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Arvest Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Arvest Bank’s checking account options

Free Blue

A checking account that earns no interest, but keeps fees to minimum.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Free Blue checking account doesn’t earn any interest, but it also has very few fees. Examples? There is no monthly account maintenance fee. The ATM fees that are charged when you use a non-Arvest ATM are returned to you at the end of the month. However, if the outside ATM charges you an additional fee, though, that specific fee will not be returned by Arvest Bank.

For this account, you will receive electronic statements; if you’re over age 62, you’ll also be get free checks with your account.

How to get Arvest Bank’s Free Blue Checking Account

Arvest Bank prefers that you open all accounts in person — however, your first account must be opened in person. When you go in, you’ll need your Social Security number and be sure to bring your picture ID.

After your first account is open, you may be permitted to open subsequent accounts over the phone at the bank’s discretion. You can also open subsequent accounts online, but the process can take over a month.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Basic Blue

The same basic checking account with paper statements and a monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Just like Free Blue checking, the Basic Blue checking account won’t earn you any interest. In fact, these accounts are virtually identical save one key difference: Basic Blue comes with paper statements. However, for the privilege of those, you will have to pay a small monthly maintenance fee — you just have to decide if having a physical paper trail rather than an electronic one is worth the added cost.

How to get Arvest Bank’s Basic Blue Checking Account

Ideally, you will open this account in person; if this is your first Arvest account, opening it in person is mandatory. If you have other accounts, you may be able to open this checking account via phone or online, though the process takes longer. However you choose to open your account, come prepared with your Social Security number and a photo ID.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

myBlue

Pick between electronic or paper statements, and get an added accident insurance policy.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s checking accounts build on each other. The myBlue checking is very similar to Free Blue and Basic Blue, but it comes with a higher monthly maintenance fee. This fee gives you a choice of paper or electronic statements, and comes with access to a $10,000 personal Accidental Death & Dismemberment (AD&D) insurance policy.

How to get Arvest Bank’s myBlue Checking Account

Your first Arvest account must be opened in person. Each subsequent account may be opened via phone or in person depending on your individual circumstances. You can also open an account online, but the process for this modality can take over a month. Whichever way you apply, you will need a photo ID and a social security number.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Arvest Club

Higher maintenance fees give your more benefits — but still no interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

The Arvest Club checking account attempts to sweeten the deal even further. The monthly maintenance fee is higher, but so is the AD&D policy coverage. The benefit is increased to $30,000 and extends to your family. On top of that, this is one of the checking accounts in the Arvest Bank roster that offers free checks to everyone — not just those age 62 or older.

You’ll also be able to use two free cashier’s checks or money orders per day, which would normally cost $3 each. With an Arvest Club checking account, you’ll have access to a discount on a safe deposit box and the ability to stop payment on one check per year with no charge. Typically, stopping a payment costs $25.

How to get Arvest Bank’s Arvest Club Account

You’ll need to open your first account in person. After that, it is still preferred that you open your account in person, but opening one over the phone is an option that may become available to you. You are also able to apply online, but the process can take more than a month.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Preferred Club

The bank’s only checking account to earn interest comes with a waivable maintenance fee.
APYMinimum Balance to Earn APY
0.05%None
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $18, though the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Here’s Arvest Bank only checking account that earns interest. The rate isn’t incredibly high, but as with its other accounts, the Preferred Club checking account comes with extra perks. Those extras are the same as what you get with an Arvest Club account, plus interest and a waiver on your monthly maintenance fee if you meet any of the following conditions:

  • Keep $20,000 in your combined deposit accounts with Arvest Bank.
  • Hold $20,000 in consumer loans with Arvest Bank.
  • Have a combined $25,000 in deposit accounts and consumer loans with Arvest Bank.
  • Hold a mortgage of more than $100,000 with Arvest Bank.
  • Keep $50,000 in brokerage assets with Arvest Bank.
  • Have a qualified trust with Arvest Bank.

If you do not meet one of these requirements, the monthly maintenance fee is quite steep and has the real potential to eat away any earnings from the little bit of APY this account earns.

How to get Arvest Bank’s Preferred Club Checking Account

You must open your first Arvest Bank account in person, but after that you may be able to do so over the phone at the bank’s discretion. You can also open subsequent accounts online, but you will be waiting quite some time to have your application processed.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s checking accounts compare

Considering just APY and maintenance fees, Arvest Bank’s checking accounts simply don’t compare to the best checking accounts on the market. Four of the five options don’t pay any interest, and the one that does only offers a relatively low rate. As perks increase, so does each account’s maintenance fee, unless you open a Preferred Club checking account and do a lot of banking with Arvest Bank.

