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Next Millennium Credit Card

A Next Millennium Mastercard looks and works like any other credit card. Next Millennium credit cards are secured cards — the perfect choice for those of us with blotches on our credit history, or for students or young people just starting to build credit. Best of all, ownership of a Next Millennium Mastercard will positively impact your credit score, as well as build a savings account for you (that draws a nice interest rate) that will exist even when you close your account. How does it work?

Next Millennium Savings Account

Next Millennium establishes a savings account in your name to open the secured Next Millennium credit card account. This savings account serves as collateral for the credit card. Your Next Millennium Mastercard account activity is reported to the three major credit bureaus, the same as all credit cards are, offering you the chance to improve or build your credit history. On top of all this, Next Millennium pays a generous interest rate, and there are no monthly activity fees as there are with many other secured or prepaid cards.

Setting Up a Next Millennium Account

MasterCard NEXT Millennium Credit Card

MasterCard NEXT Millennium Credit Card

Setting up your new Next Millennium account is easy and will take just a few minutes of your time. Simply complete the online application and submit it with a small processing fee of just $10. The customer service department of Next Millennium will review the information you provide and send your approval confirmation and savings account forms to you by mail.

Complete the paper work and return them to the bank with your initial saving deposit. Your credit card is then sent to you immediately. This may take a bit longer than traditional “prepaid debit card” programs, but the benefits of a secured credit card, especially a Next Millennium Mastercard, far outweigh the pain of a slightly longer application time.

Next Millenium Membership Guidelines

Even if you have no credit, or your credit history is less than perfect, you can be approved for a Next Millenium fully secured credit card. Their guidelines for membership are simple — you must be of legal age to possess a credit card in the state of your residence, and you must reside in the United States and have a valid social security number. A credit check will not be run — the social security number is simply required by the Patriot Act to open a bank account in the United States.

With an Next Millenium credit card, you set your own credit limit based on your initial deposit. You are guaranteed a credit limit of up to $5,000 when you provide the above information. Your credit limit is equal to 100% of your initial deposit. The minimum deposit is $300, slightly less than the industry standard of $500 — and the maximum deposit is $5,000. If you have had trouble with credit card payments in the past, a Next Millenium Mastercard is perfect for you — if you miss a payment, or simply can’t come up with the money to make your payment, your Next Millennium Mastercard charges will be deducted from your collateral deposit and any remaining balance will be returned to you as soon as all charges have been cleared. This will keep you from negatively affecting your credit score by not being able to pay, or simply forgetting to pay off your balance.

Earn Interest with your Next Millennium Collateral Account

While your Next Millennium credit card account is open, your savings account “collateral” will be earning between 2 and 6 percent every year. Build a savings account and your credit score at the same time with a Next Millennium Mastercard. If you’d like, you can increase your credit line at any time after your account is opened, simply by sending in deposits to add to your collateral savings account. When your credit card account is current and not over the limit, each addition to our savings account will increase your credit limit dollar for dollar up to the $5,000 maximum credit limit.

Looking at the fine print of the savings account interest situation, I’ve figured out just what kind of interest you can earn. The savings account currently earns interest at a rate of 6.0% interest for the first three months, then 2.0% interest for the next nine months — this yields a 3.0% Annual Percentage Yield overall for the first year. After those first twelve months, your Next Millennium savings account earns 2.0% APY. As usual, the fine print reminds you that these rates are subject to change at any time.

One thing to take note of regarding your Next Millennium collateral account — you will not have any access to the money in your savings account as long as your Next Millenium credit card account is active. The Savings account acts as collateral for your secured card, so you may not withdraw money from the account. Once you close your Next Millennium Mastercard account, and the balance is paid in full, Next Millenium will return the security deposit balance to you within ten weeks, along with all interest earned.

Other Benefits of a Next Millenium Secured Credit Card

Other benefits to opening a Next Millenium secured credit card account — you will be in possesion of a Mastercard, and have access to over 750,000 ATMs nationwide. You can use your Next Millennium Mastercard anywhere Mastercard is accepted. This means you can shop online, in retail stores ,or over the phone at millions of retail stores around the world.

Next Millenium will make regular reports to all four credit bureaus, and this will help you rebuild your credit history — not to mention the fact that you’ll be building a savings account for your future, and earning a fairly generous interest rate at the same time. For people with credit issues who are looking for a secured credit card, you can’t do much better than the Next Millennium secured credit card program. Convenience, no monthly fees, and the ability to repair your credit and save money for the future made Next Millennium the perfect option for people who may be down on their luck, credit wise.

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