Credit cards are some of the most common financial products in Canada, but they can be hard to get when you have bad credit. Moreover, having zero access to credit can become a real problem once your expenses start to pile up. Thankfully, qualifying for the Fidem Mastercard® is easy, even if you’ve recently been through or are still in an active consumer proposal.
What Is The Fidem Mastercard® Card?
The Fidem Mastercard is designed for individuals who are currently in a consumer proposal or have been discharged from a consumer proposal within the last 4 years.
Fidem understands that borrowers may experience problems and need help fixing their finances, even if they’re normally responsible.
As such, Fidem offers the Fidem Mastercard as a solution for borrowers with lower credit scores. When you apply, Fidem Finance will assess your creditworthiness based on elements like your income and expenses instead of your credit.
Fidem Finance always takes an impartial look at your situation and offers resources (like the Fidem Mastercard) that can improve your financial future.
Application Process for The Fidem Credit Card
The Fidem Mastercard Credit Card is available to all Canadians and Permanent Residents, except those living in Quebec.
To be eligible for the Fidem Mastercard, you must meet the following criteria, in addition to Fidem’s other requirements:
- Currently in a consumer proposal or have been discharged from a consumer proposal in the last 4 years.
- Be a Canadian Citizen or Permanent Resident
As always, approval of an application is subject to Fidem Finance’s credit standards and verification process, and it is important to note that as part of this process, Fidem will need to do a credit check which may impact your credit score.
Fidem Mastercard® Features
A credit card is only as good as the features that come with it. For instance, here are some of the main features that you’ll get access to as a Fidem Mastercard user:
- Unsecured Card – Thankfully, the Fidem Mastercard doesn’t require a security deposit to obtain. Instead, you simply pay a monthly service fee. On the other hand, secured credit cards require a security deposit. Which can often be up to $1000.
- Credit Limit – This Mastercard has an initial credit limit starting at $1,000. Fidem can re-evaluate your account, and based on your account history, may offer a potential credit limit increases over time.
- Service Fee – Fidem Mastercard fees start as low as $10 a month. However, your monthly fee could be higher depending on your financial health.
- Minimum Monthly Payment – To continue using the Fidem Mastercard, you have to make a minimum monthly payment of 4% or $30, whichever is higher.
- Mastercard Reputability – This product is under the Mastercard network, so you can use it anywhere Mastercard is accepted and rest assured that you’re doing it safely.
- Online Account – With your Fidem Mastercard, you get 24/7 access to your account online, from anywhere in the world that has an internet connection.
- My Alerts – Another great thing about Fidem Finance is their My Alerts option, which allows you to: Add or update your alert preferences 24/7 from your online cardholder account; Request new alerts or change your preferences to manage your card better; Get alerts sent to your cell phone or email once you set your preferences.
Advantages Of The Fidem Mastercard® Card
Before you sign up for any sort of credit card, you should also make sure it has enough benefits to be worth the time and money. Advantages of the Fidem Mastercard include:
Improves Credit
One of the best things about the Fidem Mastercard® Card is that your payments get reported to Canada’s credit bureaus each month. So, as long as you pay your monthly balances on time and pay over the minimum amount, you’ll be able to build a positive payment history.
If you keep up this responsible behaviour for several months, you may eventually be eligible for larger sums of credit and better interest rates with new creditors in the future.
Customizable Repayment Plan
As a Fidem Mastercard® holder, you can ask for flexible payment plans that suit your financial preferences. If your financial situation changes and you need to discuss your options, just send Fidem Finance an email at accountmanagement@fidemfinance.ca or call their customer service department at 1.855.266.3131 during their business hours:
- Monday to Thursday 8:00 AM to 7:00 PM
- Friday 8:00 AM to 5:00 PM
- Saturday 9:00 AM to 5:00 PM
Accepts Low Credit
As mentioned, the Fidem Mastercard® Card can be the perfect solution if you have a low credit score or a history of debt problems. Many financial institutions would deny your application under those circumstances, but Fidem does not. Fidem Finance also abides by all provincial and federal regulations to ensure the best transparency and responsiveness.
Fidem My Alerts
Another great thing about Fidem Finance is their My Alerts option, which allows you to:
- Add or update your alert preferences 24/7 from your online cardholder account.
- Request new alerts or change your preferences to manage your card better.
- Get alerts sent to your cell phone or email once you set your preferences.
How To Access Fidem My Alerts?
To access Fidem Finance My Alerts, click “Register/Manage” or log into your Fidem Mastercard® account. This will help you to stay up to date with your transactions and receive these types of notifications if there’s activity on your account:
- Get Limit Alerts when you’re getting close to your credit limit.
- Get Purchase Alerts when you buy something greater than a specified amount.
- Get Decline Alerts when your card gets denied.
- Get Location Alerts when there’s activity on your account from outside your country.
- Get Security Alerts when your card is being used without your consent.
Cost Of A Fidem Mastercard® Card
The Fidem Mastercard Card has a transparent cost structure with no hidden fees. Here are the standard operating costs that you should be aware of before you sign up:
- Monthly Fee – The Fidem Mastercard starts at $10 a month ($120/year) to use and varies according to your credit and financial health at the time of application.
- Interest Rate – This card’s annual percentage rate can be as low as 29.99% and varies according to your credit and financial health at the time of application.
- Other Fees – There’s a $39 fee for each returned payment (due to insufficient funds) and a 2.5% fee for Foreign Currency Conversions. If your account is in default, Fidem Finance may also require you to pay any costs related to legal service fees they incur while collecting or trying to collect payment from you.
Fidem Mastercard® Card Account
After you’ve registered for your Fidem Mastercard Credit Card, you can log into your online account any time of day, from anywhere in the world. There, you can easily:
- Check the balance of your account
- Look at your past statements and purchase history
- Modify your contact information
Options To Pay Your Fidem Mastercard® Credit Card
Once logged in, there are a few ways to make a payment:
- Automatic Bill Payments – Set up automatic payments using your online bank account by adding “Fidem Mastercard” as a payee and your 16-digit card number as your account number. You can also pay your Fidem bill at your local bank.
- Western Union – Visit a Western Union with a WUQC (Western Union Quick Cash) and use “Fidem Canada” for the code city (“BC” for code province).
- TelPay – You can also pay online with TelPay at www.TelPay.ca.
- Cheque – Alternatively, you can mail a cheque to Fidem Mastercard at:
- P.O. Box 48235, Vancouver, B.C. V7X 1A1
Note: Make sure to allow enough time for your payment to arrive post or be processed by your financial institution.
Having Trouble Qualifying For A Credit Card?
Do you have bad credit due to a consumer proposal? Fortunately, the Fidem Mastercard® Credit Card can be a viable solution to those issues if you’re financially responsible enough to make your monthly payments on time.
