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All About the Tribute Credit Card

All About the Tribute Credit Card

The Tribute credit card is what is known as a sub-prime credit card; this means that it is aimed at people with bad or no credit who are looking to establish or improve their credit history. Issued by the First Bank of Delaware, this credit card comes with many of the same pros and cons found in other cards aimed at the bad credit market.

The Tribute credit card has an initial credit limit of $300. This low limit is common in cards issued on the sub-prime level, but is lower than some other cards offer. The Tribute credit card also has an annual fee of $150 – this means that you must pay that amount every year for the privilege of being extended credit by the bank. It also carries a monthly maintenance fee of $6.50 per month. Interest rates are generally high on these cards, which is again common to all cards of this type.

As with all credit building systems, the Tribute credit card allows users to slowly increase their credit line as they build a reputation for paying their bills on time. On the other side of the coin, however, they also increase the already high interest rate for missed payments, and it is very hard to get the rate back down again. This means that you are paying a lot more for the purchases you make, unless you are careful to pay them all off immediately.

In 2009, many consumers started to find that their Tribute credit card was being declined in spite of the account being in good standing. Rumors on the internet flew that the company was going out of business and would no longer be providing credit card services. Some customers were told this directly over the phone, while others continued to have access to their credit line. As of the last reports online, it is unclear as to whether or not the Tribute credit card will continue to be available to people in search of sub-prime credit services.

The First Bank of Delaware, issuer of the Tribute credit card, has come under fire from consumer advocates for unfair credit practices. In 2008 a class action lawsuit was filed against them and other credit card issuing companies, however this appears to be unrelated to the cancellation of accounts held by Tribute credit card customers.

When it comes to sub-prime credit cards, there are many choices out there for consumers, and the Tribute credit card may no longer be one of them. Whatever the results of the problems being encountered by existing cardholders, it doesn’t seem that the offers for the Tribute credit card once widely available online are open any longer. It remains to be seen whether this is a permanent state for the Tribute cards, or whether they can simply frozen their accounts pending a recovery from a financial situation that has not allowed them to extend any further credit. Tribute may be back – or they may be permanently closed for business.

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