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. Deserve Pro is a credit card that has gained popularity in recent years, but is it truly a pro move or just another amateur mistake? In this article, we will delve into the details of Deserve Pro, analyzing its pros and cons, and providing valuable insights to help you make an informed decision.
What is Deserve Pro?
Deserve Pro is a credit card designed specifically for students and young professionals who are looking to build their credit history. It is issued by Celtic Bank and powered by Mastercard, making it widely accepted around the world. The card offers a range of benefits and features that are tailored to the needs of its target audience.
Benefits of Deserve Pro
- Easy Approval: One of the key advantages of Deserve Pro is its easy approval process. Unlike traditional credit cards that require a well-established credit history, Deserve Pro considers other factors such as income and education to determine eligibility. This makes it an attractive option for students and young professionals who may not have a lengthy credit history.
- No Annual Fee: Deserve Pro does not charge an annual fee, which is a significant benefit for cardholders. Many credit cards in the market come with annual fees that can range from $50 to $500, adding to the cost of owning a credit card. With Deserve Pro, users can enjoy the benefits without worrying about an additional expense.
- Cashback Rewards: Another appealing feature of Deserve Pro is its cashback rewards program. Cardholders can earn 1% cashback on all purchases, which can add up over time. This is especially beneficial for individuals who use their credit cards for everyday expenses such as groceries, gas, and dining out.
- Cell Phone Protection: Deserve Pro offers cell phone protection, which is a unique feature not commonly found in other credit cards. This benefit provides coverage for damage or theft of the cardholder's cell phone, up to a certain limit. This can be particularly useful for students and young professionals who heavily rely on their smartphones.
Drawbacks of Deserve Pro
- Higher Interest Rate: While Deserve Pro offers several benefits, it comes with a higher interest rate compared to some other credit cards. The annual percentage rate (APR) for Deserve Pro can range from 18.74% to 25.74%, depending on the cardholder's creditworthiness. This means that carrying a balance on the card can result in significant interest charges.
- Limited Credit Limit: Another limitation of Deserve Pro is its relatively low credit limit. For individuals who are looking to make large purchases or have higher spending needs, the credit limit offered by Deserve Pro may not be sufficient. This can be a drawback for those who require a higher credit limit for their financial needs.
- No Introductory APR: Unlike some other credit cards in the market, Deserve Pro does not offer an introductory APR period. This means that new cardholders will not benefit from a lower or 0% interest rate for a certain period of time. This can be a disadvantage for individuals who are planning to make large purchases and want to avoid interest charges in the initial months.
Case Studies and Statistics
To further understand the impact of Deserve Pro, let's take a look at a couple of case studies and relevant statistics.
Case Study 1: Sarah's Credit Journey
Sarah, a college student, was looking for a credit card to start building her credit history. She came across Deserve Pro and decided to apply. Due to her limited credit history, she was approved for the card without any hassle. Over the course of a year, Sarah used her Deserve Pro card for her everyday expenses and diligently paid off her balance each month. As a result, her credit score improved significantly, allowing her to qualify for better financial opportunities in the future.
Case Study 2: John's Financial Struggles
John, a young professional, was in need of a credit card to manage his expenses. He opted for Deserve Pro due to its easy approval process. However, John found himself carrying a balance on his card and struggling to make the minimum payments. The high interest rate of Deserve Pro added to his financial burden, making it difficult for him to get out of debt. This case highlights the importance of responsible credit card usage and understanding the terms and conditions of the card.
Statistics on Credit Card Debt
According to the Federal Reserve, the total credit card debt in the United States reached $870 billion in 2020. This staggering number indicates the prevalence of credit card usage and the potential risks associated with it. It is crucial for individuals to carefully consider their financial situation and choose a credit card that aligns with their needs and goals.
Conclusion
Deserve Pro offers a range of benefits and features that make it an attractive option for students and young professionals. Its easy approval process, no annual fee, cashback rewards, and cell phone protection are all valuable perks. However, it is important to consider the higher interest rate, limited credit limit, and absence of an introductory APR when evaluating Deserve Pro.
Ultimately, whether Deserve Pro is a pro move or an amateur mistake depends on an individual's financial situation and credit card usage habits. It is essential to carefully review the terms and conditions, assess personal needs, and compare other credit card options before making a decision. By doing so, individuals can make an informed choice that aligns with their financial goals and helps them build a strong credit history.
