Today Card™ Mastercard®: Bad Credit? No Problem

Today Card™ Mastercard® Review

The Today Card™ Mastercard® is a credit repair credit card designed for people with bad credit. From fintech XTM and Utah-based Capital Community Bank, the card provides cardholders with access to the unsecured credit they need – but with hefty fees.

How Today Card Works

The Today Card operates like any other unsecured credit card for bad credit. Successful applicants gain access to a credit line that does not require a security deposit. Unlike other subprime lenders, XLM does not provide information on the minimum credit limits for new cardholders. Still, other similar cards feature a starting credit line of around $300 to $750 (depending on creditworthiness).

A Very High APR

One notable feature of the Today Card Mastercard is its purchase APR. The card’s interest rates rise to over 30%, among the highest purchase APRs available on a credit card today.

A high interest rate only matters if the cardholder carries a balance. Pay off the entire balance before the billing period ends and a statement is issued, and you’ll have no problems with Today Card. However, if you do have a balance, expect to pay significant interest – interest that can quickly accumulate if left unchecked.

Fortunately, there are plenty of unsecured credit cards for bad credit that don’t feature interest rates as high as Today Card. The Milestone® Gold Mastercard® and Indigo® Platinum Mastercard®, for example, both feature a purchase APR almost eight percentage points lower than Today Card.

Variable Annual Fees

Like other bad credit score credit cards, the Today Card Mastercard features an annual fee. These fees make the cards more accessible to wider credit profiles, as they help offset some of the risks associated with lending unsecured credit to people rebuilding their damaged credit scores.

The Today Card Mastercard features an annual fee of $120, which is billed as $10 per month. While this annual fee is on the higher side, it isn’t overly excessive. Some other unsecured cards (namely merchandise cards) provide larger credit lines and steeper annual fees – sometimes up to $150 or more).

Not interested in the $!20 annual fee with the Today Card? Consider cards like the Mission Lane Visa®, which has an annual fee almost half that of the Today Mastercard ($59). Even some Credit One Bank cards, such as the Platinum Visa for Rebuilding Credit, offer better annual fees and more opportunities for credit line increases.

Boost Your Credit Limit with Responsible Use

That’s not to say that the Today Card won’t offer credit limit increases. XTM and Capital Community Bank regularly monitor a cardholder’s credit score and offer credit line increases where possible. Demonstrate financial responsibility by paying your bill on time and keeping credit use below 30% of your overall limit. Your credit line might rise as early as six months into card membership.

How Does the Today Card Compare with Other Options?

Before choosing your next credit card, seeing how different offers compare is essential. Let’s examine how the Today Card™ Mastercard® stacks up against other credit cards in critical categories:

• Rewards: The Today Card™ Mastercard® doesn’t offer rewards. Many credit cards for near-prime credit scores avoid rewards to help keep costs down. If you are interested in cash back rewards, consider the Aspire® Cashback Rewards Card, which earns up to 3% cash back on eligible purchases.
• Annual fee: Many credit cards charge an annual fee, but the Today Card™ Mastercard® stands out with its very high fee. Compare the annual fees of other credit cards and consider whether the benefits and rewards offered by those cards justify the cost. Options like the Fortiva® Mastercard® or Surge® Platinum Mastercard® may provide a lower annual fee.
• APR: If you plan to carry a balance on your credit card, it’s important to consider the interest rates charged by different cards – especially as Today Card features a rather high APR. Compare the interest rates of the Today Card™ Mastercard® with other credit cards to ensure you’re getting the best deal.

Other Comparisons

What We Like About the Today Card

Perhaps the Today Mastercard’s best feature is its access to unsecured credit. The Today Card operates as any other credit card would – you use it to make purchases anywhere Mastercard is accepted. For many with subprime credit, the only option is secured credit cards. But Today provides a platform to jump from secured to unsecured on your credit journey.

Things to Consider

While the Today Card offers some enjoyable features, there are potential drawbacks you must consider before applying for the card.

For starters, Today Mastercard features a rather high annual fee. That annual fee varies based on your card offer but can be as high as $125 per year. Other cards similarly charge an annual fee, but many cap the yearly charge much lower than $125.  The Milestone® Mastercard®, for example, caps the annual fee at $99.

Other Card Features

The Today Card features the types of perks and protections that come from a Mastercard – providing holders with purchase protections, credit score monitoring, and more. These perks and protections include:

Cardholders also get access to the Today Card’s helpful mobile app. The Today app, available in the Apple and Google app stores, allows you to manage your card account effortlessly by providing access to your balances, available credit, payment due dates, and more. You can even use the app to make or schedule payments, saving you a stamp and envelope when it comes time to pay your monthly statement.

Capital Community Bank Ratings

How does the Capital Community Bank stack up? Here are a selection of expert reviews for the card and bank:

Should You Apply for the Today Card™ Mastercard®?

There are many credit cards for bad credit on the market – and the Today Card™ Mastercard® struggles to stand out among the crowd. The card’s interest rates are excessive – and can quickly cause financial problems for those unaccustomed to carrying a balance on a credit card.

The annual fee of $120 is another strike against the Today Card, especially compared to other credit repair cards on the market, such as the Indigo Card, Milestone Card, or even the Destiny Mastercard – all of which offer lower purchase APRs and annual fees.

Repairing your credit takes patience, persistence, and the right tools. This process also requires a credit card that grows with you – something the Today Card struggles to do. Ultimately, the Today Card™ Mastercard® likely serves a role in credit repair for some, but for many others, other cards (including secured credit cards) provide a much safer route to a better financial future. Those with no credit history at all should consider a merchandise card, like the Merit Platinum, Freedom Gold, Buy on Trust, or Unique Platinum.