How To Cancel Your Surge Credit Card?
Cancel By Phone: You can call 1-866-449-4514 to cancel your Surge Card at any time.
Is There A Fee For Closing My Account?
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
You will also receive your security deposit back that you used to open your account.
I would recommend keeping the card active as long as you can, there really isn't a reason to cancel the card any time soon.
Taking Action On Your Credit
Hopefully, you found this Surge Credit Card review helpful because there are several secured card options available; however, only a few of them are as good.
There's no better time than now to get your new account setup so that you can begin the process to either repair or rebuild your credit.
Start building your credit today with a Surge Mastercard® Credit Card!
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.