Today Mastercard
REVIEW
The Today Mastercard is a card from XTM, a French Fintech based in Toronto. Here are the cards key highlights and features:
Let's find out more about this card.
- Mobile App and Text Alerts
- Autopay
- Free Credit Score
Let's find out more about this card.
By : Mr Credit Card 
Who is Behind the Today Mastercard?
Features and Fees
| Annual Fee | $75, $120 or $125 |
| Monthly Maintenance Fee | $0 |
| One-Time Application Fee | $0 |
| Regular APR | 27.25% or 32.25%*V |
| Foreign Transaction Fee | 3% |
| Late Payment | Up to $35 |
Fees - The Today Mastercard has three annual fees. You could get an annual fee of $75, $120 (billed at $10 a month) or $125. There is no monthly maintenance fees or one-time application fee.
Starting Credit Limit - At this moment, we do not know the starting credit limit of this card. Most subprime credit cards start you off with a credit limit ranging from $300 to $750. So we can assume this will be the range for this card.
Eligible For Credit Increase - Your account will be evaluated periodically for potential credit line increases.
Credit Bureau Reporting - Today reports to Experian and TransUnion but not Equifax.
Free Credit Score - You get a free Vantage Score from TransUnion. You will access your score through a tool called TodayTool.
Mobile App and Autopay - Today has a mobile app for both Android and IOS and you also get text alerts. You can also set up autopay so that you will never be late on your player. Furthermore, Today also allows you to add multiple bank accounts to your autopay setup.
Competition
| Card | Annual Fee | Upfront Fee | Monthly Fee | APR | Starting Limit | Mobile App |
|---|---|---|---|---|---|---|
| Today Mastercard | $75, $120 or $125 | N.A. | N.A. | 27.25% or 32.25% | Not Sure | Yes |
| Digital Mastercard | $59 | N.A. | N.A. | 24.90% | $300 | N.A. |
| Milestone Mastercard | $35 to $99 | N.A. | N.A. | 24.90% | $300 | N.A. |
| Indigo Mastercard | $0 to $99 | N.A. | N.A. | 24.90% | $300 | N.A. |
| Credit One Amex | $39 | N.A. | N.A. | 25.49% | $500 | Yes |
| Credit One Visa | $0-$99 | N.A. | N.A. | 19.49% to 25.49% | $300 | Yes |
| Total Visa | $75 1st Year Then $48 | $89 | $0 1st Year $6.25/m | 34.99% | $300 | N.A. |
| Surge Mastercard | $135 1st Year Then $96 | N.A. | $10/m | 29.90% | $500 - $750 | Yes |
| Reflex Mastercard | $135 1st Year Then $96 | N.A. | $10/m | 29.90% | $500 - $750 | Yes |
I am going to treat the Today Credit Card as a subprime because the annual fee and APR suggest it is targeting those of you with bad credit. The table above shows cards that are quite similar.
Fees - The Today Mastercard has higher annual fee than it's peers. For example, the Credit One Bank Visa and the Indigo Mastercard has an annual fee that ranges from $0 to $99. The Destiny Mastercard has an annual fee of $59.
Rewards - The Today card has no rewards. That is not a big deal for a subprime credit card. However, it is worth noting that credit cards from Credit One have cash back rewards. Even secured credit cards like Discover Secured Card.
Free Credit Score - The Today credit card offers card members a free TransUnion Vantage score. This feature makes it very comparable with other cards. For example, credit cards from Credit One and Continental Finance all offer free credit scores. Cards like Reflex Mastercard from Continental Finance offer free FICO scores and not vantage score.
Mobile Apps and Payments - Today is very competitive in this area. They have a mobile app and allow autopay. Issuers like Credit One and Continental Finance have mobile apps. However, there are some issuers like Genesis Finance whose cards have no mobile app.
Comparison Summary - After some comparison, I would say that the Today Mastercard has higher annual fees than it's peers though it is very competitive in terms of features like mobile apps and free credit scores. However, we do not know what is the starting credit limit.
Pros and Cons
Pros
- No Monthly Maintenance Fee - Unlike some subprime credit cards, the Today Mastercard does not charge any monthly fee on top of an annual fee.
- No One-Time Application Fee - The Today credit card does not charge any one-time application fee.
- Free TransUnion Vantage Score - Card members will get a free credit score from TransUnion. It is not a FICO score but a Vantage score instead.
- Autopay - Many subprime credit cards are not set up to give customers the choice of autopay. But Today Mastercard lets you do that. This is a great feature because you will never be late.
- Add Multiple Bank Accounts to Autopay - We know of no other issuer who has this capability. You can add a few bank accounts to the autopay system rather than just one account.
- Mobile App - While most cardholders expect their card issuer to have a mobile app, not many subprime credit cards have one. Today has both mobile apps for Android and IOS.
- Text Alerts - You get text alerts on balances, payment due date etc. This is another helpful tool to ensure you know what is going on in your account.
- Eligible for Credit Line Increases - Those who have this card will have their account evaluated periodically for credit line increases.
Cons
- High Annual Fee - Though this card has has no monthly fee, the annual fee is rather high. Most subprime credit cards have fees ranging from $0 to $99. The annual fee for Today Mastercard is $75, $120 or $125. This is on the high side.
- No Clear Indications of Starting Credit Limits - At this moment, we do not what the starting credit limit is for the card.
- Reports to only 2 Credit Bureaus - Today only reports to TransUnion and Experian. They do not report to Equifax. From a credit building perspective, it is better than your credit card reports to all three major credit bureaus. Reporting to only two bureaus may not be a deal breaker, but most of it's peers do report to all three bureaus.
Our Take
Though the card does not charge any monthly maintenance fees or one-time application fee, the range of annual fee is actually high compared to it's peers. Most of it's peers charge an annual fee that ranges from $0 to $99. The Today Mastercard has an annual fee that ranges from $75 to $125.
One things that we do not have a clear picture on is the starting credit limit. We do not know what the starting credit limit is but can only assume that it will be at least $300 like it's peers. .
Knowing what do at this moment, I would say that this card is definitely targeting at those of you with bad credit or fair credit. If you have gotten an mail invitation from today, I would not apply for the card just yet. I think there are better alternatives. For example, you could try applying for the new Destiny Mastercard with a $59 annual fee. Or if you have fair credit (650 score and above), I might try going for a card like the Upgrade Visa Card (with no annual fee and potentially a much higher limit). I just feel that this card is too new, has no track record yet on many fronts and it is better to give this a skip at the moment.
How to Apply for Today Mastercard
FREQUENTLY ASKED QUESTIONS
Can I change my due date?
Can I change my due date?
Yes! After your first billing cycle, you can change your due date by logging in to your account. Select 'Payments' and then 'Change due date' to submit your request. Or, you can call Today Mastercard at 1-866-686-2123.Due date changes can take up to 8 weeks and you must pay at least the minimum amount due by your current due date until the change is complete. Also, you may only change your due date twice in a rolling 12-month period.
Can I pay by check over the mail?
Can I pay by check over the mail?
Yes, you can mail checks or money order to:
PO Box 2166
Columbus, GA 31902-2166
PO Box 2166
Columbus, GA 31902-2166
Can I pay over the phone?
Can I pay over the phone?
Yes. The number to call is 1-866-686-2123.