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The New Millennium Bank Secured Black Diamond Visa®/MasterCard®, issued by New Millennium Bank, is designed for those with limited or poor credit who may have difficulty in obtaining a standard unsecured credit card.

Most often, secured credit cards do not have any additional perks or benefits; however, this card does provide several benefits including auto rental insurance, up to $100,000 in travel accident insurance, and an extended warranty for purchases. Perhaps the best benefit is the free companion airline ticket, which is awarded to cardholders upon approval. The card also offers a referral program that rewards cardholders with up to $50 per approved referral.

Although the APR applied to purchases is high for a secured card, this card does apply interest to the deposit amount required to secure the account, which is a nice benefit. This card also has a no credit check and no turn-down policy.

There is an annual fee of $59, which is slightly above average for a secured card, as well as a one-time processing fee of $99.95 ($129.95 if the applicant would like to be issued both a Visa® and a MasterCard®).

It is important to note that a drawback of the card is that there is no grace period for purchases. This means that interest will be applied immediately to any charges made with the card.

Therefore, those who do not mind accumulating finance charges once a transaction is posted and can afford the $300 minimum deposit will benefit most from what the New Millennium Bank Secured Black Diamond Visa®/MasterCard® has to offer.

Type of card: Personal

Introductory apr rate description: No Introductory Rate Available

Purchases apr rate: $19.50

Cash apr rate: $19.50

Fee: $59.00

Best: No credit check for new applicants; guaranteed approval; free companion ticket upon enrollment.

Worst: No grace period; annual fee.

Perks: Access to the referral program to earn up to $50 per referral. Up to $100,000 in travel accident insurance. Emergency cash replacement. Auto rental insurance. Extended warranty for purchases. Lost luggage reimbursement. Personal identity theft assistance. Hotel and motel burglary assistance. Free companion airline ticket upon enrollment. See website for additional benefits.

Notations: No credit check or turndowns. Reports to all three major credit bureaus. No employment verifications. The card is not available to residents of Puerto Rico, Guam and Canada. **The maximum credit and deposit limits of $10,000 are based on the applicant's approval for both the Visa® and the MasterCard®, otherwise the maximum credit and deposit limits are $5,000 per card. ***Application fee is $99.95 for either a Visa® or MasterCard® account OR $129.95 for both a Visa® and a MasterCard® account. See website for complete terms and conditions of card usage and application disclosure.

Additional description:

• No Credit Check
• Approved Regardless of Credit History
• Total Credit Limit Up to $10,000
• Reports to All 3 Bureaus
• Get Cash at Over 740,000 ATM's
• Emergency Cash Transfers
• Auto Rental
• $100,000 Travel Accident Insurance