There is an annual fee of $59, which is slightly above average for a secured card and there is also a one time processing fee of $69.95 ($99.95 if the applicant would like to be issued a Visa® and a MasterCard®).
It is important to note, a major drawback to the card is that there is no grace period for purchases. This means that interest will be immediately applied to any charges made with the card.
Therefore, those who do not mind being charged finance charges once a transaction is posted, can afford the $300 minimum deposit, and need to establish credit, will benefit most from what the New Millennium Bank Platinum Visa®/MasterCard® has to offer.
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 deposit used to secure the account will be kept in a savings account and interest will be applied in the following amounts: 6% for the first three months, 2% for next nine months, 3% APY for the first year, 2% APY for the second year.
**Application fee is $69.95 for either a Visa® or MasterCard® account OR $99.95 for both a Visa® and a MasterCard® account.
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New Millennium Bank Platinum Visa®/MasterCard® 
