Continental finance reflex10/11/2023 The Reflex card is expensive and comes with a lot of fees. When you have a Reflex card, you also get access to a free monthly credit report so you can keep up with your finances and track your progress. ![]() When you use the Reflex card, there are opportunities to build or boost your credit, which is one of the primary benefits of this card.įor example, Continental Finance, which is the issuing card company, reports all payments you make on your card to the three major credit bureaus which are Experian, Equifax and TransUnion. That initial credit limit increase could bring your total credit limit up to $1000 after six months. Potential Credit Limit Increase After Six Monthsįor borrowers who make on-time payments for six months, there is automatic eligibility for a credit limit increase. That makes it appealing for someone who wants to work on building their credit, but doesn’t necessarily have the cash set aside for a secured card. There is no minimum credit required to be approved for the Reflex card, and for many applicants you may be approved without having to pay a security deposit. It’s a simple card that doesn’t have much to offer unless you have bad or limited credit. There are very few benefits of the Reflex card. That doesn’t take into account the maximum 29.99% APR on balances, and the maximum $40 late fee. The interest rate is also high, and there is a late payment fee, so if someone is not able to keep up with their payments, using the Reflex Card could actually end up creating more financial difficulties for them.Īfter the first year, a cardholder would be paying around $220 just in the annual fee and the maintenance fee. The Reflex Card has an annual fee, as well as a monthly maintenance fee, making it an expensive option. ![]() This isn’t common with the Reflex Card as it is primarily an unsecured card, meaning most applicants won’t pay the security deposit.Ĭredit limit increases are available in increments of up to $500, with a maximum credit limit of $2,000 when the cardholder has a history of on-time payments. Most applicants will be approved, although some are required to pay a security deposit up to their credit limit. The Reflex Card is an option for someone who either has a limited credit history or perhaps bad credit to rebuild their credit. We may receive a commission if you sign up or purchase through links on this page.
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