Concora Credit, formerly known as Genesis Financial Solutions, is the company behind multiple credit cards for consumers with bad to fair credit (FICO scores of 300-689), including:
The Concora Credit Mastercard, issued by The Bank of Missouri.
The Destiny credit card, issued by The Bank of Missouri.
The Indigo credit card, issued by Celtic Bank.
The Milestone® Mastercard®, issued by The Bank of Missouri.
In addition to being under the Concora Credit umbrella, these cards tend to share the same nagging similarities: a bevy of hefty fees, small credit limits, super-high annual percentage rates, very few perks and no upgrade path to a better product.
They may be easier to get than other credit cards, and because they're unsecured, they don't require an upfront deposit. Also, they report to all three major credit bureaus, so responsible use — such as paying on time — can help your credit scores.
But even with bad credit, you don't have to settle for one of these cards. Cheaper, better options exist.
Here's an overview of the credit cards serviced by Concora Credit.
Annual fees
Depending on creditworthiness, annual fees on any one Concora's cards range from $0-$250. According to a Concora Credit spokesperson, “Better offers [are] typically available through preapproved or prequalified channels, such as direct mail.”
Credit cards that charge triple-digit annual fees typically offer a bevy of perks to offset the price tag, but that’s simply not the case with these credit cards.
Furthermore, Concora assesses the annual fee upon account opening, which immediately lowers your available credit. For example, if your card has a $700 credit limit and a $250 annual fee, you'd only be able to spend $450 until you’re able to pay off that fee.
Monthly fees
Some Concora cards also have monthly fees, which are a rare feature in today’s credit card market. Monthly fees run as high as $19.25 monthly fee after the first year, which amounts to $231 annually. Be mindful that monthly fees are in addition to whatever annual fee you may be paying.
APR
The APR on Concora’s credit cards can be as high as 35.9%, well above the average interest rate. If you carry a balance on one of these cards, expect to pay dearly.
Credit limit
Every Concora-serviced credit card has a minimum credit limit of $700. Remember, though, that any annual fee is immediately charged to your credit card, effectively reducing your spending power, at least temporarily.
Rewards
Some of these credit cards earn rewards. For example, the Concora Credit Mastercard earns an unlimited 1% back on all purchases. Other cards earn as much as 5% in select categories such as gas, groceries and restaurants.
Other benefits
All Concora credit cards have a relatively low foreign transaction fee of 1%. Of course, plenty of credit cards don’t charge any fees for making purchases abroad.
The Concora Credit Mastercard offers the Breathing Room program that lets cardholders lower their minimum payment to $20 for three months. This benefit can be activated every 24 months.
Is one of these credit cards right for me?
The short answer is, "Probably not." All of the Concora Credit-serviced cards are laden with fees in exchange for few too perks. If you are trying to rebuild your credit, consider instead a secured credit card. Yes, you'll need to put up a security deposit, but some cards let you pay that down in installments. And a security deposit is refundable, unlike monthly and annual fees.
Still, paying a security deposit may be impossible in certain financial situations. In that case, look into an unsecured card for people with bad credit.
