Table of Contents
Introduction
When it comes to credit cards, there are countless options available in the market. Each card comes with its own set of benefits and features, making it challenging for consumers to choose the right one. One credit card that has been gaining attention recently is the Deserve Pro Mastercard. In this article, we will explore whether the Deserve Pro Mastercard is a wise choice or a potential pitfall for consumers.
What is the Deserve Pro Mastercard?
The Deserve Pro Mastercard is a credit card designed specifically for young professionals and international students in the United States. It offers a range of benefits and features that are tailored to meet the needs of this target audience. Some of the key features of the Deserve Pro Mastercard include:
- No annual fee
- Unlimited 1% cash back on all purchases
- No foreign transaction fees
- Cell phone protection
- Travel and purchase protection
These features make the Deserve Pro Mastercard an attractive option for individuals who are looking for a credit card that offers rewards and benefits without any additional costs.
Benefits of the Deserve Pro Mastercard
One of the main benefits of the Deserve Pro Mastercard is the absence of an annual fee. Many credit cards charge an annual fee, which can range from $50 to several hundred dollars. By not having an annual fee, the Deserve Pro Mastercard allows cardholders to save money and enjoy the benefits of a credit card without any additional costs.
Another significant benefit of the Deserve Pro Mastercard is the unlimited 1% cash back on all purchases. Cash back rewards are a popular feature among credit card users, as they allow individuals to earn money on their everyday spending. With the Deserve Pro Mastercard, cardholders can earn cash back on all their purchases, regardless of the category or merchant.
In addition to cash back rewards, the Deserve Pro Mastercard also offers cell phone protection. This feature provides coverage for damage or theft of the cardholder's cell phone, up to a certain limit. Considering the high cost of smartphones, this protection can be a valuable benefit for individuals who rely heavily on their mobile devices.
Furthermore, the Deserve Pro Mastercard provides travel and purchase protection. This includes benefits such as trip cancellation insurance, rental car insurance, and extended warranty protection. These features can provide peace of mind to cardholders, knowing that they are protected against unforeseen circumstances and can enjoy additional benefits when making purchases.
Target Audience
The Deserve Pro Mastercard is specifically designed for young professionals and international students in the United States. This target audience often faces unique challenges when it comes to credit cards, such as limited credit history or lack of a Social Security number. The Deserve Pro Mastercard aims to address these challenges by offering credit to individuals who may not qualify for traditional credit cards.
International students, in particular, can benefit from the Deserve Pro Mastercard as it allows them to start building their credit history in the United States. This can be crucial for their financial future, as a good credit score is often required for various financial transactions, such as renting an apartment or applying for a loan.
Drawbacks of the Deserve Pro Mastercard
While the Deserve Pro Mastercard offers several benefits, it is important to consider its drawbacks as well. One of the main drawbacks is the relatively low cash back rate of 1%. Many other credit cards in the market offer higher cash back rates, ranging from 1.5% to 2% or even more. Therefore, individuals who spend a significant amount on their credit cards may be able to earn more cash back with other cards.
Another drawback of the Deserve Pro Mastercard is the limited acceptance compared to other major credit card networks. While Mastercard is widely accepted, there may still be some merchants or establishments that do not accept it. This can be a disadvantage for individuals who frequently shop at such places or travel to countries where Mastercard acceptance is limited.
Comparison with Competitors
To determine whether the Deserve Pro Mastercard is a wise choice, it is essential to compare it with its competitors. Two popular credit cards that cater to a similar target audience are the Discover it Student Cash Back and the Capital One QuicksilverOne Cash Rewards Credit Card.
The Discover it Student Cash Back offers 5% cash back on rotating categories and 1% cash back on all other purchases. This makes it a more lucrative option for individuals who spend a significant amount in the rotating categories. However, the Discover it Student Cash Back may have stricter approval requirements compared to the Deserve Pro Mastercard, making it more difficult for individuals with limited credit history to qualify.
The Capital One QuicksilverOne Cash Rewards Credit Card offers unlimited 1.5% cash back on all purchases. This higher cash back rate can be appealing to individuals who spend a substantial amount on their credit cards. However, the Capital One QuicksilverOne Cash Rewards Credit Card comes with an annual fee of $39, which can offset some of the cash back rewards earned.
Conclusion
The Deserve Pro Mastercard offers a range of benefits and features that make it an attractive option for young professionals and international students. The absence of an annual fee, unlimited 1% cash back on all purchases, and additional protections such as cell phone protection and travel and purchase protection make it a compelling choice.
However, it is important to consider the drawbacks of the Deserve Pro Mastercard, such as the relatively low cash back rate and limited acceptance compared to other major credit card networks. Individuals who spend a significant amount on their credit cards or frequently shop at establishments that do not accept Mastercard may find other credit cards more suitable for their needs.
Ultimately, the decision to choose the Deserve Pro Mastercard or any other credit card should be based on an individual's specific financial situation and spending habits. It is recommended to compare multiple credit card options, consider personal preferences, and evaluate the benefits and drawbacks before making a final decision.
