Five years ago, I wrote about the Vast Platinum Credit Card, asking the big question on everyone’s mind at the time: Is it a legit “bad credit credit card” or just another trap for folks who are in a bad situation? Well, it’s time for an update, and if you’re still wondering whether this card is worth it, buckle up. Spoiler alert: it’s not looking great.
What’s the Deal with Vast Platinum Now?
First, some background. The Vast Platinum Credit Card is a catalog card. It’s issued by Unique Card Services. If you’re not familiar with a catalog card, here’s the deal: it’s not a typical credit card you can use anywhere. Instead, it comes with a very specific catch. It can only be used to shop through Vast Platinum’s exclusive online catalog (you know, the kind full of overpriced gadgets and dubious “luxury” items). This limitation alone should set off alarm bells, especially if you’re in the market for a bad credit credit card.
The Current Status
Over the past five years, not much has changed in terms of Vast Platinum’s setup. It still markets itself as a tool for people with bad credit to “build their credit score,” but here’s the twist: the card doesn’t report to the three major credit bureaus (that’s Experian, Equifax, and TransUnion, for those keeping score at home). Translation? You’ll be paying those fees for something that won’t help your credit improve.
Here are a few of the key fee-related red flags that have made people question this card’s legitimacy:
- High Membership Fees
Expect to fork over a hefty upfront fee just to open an account. On top of that, there are recurring monthly fees that quickly add up. You’re spending a lot just for the privilege of owning this card. - Shipping Charges and Overpriced Products
Since you’re locked into using the card for their specific catalog, you’ll find items that are generously marked up. Pair that with steep shipping costs, and you could probably get the same thing elsewhere at a fraction of the price. - No Real Credit-Building Benefits
The card still doesn’t report your activity to the major credit bureaus, which is essential if you’re trying to rebuild or improve your credit. Without this feature, the only thing you’re building is frustration. - Vague and Misleading Marketing
Vast Platinum has made some changes to its website to appear transparent, but the card’s benefits are still marketed with shiny promises that don’t hold up under scrutiny. If you dig deeper, those promises lose their glitter pretty fast.
A Bad Credit Credit Card or a Scam?
While “scam” might feel like a harsh word, the Vast Platinum Credit Card teeters uncomfortably close to the line. It’s technically not illegal, but the business model relies heavily on unsuspecting customers who don’t know what they’re signing up for. If you’re desperate for a credit card to help rebuild your score, this card is unlikely to help. Instead, it’s more likely to drain your wallet without giving you any real financial benefits.
For what it’s worth, customer reviews over the years paint a pretty bleak picture. Complaints include confusion about the catalog-only nature of the card, surprise fees, and poor customer support. That’s a trifecta you don’t want to deal with. So, what’s someone with bad (or no) credit do?
Better Alternatives for People with Bad Credit
If you’re in a tough spot financially, don’t worry. There are better options out there that won’t leave you trapped in a money pit. In fact, WalletHub provides an analysis of credit cards based on your individual situation. Here are the basic options:
- Secured Credit Cards
With a secured credit card, you’ll pay a refundable deposit that becomes your credit limit. They often come with much lower fees and, most importantly, these cards typically report to the major credit bureaus. This means you can actually build your credit over time. Examples include the Discover it® Secured or Capital One Platinum Secured cards. - Credit-Builder Loans
These are small loans designed to help you establish positive payment history. You make monthly payments (which are reported to the credit bureaus), and at the end of the loan term, you get the money back, minus any interest. - Subprime Credit Cards with No Hidden Fees
If you prefer an actual credit card, look for one specifically designed for people with bad credit but without the excessive fees. Be sure to compare annual fees and interest rates. - Retail Store Cards
While these can come with high interest rates, they can be a lifesaver if used carefully. Some do report to the credit bureaus and may be easier to qualify for if your credit score is low.
How to Avoid Credit Card Scams
When evaluating credit card offers, keep the following tips in mind to avoid falling into a scam-like scenario:
- Read the Fine Print
If fees seem unclear or excessive, walk away. No legitimate credit card should be a puzzle to figure out. - Look for Credit Bureau Reporting
If the card doesn’t report to the major bureaus, it’s not doing you any credit-building favors. - Check Reviews
Customer experiences can be very telling. If you see a pattern of complaints, trust your gut. - Don’t Rush the Decision
Companies like Vast Platinum prey on desperation. Take your time comparing offers to find one that works for you.
Final Thoughts
The Vast Platinum Credit Card still raises a ton of red flags, and it’s hard to recommend it under any circumstances. If you have bad credit, know that you’re not out of options. Plenty of reputable credit cards and financial tools are designed to help you build or rebuild your credit without the hefty fees and headaches. Do your homework, and your future self will thank you for it.
I hope you found this month’s scam tip helpful. Feel free to leave a comment below. Thanks for being here!
Did you see last month’s scam tip? If not, find it at The Walmart Check Scam — Ten Years and Counting.
