Ultra VX Visa® Card  

REVIEW:
The Ultra VX Visa® Card, issued by New Millennium Bank, is a stored value card designed for those who are looking for an above average secured card that also offers a reward program.

Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide a rewards program. With Clear Rewards, cardholders receive one point per dollar spent on purchases. Points can be redeemed for travel rewards with Southwest Airlines, American Airlines, JetBlue, and more.

Although there is no annual fee, there is an account set up fee of $29.95. There is also a monthly participation fee of $6.95 that amounts to $83.40 annually. In total, cardholders can expect to pay $113.35 in fees during their first year. This card also offers instant approval (no credit check, no minimum income, no bank account required), and reports to the major credit bureaus.

The most unique feature of the card is the Credit-On-Demand™ option. Credit-On-Demand™ allows cardholders to increase their credit limit up to $25,000. Through the Credit-On-Demand™ feature cardholders are able to determine their credit limit by the amount of funds that are deposited into the cash balance of the account. Funds deposited into the cash balance of the cardholder account can be moved to the secured balance by making a purchase or moving the money to the secured balance. Advance payments can also be funded directly from the cardholder's paycheck or cardholders can load the card in person at 100,000 retail transfers.

Therefore, those who are looking for an above average secured card that also offers a reward program and would like a card with limited fees may find the Ultra VX Visa® Card to be a beneficial option.