However, what these checking accounts lack in yield, they attempt to make up for in unique perks. Access to AD&D policies, waived fees for cashier’s checks and money orders, discounts on a safe deposit box and the waived fee for a stop payment on a check you’ve written do have value. How much value is going to depend on if you were already going to use or seek out these services. If you weren’t, you may be better off doing your checking elsewhere.

Arvest Bank’s savings account options

Savings Account

An unexciting, basic savings account with rate bumps for those with certain checking accounts.
APYMinimum Balance to Earn APY
0.05% $100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: $2 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Savings Account is basic — its rates aren’t competitive, and while its minimum opening deposit and minimum balance high for an account offering this type of APY, it also assesses a monthly maintenance fee.

However, you can get that maintenance fee waived if you keep at least $100 in your account at all times throughout the month, or if you have an average daily balance of $500. You’re also eligible for a 0.05% APY increase if you have an Arvest Club or Preferred Club checking account.

Savings accounts at all financial institutions are subject to federal Regulation D. This rule says that you are allowed to make up to six certain withdrawals from a savings account per month. If you go over this magic number, you will be charged a $5 fee for each subsequent withdrawal by the bank. You may also see your savings account shut down or converted to a checking account.

How to get Arvest Bank’s Savings Account

Is this your first account with Arvest Bank? If so, you have to open it in person. If this won’t be the first time you’re paying patronage to Arvest, you may be able to open your account on the phone or via the month-long process of applying online.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Cool Blue Savings

A youth savings account with fewer fees to allow for some wiggle room.
APYMinimum Balance to Earn APY
Call Arvest for current rates. $0.01
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Cool Blue Savings account is open to those under the age of 18. It is nice that the bank does not charge monthly maintenance fees or require a minimum balance to earn the APY. This gives younger account holders more wiggle room as they begin learning about basic banking concepts.

Cool Blue Savings also comes with a $5 fee for each withdrawal you make after the sixth in any given month, Arvest Bank’s policy in line with federal regulations on transaction limits.

How to get Arvest Bank’s Cool Blue Saving Account

You and your child will have to come in to open this account. You as the adult will need a photo ID, and you will need to bring both of your social security numbers.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Health Savings Account

Arvest Bank’s option to help you pay medical expenses now and in the future.
APYMinimum Balance to Earn APY
Call Arvest for current rates.Varies
  • Minimum opening deposit: None
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $3 but the fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

A Health Savings Account (HSA) is a place to let your money grow tax-free, as long as you ultimately spend it on medical expenses. You’re only eligible for this type of savings account if you have a high-deductible healthcare plan (HDHP) and no access to any other health insurance. You can save up to $3,450 a year as an individual, or $6,900 if you have a family policy.

You are supposed to spend this money on medical expenses, but if you hold onto it long enough, you can avoid taxes regardless of what you spend the money on. These penalty-free withdrawals only apply if you’re age 65 or older or if you’re disabled.

There is a small monthly maintenance fee on this account, but it will be waived if you maintain a minimum daily balance of $500.

How to get Arvest Bank’s Health Savings Account

Your first Arvest account must be opened at a branch, but after that you may be allowed to open your next account over the phone or online. Just be aware that online applications can take up to a month to process.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s savings accounts compare

Arvest Bank’s savings rates aren’t competitive. Even with the modest APY bump for having both specific types of checking and savings accounts, there’s very little reason to keep your liquid savings with Arvest when there are so many more lucrative savings account offers out there.

Arvest Bank’s HSA could be advantageous to some customers and it’s not so widely offered.

Arvest Bank’s CD rates

Certificate of Deposit

A disappointing combination of limited term options and mediocre rates.
TermAPYMinimum Balance to Earn APY
6 Months0.05%$9,999 or less
6 Months0.20%$10,000-$49,999
6 Months0.25%$50,000-$94,999
6 Months0.30%$95,000+
12 Months0.10%$9,999 or less
12 Months0.25%$10,000-$49,999
12 Months0.30%$50,000-$94,999
12 Months0.35%$95,000+
24 Months0.20%$9,999 or less
24 Months0.35%$10,000-$49,999
24 Months0.40%$50,000-$94,999
24 Months0.45%$95,000+
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: This penalty is calculated in-house by Arvest’s team. It will vary depending on the amount of money you have in your account and how far into the term you have made it.

With only three term lengths, Arvest Bank’s CD offerings are limited — and the interest rates on these limited offerings are low to mediocre. The rates start to get more competitive as your opening deposit goes up, but you can still find higher rates with dramatically lower minimum deposit requirements elsewhere. On top of limited term offerings and ho-hum rates, the bank’s formula for early withdrawal penalties is more complicated than most other financial institutions.

While regular CD rates are less than desirable, it’s always a good idea to keep an eye out for promotional rates, as these are often higher with shorter terms than are offered on everyday certificates.

