New Millennium Bank issues Ultra VX Visa Card which is one of the secured credit card from varios cards offered by the bank. A unique approach is taken to the way collateral accounts that are structured for secured credit cards by the Ultra VX Visa credit card. Reviews of Ultra VX Visa Card will help to understand the card by different features.
A patent pending process (which will automatically move stored cash into your secured account from your cash account) is one of the best feature of ultra card. You will be enabled to make your purchases with your card.
Ultra VX Visa Card Basics
- Credit-On-Demand option
- No annual fee
- 18% Fixed APR
- Point Rewards
Features of Ultra VX Visa Card
- No credit check, no bank account required
- UltraVX makes it easy to manage your finances
- Automatic minimum payments
- Reports to all 3 major credit bureaus
- Instant online approval
- Earn rewards for iTunes, Southwest Airlines, American Airlines, JetBlue, US Air, Marriott Hotels, Hilton Hotels, and many more with no restrictions*
How Ultra VX Visa Card works?
Balances
The UltraVX Visa Card has three different balances.
Cash Balance: The Cash Balance is where cash loads are applied. For Balance Transfers, ATM transactions, and Bill Payments, the Cash Balance is used. By using Cash Balance, the automatic monthly minimum payment can be covered.
Secured Balance: The Secured Balance is used to secure the Credit Limit. To boost your Credit Limit, from the Cash Balance into the Secured Balance, money is transferred. In the Secured Balance, funds are not available.
Credit Balance: For point-of-sale purchases, The Credit Balance is used, and consists of three parts:
Credit Limit: The Credit Limit means how much total credit you have.
Available Credit: The Available Credit is the amount of credit you have to spend.
Outstanding Credit Balance: The Outstanding Credit Balance is how much of your credit limit you have spent, which is how much you owe.
Credit Reporting
- The major credit bureaus report the UltraVX Visa Card’s activity every month because the UltraVX Visa is credit card. Following advice can be kept in your mind when using your card:
- Never allow your monthly minimum payment to be late. If you want to cover the minimum payment amount, then you will have to keep adequate money in your Cash Balance.
- To cover the minimum payment, enough money is required in your Cash Balance, to avert a delinquent status. A Credit Limit and Outstanding Credit Balance is required to be maintained which you can manage.
- Your minimum payment might become difficult to pay if you allow your Credit Limit and Outstanding Credit Balance to get out of hand.
- Automatic minimum payments
- After the twenty five days of end of each month's billing cycle, the Minimum Payment will be automatically charged from your Cash Balance. 4% of the Outstanding Credit Balance or $10(whichever is greater) the greater amount from above two can be calculated as Minimum Payment.
- Automatically, the amount of Minimum Payment will be debited from your Cash Balance. Every day after such date until funds are available, the Cash Balance will be checked by UltraVX. A $25 late payment fee will assess and the balance will be become delinquent if during the grace period, funds do not become available. If you want to pay more than the Minimum Payment, you can log in to your online Cardholder Account and do so.
Bill payments
Electronic Bill Payments is one of the advantages of the UltraVX Visa Card. All Bill Payments are paid from the Cash Balance. On your behalf, a paper check can be sent by them if a biller is not listed in their biller database. Electronic Bill Payments are paid immediately. A standard 3-5 day mailing timeframes applies when sending a paper check.
For making a bill payment, you will have to visit www.ultravx.com, and login by using user id and password. If you are first time user, then you will have to create a user id and password. After login, click “Bill Pay” to add a biller and pay a bill.
Add money to your cash balance
You are allowed to add cash to the Cash Balance by the UltraVX Visa Card. direct deposit (free) and various retail locations (PayXone, Western Union, and MoneyGram) are included in available cash load methods. NOTE: It's important to routinely Add Money to the Cash Balance to ensure that the automatic minimum monthly payment is paid.
Alerts
Alerts are proposed to help you stay updated on activities by the UltraVX Visa Card. Alerts are sent as a text message to a mobile phone, by email, or to a secure message center on the cardholder Web site. Alerts are one type of security feature. When the card is used, several options allow you to receive alerts. Not only do you know within seconds, the alert also indicates where the transaction took place if any unofficial transaction happens.
Customer service
If you may have questions and want to get answers, then three kinds of world-class customer service (which is offered by the UltraVX Visa Card) will help you.
- Cardholder Web Site: Via logging in to the cardholder Web site at any time, you can manage many aspects of your UltraVX Visa card and account information can be viewed by you. Click on "Account Login" by visiting www.ultravx.com.
- Automated System: With the help of24/7-automated system, account information can be gotten, a lost or stolen card be reported by you, or be transferred to a live customer service representative. To contact the automated system, call (877) 889-5085.
- Live Customer Service Agent: To contact a live agent at our world-class customer service center, call (801) 924-1593.
Get Ultra Rewards
Now it is standard to pay some fees with these cards (especially ones that offer rewards) because of your bad credit standing. Apart from other cards, Ultra VX card's fees are much smaller. You do not have an annual fee which starts this card off great. There is no inactive fee either. So you can understand that they are not annoying to fee you at every possibility. After a small application fee, the participation fee is only $6.95 per month. So that is not much for a great card. Plus you get some great reward opportunities. The reward details are:
- 1 point per $1 spent
- Points can be redeemed for travel rewards
- Southwest Airlines, American Airlines, JetBlue, Marriott, plus more
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