What Is The Bank of Missouri, and Are Its Credit Cards Right for You? – NerdWallet

The Financial institution of Missouri gives private and enterprise monetary companies to Missourians together with mortgages, automotive loans and well being financial savings accounts. Financial institution members could go to one in all almost 30 branches throughout Missouri in Ozark, Springfield and extra.

However regardless of The Financial institution of Missouri’s sterling status as a reliable deposit establishment, it points some horrible bank cards that primarily goal shoppers with low credit score scores. General, these playing cards hit you with a barrage of charges in change for only a few perks. When you’ve been contemplating one in all these bank cards, know that there are higher choices — even you probably have poor credit score (credit score scores of 629 or decrease), or no credit score in any respect.

Right here’s an outline of The Financial institution of Missouri’s bank cards, in addition to some superior alternate options.

The Financial institution of Missouri points shut to twenty bank cards as of October 2024. A few of them are in partnership with Continental Finance and Concora Finance, corporations that present customer support to cardholders. The Financial institution of Missouri’s roster of playing cards consists of:

A few of these playing cards are almost equivalent to one another. Within the subsequent sections, we word (the place relevant) which playing cards are most alike.

Relying in your creditworthiness, candidates could qualify for the Aspire Mastercard or the Aspire Money Again Rewards Card. The latter earns as much as 3% money again in qualifying classes and 1% on every thing else. Nevertheless, each bank cards have a number of expensive charges and a minimal APR of almost 30% (as of this writing), which may simply cancel out any worth from rewards when you’re carrying a stability month to month.

The Aspire playing cards have an annual price, which might be as excessive as $175 within the first yr. After the primary yr, you’ll pay as much as $49 simply to carry the cardboard. On prime of the annual price, there’s a month-to-month account upkeep price that kicks in after the primary yr starting from $5 to $15. ($60 to $180 yearly). If you’d like a further card to provide to an licensed person, that’ll price $19. The financial institution additionally assesses a $2 cost each time you obtain a paper assertion.

Different decide: The Firstcard® Secured Credit score Builder Card doesn’t cost an annual price, late charges or curiosity on unpaid balances. As a result of it’s a secured card, you will want to place down an upfront deposit to open the credit score account, however you will get the cash again upon closing the account.

Of the playing cards issued by The Financial institution of Missouri, the First Entry and Complete Visa bank cards stands out as the most alike. Neither card ought to be celebrating that distinction. As of this writing, each playing cards have an APR of virtually 36%. Each of them additionally function a $75 annual price within the first yr, then $48 thereafter; an $8.25 month-to-month price after the primary yr; and an preliminary credit score restrict of solely $300.

In both case, you will have to attend at the very least a yr to be thought-about for a credit score restrict enhance. But when that occurs, you might also be charged a proportion of that enhance, which is ludicrous.

However wait, there’s extra: Each playing cards cost an outlandish $95 “program price” that have to be paid throughout the first 60 months of account opening. When you don’t pay it, you may’t use the bank card. Only a few issuers impose a price to open an account. Heck, some issuers offer you a digital card quantity so as to use the cardboard proper after approval. In contrast, The Financial institution of Missouri will categorical ship the First Entry or Complete Visa playing cards to your own home — for a $35 price.

You possibly can earn 1% money again on purchases made with the First Entry and Complete Visa playing cards, however that rewards fee isn’t excessive sufficient to recoup their charges. Plus, each playing cards make you wait six months after account opening to redeem your rewards.

Different decide: The Capital One Platinum Secured Credit score Card is a superb possibility for individuals who need a secured card however fear about placing up lots of of {dollars} for a safety deposit. It is potential to qualify for a $200 credit score restrict with a deposit of $49, $99 or $200. Capital One additionally permits you to pay down the safety deposit in increments of $20, with the total quantity due 35 days after card approval.

The Milestone® Mastercard® is one other fee-harvester: As of this writing, the cardboard’s annual price is $175 within the first yr, then $49. See Phrases. After the primary yr, you’ll additionally owe a $12.50 month-to-month upkeep price. And when you exceed your credit score restrict — which can be simple to do as the utmost credit score line on the Milestone® Mastercard® is $700 — you’ll be assessed an overlimit price as much as $41. That price is especially notable contemplating that most issuers don’t cost overlimit charges anymore.

Different decide: Just like the Milestone® Mastercard®, the Mission Lane Visa® Credit score Card is supposed for these with weak credit and doesn’t require a safety deposit. However the distinction is that the Mission Lane card has a $0 annual price and no month-to-month price.

When you get the Verve card, you’ll begin with an preliminary credit score restrict of both $300, $500, $750 or $1,000. The credit score restrict you’re assigned determines the charges you’ll pay to make use of the cardboard. For a measly $300 credit score restrict, you’ll owe a $75 annual price within the first yr, then $99, plus a $12.50 month-to-month price that begins after the primary yr. You gained’t pay a month-to-month price when you get a $750 or $1,000 credit score restrict; as an alternative, you’ll have an absurd $125 annual price. The worst possibility might be the $500 credit score restrict, which comes with a $125 annual price and a $12.50 month-to-month price due after the primary yr.

A few of these charges are charged upon account opening and instantly scale back the quantity of obtainable credit score. When you obtained a $300 credit score restrict, you’d actually solely have entry to $225 due to the $75 annual price. Not till you repay the annual price will the credit score restrict be restored to its full quantity.

Just like the First Entry and Complete Visa playing cards, the Verve card requires you to attend at the very least 13 months earlier than getting a credit score restrict enhance — and you will have to pay for the larger credit score line.

Different decide: The Uncover it® Secured Credit score Card is one in all our prime picks for individuals who need to construct or rebuild their credit score. After paying the safety deposit of at the very least $200, you’ll get entry to a card with a $0 annual price, a $0 month-to-month price, a $0 credit score restrict enhance price, a $0 international transaction price, and even no late price in your first late cost. Uncover additionally robotically opinions your account after seven months from account opening to see whether or not you qualify to improve to one in all their unsecured playing cards. When you do, that’s when you will get the total safety deposit again.