How to get Arvest Bank’s CDs

Your first account must be opened in person. If this certificate is not your first account, you may be able to set it up via phone. You cannot open a CD online.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s CD rates compare

Arvest Bank’s certificate of deposit rates don’t even come close to the best CD offers on the market. Its highest rate is barely half of what it would need to be to make the cut. If you’re going to lock your money away for a set term, shop around to make sure you’re getting the best rates possible.

Arvest Bank’s money market account options

Money Market Accounts

A run-of-the-mill money market account with lackluster rates.
APYMinimum Balance to Earn APY
0.10% $0.01
0.10%$2,500
0.10%$10,000
0.15%$100,000
0.20%$250,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: $10 but this fee can be waived
  • ATM fee: $2 at all non-Arvest ATMs
  • ATM fee refund: Arvest returns the ATM fees it charges you at the end of the month.
  • Overdraft fee: $17

Arvest Bank’s Money Market Account fails to impress, what with its low rates and monthly maintenance fee. Sure, this fee can be waived if you keep a minimum of $2,500 in your account, but if you fall below that number your earnings from interest fade as you start shelling out the monthly fee.

A money market account is technically a type of savings account, though it does typically offer higher rates. Because it is a savings account, it’s subject to the regulator six withdrawals per month limit, without being subject to the bank’s penalty fees and/or account closure.

How to get Arvest Bank’s Money Market Account

If this is your first Arvest account, you will need to make a trip to your local branch. If it isn’t, you may be given the option to open your account over the phone or online. Be mindful that online applications can take an entire month to process.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s money market accounts compare

If you’re thinking about opening a money market account with Arvest Bank, you need to do more shopping. There are far better money market rates out there, and many of them come with less potential fees.

Arvest Bank’s IRA account options

IRA CD rates

18-Month Variable-Rate IRA CD

Middle-of-the-road rates that could change at the drop of a hat.
TermAPYMinimum Opening Deposit
18 MonthsCall Arvest for current rates.$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Varies depending on how much you have saved

Another thing to note on this IRA CD is that the rate is variable. That means that it could change even during the course of your term. While it could go up, it could also go down. That’s a risk you have to be okay with if you’re going to open up one of these 18-month CDs.

How to get Arvest Bank’s 18-Month Variable-Rate IRA CD

You can open this account online, in person or via phone. When you apply, be sure to come prepared with a government-issued ID.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

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How Arvest Bank’s IRA CD rates compare

Because Arvest’s rates are middle-of-the-road when compared to the competition, you’ll want to shop around before opening this IRA CD. You’ll also want to take into consideration that the APY on this certificate is variable, while many other financial institution offer fixed-rate CDs where the APY will stay consistent throughout the course of your term.

IRA Builder Savings

Middle-of-the-road rates with a fairly standard minimum balance requirement.
APYMinimum Balance to Earn APY
Contact Arvest for current rates.$100
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • Overdraft fee: N/A

The minimum balance requirement is fairly standard. It’s important to note that while some competitors offer higher rates, many of them do so only for IRA savings accounts with balances in the thousands or tens of thousands. Whether or not Arvest’s option is a good one for you will depend on how much you’re planning on using to initially fund the account.

How to get Arvest Bank’s IRA Builder Savings

You can open this account online, over the phone or in person at your local branch. You will need a government-issued ID to get the process started.

SEE DETAILS Secured

on Arvest Bank’s secure website

Member FDIC

Overall review of Arvest Bank’s banking products

Arvest Bank’s deposit accounts are not competitive. Many of these accounts offer no interest whatsoever, and the ones that do pay interest offer a low APY. While there are many ways to waive monthly maintenance fees, they are complex and change from account to account.

Although its products aren’t the best from an APY standpoint, MagnifyMoney has had consistently positive experiences with helpful and friendly customer service throughout the researching of this review. On top of that, many of Arvest’s accounts come with unique perks that may make opening an account the right decision for you if you are currently paying extra for these services and live in Arvest Bank’s geographic area of service.

But when you compare the numbers — whether that be APY or fees — Arvest Bank objectively doesn’t make the cut.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure

Credit Cards, Reviews

CreditStacks Mastercard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

The CreditStacks Mastercard offers a unique opportunity for individuals with little or no U.S. credit history – such as recent college graduates or professionals relocating to the U.S. for employment – to be approved for a credit card.

That’s because instead of requiring a Social Security number (SSN) or individual taxpayer identification number (ITIN) as most traditional credit cards do, the CreditStacks Mastercard allows applicants to apply using a valid passport or U.S. government-issued ID, a U.S. visa or a permanent resident “green” card (if applicable), as well as proof of income. The CreditStacks Mastercard also allows you to apply up to 60 days prior to starting your new job in the U.S.

We break down the pros and cons of the CreditStacks Mastercard, and show how it compares to the Capital One® Secured Mastercard®, which is also designed to help individuals establish or rebuild credit.

