Review of the WebBank/Fingerhut Credit Account by Credit-Land

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Credit Card Applications » Research » Reviews » Fingerhut » WebBank/Fingerhut Credit Account: Fast Financing for Limited Credit

WebBank/Fingerhut Credit Account: Fast Financing for Limited Credit


Updated: July 19, 2017

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WebBank/Fingerhut Credit Account: Fast Financing for Limited Credit

If you’ve got limited credit or bad credit and have had trouble being approved for a line of credit, the Fingerhut Credit Account issued by WebBank could be the answer you’re looking for. It offers line of credit to applicants with any credit, even if they’ve been turned down for other cards. Unlike a secured card, there’s no deposit required. And there’s no annual fee. Unlike a traditional Mastercard or Visa, you won’t be able to make purchases in stores or use the card in restaurants, but you can use it to buy items from the Fingerhut online catalogue.

Finance purchases: Bedding, Kitchen, Furniture, Electronics, Toys, Clothing, Jewelry
Credit level recommended:
Bad
Annual fee: $0

Special offers:

No over-the-limit fee, fast response to your application, and offers a credit line for people who think they won’t get approved. Shop online for clothing, computers, jewelry, electronics, and appliances – hundreds of items are available through the online Fingerhut catalogue.

Earning rewards:

The WebBank/Fingerhut Credit Account, like many credit programs for people with limited credit, doesn’t offer a rewards program.

Redeeming rewards:

There are no rewards to redeem.

Benefits:

The big benefit of the WebBank/Fingerhut Credit Account is the ability to build payment history for people who have either no credit or damaged credit. Fingerhut may report account activity to major credit bureaus, which means making payments by the due date could help bump up your credit score over time. And after several months of making on-time payments, your credit limit might be raised, which will improve your buying power with Fingerhut even more.

Three easy steps to begin to build credit

Considerations:

WebBank/Fingerhut Credit Account

WebBank/Fingerhut Credit Account

Expert Rating:

Credit-Land.com experts evaluate each card using several criteria (e.g., interest rates, fees, benefits and features, rewards programs, and customer service) in order to help you choose a card that's right for you. This rating reflects our experts' opinions, beliefs and experiences with credit card products. This rating is not influenced by payment considerations.

This credit account might not seem like the best deal because of the high APR and the fact that you can only use it to purchase things through the Fingerhut catalog, either print or online, is limiting. However, for customers with less-than-perfect credit, this can be a great choice. Why? Because unlike a secured card, this account has no annual fee, no startup fee, and no deposit required. Many people who have bad credit look to secured cards, like the Capital One Secured Mastercard. Those cards have their own set of advantages, such as being accepted anywhere that takes Mastercard, but they also require a down payment of collateral. If you’d rather not put down that deposit – which can be more than $200 – then the WebBank/Fingerhut Credit Account could be a good way to begin mending your credit. Make small purchases that you can easily pay off, then pay them in full before the payment due date. That way the high APR won’t matter, because no interest will be applied before the grace period ends. In time, and if you don’t do anything else to damage your credit history, your credit score will improve and you’ll be eligible for a regular credit card – possibly one with a great rewards program!

* If you apply and are accepted for a Fingerhut Credit Account issued by WebBank, who determines eligibility and qualifications for the terms of the credit.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
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