If you’re a newcomer to the United States, the Pomelo Card is one of the many options available to help you establish credit. This Mastercard can be used for purchases anywhere, but it offers a unique feature: the ability to send money to individuals in the Philippines without incurring transfer fees.
Issued by Coastal Community Bank and serviced by Pomelo, this card has some unconventional characteristics. Depending on your eligibility, you may receive either a secured or unsecured version. Secured cards require a deposit as collateral, while unsecured cards do not. Additionally, as a charge card, the balance must be paid in full each month, eliminating interest charges.
One standout feature of the Pomelo Card is the ability to avoid money transfer fees and cash advance charges. While there are other cost-effective methods for international transfers, they usually do not contribute to building credit scores simultaneously.
Here are some key points about the Pomelo Card:
1. Interest charges are non-existent, and fees are minimal
2. The card offers a potentially high credit limit
3. Sending money with the card does not incur transfer fees
4. Eligibility for an upgrade to the unsecured version of the card is possible
5. Checking your offer does not impact your credit scores initially
For those looking for a specific timeline to upgrade and earn rewards, the Discover it® Secured Credit Card may be a better option. However, if transferring money with a credit card is a priority, the Pomelo Card is a more cost-effective choice.