The Seen Mastercard, issued by Coastal Community Bank, is a lower-fee unsecured credit card for those who are invited to apply and are in the process of rebuilding credit. If you’ve received an invitation by mail or email, you can use the offer code on their website to access the application. As of November 2024, the card targets those who have around a 550 to 620 credit score range, according to Brad Mason, head of card risk and compliance at Seen.
Compared to unsecured “fee-harvester” credit cards — which charge steep annual fees, monthly maintenance fees and account setup fees — the Seen Mastercard is a more affordable unsecured option. Plus, it has other beneficial features, including comprehensive credit bureau reporting and the potential for a relatively high credit limit. But even still, it may not be the best choice.
For instance, a no-annual-fee secured credit card can be more cost-effective. While you’ll be required to pay an upfront security deposit for these kinds of products, you can get that money back with a good track record of on-time payments. (This isn’t the case with annual fees.)
Here’s what to know about the Seen Mastercard.
1. It has lower fees compared to cards in its class
Relative to other unsecured credit cards for those with less-than-ideal credit, the Seen Mastercard keeps the fees low.
These are some ways the card stands out:
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An annual fee between $0 to $75: The annual fee will vary depending on your creditworthiness, but it’s lower than you’ll get with some fee-harvester credit cards that charge annual fees that can cost almost $200. In addition to that cost, some of these cards add on account setup fees and monthly maintenance fees. With the Seen credit card, you don’t have to worry about these excessive costs as you’re trying to rebuild credit.
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No foreign transaction fees: Without this fee and as part of Mastercard’s broad network, this card will be a solid travel companion for making purchases abroad.
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A $25 late fee: It’s important to avoid paying late to stay on track with credit-building goals, but if you do have a slip-up, the late fee will be lower compared to those from other issuers. Some issuers charge up to $41 as a late payment (as of this writing).
These are all marks in favor of the Seen Mastercard — but it’s still possible to save more money with a secured credit card like the $0-annual-fee Discover it® Secured Credit Card. It requires a minimum of $200 as a security deposit, but you’ll get it back eventually if you maintain a good payment history and close the account or upgrade to an unsecured credit card with Discover. The issuer reviews your account starting at seven months to see if you qualify for a regular credit card. You’ll also earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% on all other purchases. As a cardholder, you’ll also get a sign-up bonus: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. These incentives can help defray some of the cost of the deposit over time.
But if that type of deposit requirement isn’t in your budget, you can consider the Capital One Platinum Secured Credit Card, which may allow you to get a $200 line of credit with an initial deposit of $49, $99 or $200, if you can qualify.
As a result, Chime’s card doesn’t charge interest or fees.
2. The credit limit has room to grow
As a cardholder, you’ll start with a credit limit between $300 and $3,000, based on your creditworthiness and other factors. If you’re charged an annual fee, it will also eat into your initial credit limit. For instance, if you have a credit limit of $300 and an annual fee of $59, your amount of available credit will be $241 until you pay that fee back. On a credit-building journey, it’s important to not use more than 30% of your amount of available credit on the card to avoid a negative impact on your credit scores.
Eventually, you will be considered for a credit limit increase when you make your minimum payment on time for five consecutive billing cycles. There’s no guarantee you’ll get it, but it’s a nice feature when you’re building credit because it could lower your credit utilization ratio. This is the amount of your available credit in use and a key factor that impacts credit scores.
3. The APR is expensive
As of November 2024, the APR charged for purchases on the Seen Mastercard was nearly 36%, making it very expensive to carry a balance. It’s not uncommon for the annual percentage rate, or interest rate, on a credit card for less-than-ideal credit to be high, so it’s critical to make payments on time and in full when possible.
One possible strategy you can employ is to use the card to pay for small purchases and then pay off the expense in full to avoid interest charges. You’ll further protect yourself from debt or from relying on your credit card if you can work toward building an emergency fund.
4. Payments are reported to all three major credit bureaus
With the Seen Mastercard, your payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. It’s an essential feature when you’re rebuilding credit, since these companies record the information that’s used to calculate your credit scores. For this reason, it’s important to stay on track with payments.
5. The card may be used instantly after approval
After you’re approved for the Seen Mastercard, you’ll get a digital card that may be used for purchases after approval. Once you receive the physical card in the mail, the digital card will automatically deactivate. The physical card arrives in the mail within five to seven business days, according to the card’s website.