CreditStacks Mastercard pros

No credit history required. With the CreditStacks Mastercard, you can apply without a Social Security number and with little or no U.S. credit history. Once you obtain your Social Security number, you must provide it within 60 days of account opening. At that point, CreditStacks will begin reporting your credit activity to the Equifax and TransUnion credit bureaus.

Note, if you have been living in the U.S. for more than one year, you will be required to provide a Social Security number when applying for the card. A credit check may also be performed.

Decent credit limit. The CreditStacks Mastercard offers a credit line of up to $5,000 – which is a generous amount for an unsecured credit card that doesn’t require credit history.

Your credit limit will be determined by the proprietary underwriting procedures of CreditStacks, which will consider your current employment situation and additional factors, instead of your credit score.

No annual fee. The CreditStacks Mastercard comes with a $0 annual fee.

Additional CreditStacks Mastercard benefits:

  • Mastercard ID Theft Protection(™). Access free identity theft resolution services, as well as Mastercard ID Theft Alerts(™).
  • Extended warranty. Receive an extended warranty of up to one year past a manufacturer’s warranty of 12 months or less.
  • Purchase protection. If you are dissatisfied with a purchase, you may be eligible to receive a full refund for up to 60 days from the date of purchase.
  • Price protection. Get reimbursed for the difference if you find a lower price for an eligible new item within 60 days of purchase using your CreditStacks Mastercard.
  • Purchase assurance. Cardholders receive coverage if an item is lost, damaged or stolen within 90 days of purchase.
  • Travel protections. The CreditStacks Mastercard offers a MasterRental(R) collision damage waiver, lost or damaged luggage insurance, travel accident insurance, baggage delay insurance and trip cancellation and trip interruption insurance. Plus, receive access to exclusive experiences and offers through Priceless Cities and special travel offers through Mastercard’s online booking tool.
  • Cellphone insurance. If you use your CreditStacks Mastercard to pay your monthly cellphone bill, you can receive coverage against theft or damage of up to $600 per claim and up to $1,000 per 12-month period.

CreditStacks Mastercard cons

No rewards program. The CreditStacks Mastercard does not offer a sign-up bonus or rewards on the purchases you make using the credit card. That said, when trying to build or rebuild credit, it’s best to focus on paying your bill on time and in full (when possible) each month, rather than racking up rewards.

No intro APR on purchases. The CreditStacks Mastercard does not offer a 0% intro APR on purchases – meaning, if you don’t pay your balance in full each month, you will be subject to interest charges at a rate of 15.49% Variable APR.

That said, the card’s ongoing APR for purchases is reasonable – considering that some cards designed for individuals with little or no credit come with APRs upwards of 26.99% (variable).

Compare it to the Capital One® Secured Mastercard®

Similar to the CreditStacks Mastercard, the Capital One® Secured Mastercard® is designed for individuals with little or no credit. However, because it is a secured credit card, the Capital One® Secured Mastercard® requires a refundable security deposit of $49, $99 or $200, for an initial credit line of $200.

If you deposit more money before your account opens, you may be eligible for a higher credit line, up to $1,000. Additionally, you can be given access to a higher credit line after demonstrating responsible card usage by making your first five monthly payments on time.

While the Capital One® Secured Mastercard® does not require U.S. citizenship to apply, it does require a valid SSN or ITIN, as well as a residential address in the U.S. or a U.S. military location.

See how the cards compare side-by-side in the table below.

CreditStacks Mastercard vs. Capital One® Secured Mastercard®

 CreditStacks MastercardCapital One® Secured Mastercard®
Annual fee$0$0
Rewards rateN/AN/A
Credit lineUp to $5,000$200-$1,000
Deposit requiredNone$49, $99 or $200
Regular purchase APR15.49% Variable26.99% (Variable)

The Capital One® Secured Mastercard® also comes with a number of benefits, including auto rental collision damage waiver, travel accident insurance, extended warranty and 24-hour travel assistance services. As a Capital One member, you will also have access to virtual card numbers and account alerts from Eno, as well as access to your credit score and fraud monitoring through CreditWise.

But if you plan to carry a balance on your card, you’ll be better off with the CreditStacks Mastercard, since the Capital One® Secured Mastercard® comes with a substantially higher APR of 26.99% (Variable).

Read our: Capital One Secured Mastercard review

Which credit card is best for me?

If you haven’t yet established credit in the U.S., the CreditStacks Mastercard could be a good fit. In addition to not requiring a Social Security number for approval, the card helps build your credit by reporting to two major credit bureaus.

But if you’re in the market for a secured credit card and already have a SSN or ITIN, the Capital One® Secured Mastercard® is a good alternative. While the card offers a much lower credit line than the CreditStacks Mastercard, it does offer a variety of useful benefits that aren’t common for a secured credit card.

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