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The Tribute Gold MasterCard is designed especially for those with current or past financial hardships. It is issued through the First Bank of Delaware a leader in sub prime lending.

It reports monthly to all three major bureaus. Just by paying your monthly bill on time you can build a positive payment history.

This is a heavily weighted factor when your score is calculated. You card is issued with a $300 credit limit. There is no application fee or minimum income requirement.

Initially you will have a limit of $300. After you have retained your account for six months and have shown financial responsibility by keeping your balance under the limit and consistently paying your monthly minimum. Your limit can then be increased.

This is an unsecured card, which means that you do not need to deposit money into your account before you use it. It allows you to borrow money for purchases, simply on your promise of paying it back. You do not need to worry about your money being tied up as you would with a secured account.

However because this is the riskiest type of lending you will have to pay some fees. For instance there is an annual fee of $150.

In addition there is a monthly account maintenance fee of $9.95 or 119.40 annually. And a 24.5% interest rate on this card.

It is true that because this is unsecured it will help to build your credit the most effectively. However we feel that these fees are just to high a price and there are better and more cost effective tools.

In addition you need to know that some of these fees are charged upfront. When you activate your card you will already have a considerable balance to pay off.

This is an unprecedented time in sub prime lending as many offers have simply vanished from the market. And the FDIC has cracked down on other lenders to change their marketing tactics.

However there are still some good companies that do want to help give you a second chance and without having you pay through the roof.