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Questions About The Pesto Mastercard®

Is this a pawn loan?

Pesto Mastercard® is a credit card. It is not a pawn loan, but it is an alternative to pawn loans.

Instead of taking your valuables to a pawn shop to get a pawn loan, you can qualify for a Pesto Mastercard® by using your valuable items as security for your credit card.

How is the Pesto Mastercard® different from a pawn loan?

Pesto Mastercard® is different from a pawn loan in several ways.

First, when you qualify for a Pesto Mastercard® you will receive a Mastercard®  credit card that is accepted in millions of places worldwide. Plus, you can shop and pay bills online with  Pesto Mastercard®.

Importantly, with  Pesto Mastercard®, you pay no interest on purchases if you pay the full balance when due each month. Pawn loans may charge interest from the first day.*

The Pesto Mastercard® charges an affordable interest rate. The interest rate is variable and tied to the prime rate and is currently 29.99% APR, subject to change.*

Pawn loan interest rates and fees can vary from shop to shop. In some states, the interest charges can be as high as 300% APR.*

*For information on rates, fees & terms, see: Pesto Secured Mastercard Disclosure of Rates, Fees, and other Cost Information

How is Pesto Mastercard® different from other credit cards?

There are two main types of credit cards: unsecured and secured. An unsecured credit card is approved based on your credit history and credit score. If you don’t qualify for an unsecured credit card, you might qualify for a secured credit card.

Secured credit cards require that you provide “security” for the credit, usually in the form of a cash deposit. If you cannot pay the outstanding balance, the creditor can keep the security.

So, if you want to spend $500 on a secured credit card, you must first provide $500 to the bank. You are effectively using your own money, but secured credit cards are great tools to help you build your credit history, which, over time, can help you improve your credit score.

Unfortunately, most people who need credit do not have cash for security. That’s why Pesto Mastercard® accepts valuables, such as jewelry, as security for credit.

Is this a “secured” credit card?

Yes,  Pesto Mastercard® is a secured credit card. However, you do not need cash to secure the credit. You simply need jewelry or other items of value that are acceptable as security.

Questions About Getting Credit for Your Valuables

Why do I need to submit an approved item as collateral for a Pesto Mastercard®?

Pesto Mastercard® requires a valuable item as security before issuing a card. If a cardholder cannot pay the balance, we can recoup the outstanding balance by selling the item.

What valuables do you accept as security?

At this time, Pesto Mastercard® accepts precious metals, jewelry, diamonds and gemstones, and watches. All items must be evaluated before a credit limit can be approved.

How much credit can I get for my valuables?

The amount of credit you can get depends on the value of your item.

You can get an initial estimate online using our calculator. If your item qualifies for credit, the exact credit limit will be determined after qualified professionals have evaluated your item and you’ve completed the application.

How does a Pesto Mastercard® credit limit compare to the size of pawn shop loans?

The amount you can get for your item at a pawn shop varies from store to store. Pawn shops may offer you a loan that’s smaller than the credit you can get from Pesto Mastercard®. Use our calculator to get an estimate of the credit limit Pesto Mastercard® can offer. 

What if I don’t have a good credit score and haven’t qualified for a credit card before?

You do not need a minimum credit score to qualify. Pesto Mastercard® knows that not everyone has had an equal chance to build a positive credit history and that financial difficulties can happen to anyone. As long as your valuable item qualifies as collateral, you could be approved.

What information do you require in the credit application?

While we aren’t checking your credit score, we do require the following information about you:

  1. Name
  2. Residential Address (No PO Box)
  3. Date of Birth
  4. Social Security Number or Individual Taxpayer Identification Number (ITIN)
  5. Valid Email address and Telephone Number
  6. Confirmation that you are the lawful owner of the item that is being pledged as security

What if I inaccurately describe or misrepresent my item during the application process?

It’s important to accurately describe your item during the application process. Do the best you can. If you can’t answer a question, you can leave it blank or state that you do not know. 

You may not be approved  for a Pesto Mastercard® if you misrepresent your item or you may have to be approved at a different credit limit if the item is not as described. 

If you misrepresent an item on your application it may not be accepted as collateral, and you will be charged shipping and handling fees to return the item.

All items that are rejected because of misrepresentation will be returned via cash on delivery (COD). To receive your returned item from the shipper, you will be required to pay the return shipping fees.

Questions about shipping and security

Do I need to ship my item to you?

No, you can also deliver it to one of our affiliates, check here to see if there are any in your area: our calculator. We can also arrange for you to easily ship your item to us with a prepaid UPS label.  We need to see the item to appraise it. If you accept the credit offer, we need to hold the item as security for your credit.

If you have any concerns, please contact us

Can you guarantee my valuables are safe?

Any item you send us is fully insured during shipping, both ways, to and from you. You can get notifications at every step of the shipping process to know where your item is at all times.

If your item is accepted as security for a Pesto Mastercard®, it will be held at a central repository in secure storage. Your item will always be insured while it’s held as security for your credit card.

You can get your item back anytime. Simply close your account in good standing (fully paid off) and provide your return shipping address to arrange for its secure return delivery.

How do I ship my item to you?

First, you must apply online for a Pesto Mastercard® before shipping your item. You will be notified by email whether it’s ok to send your item in for an in-person evaluation..

If you are authorized to send your item, you will ship it using a pre-paid label provided to you by email. You do not have to print the label. Simply go to the shipper and show them the email. 

When can I ship my item for appraisal?

Please fill out the application for a Pesto Mastercard® and wait for an email telling you it’s ok to ship your item.  Only people who have pre-qualified for a Pesto Mastercard® will have their items evaluated in-person.

Any items shipped from a person who has not gone through pre-qualification will be returned with charges to them for Cash on Delivery (COD).

Is shipping always free with Pesto Mastercard®?

Yes, if you’ve gone through prequalification, shipping your approved item in for evaluation is free.  Return delivery is free for customers who close their accounts in good standing. Free shipping includes insurance for your item. 

Shipping fees are only charged if the item you send in does not match the description provided, you send an item in without having gone through prequalification.  Under these circumstances, you will be charged cash on delivery for return shipping.

How long does it take to get the Pesto Mastercard®?

Pesto Mastercard® picks the best shipping option for your area and provides you with a shipping label for you to send your item in.  You will be provided with tracking information and an estimated delivery date. Once your item arrives, you can expect a decision within a day.

Once approved, you can begin using a virtual credit card with ApplePay, GooglePay, and/or Samsung Pay soon thereafter.

You should receive your physical credit card in the mail within 7 to 14 days of approval. While waiting for your credit card, you can always use your Pesto Mastercard® to shop and pay bills online with ApplePay, GooglePay, and/or Samsung Pay.

Questions about Paying the Pesto Mastercard®

When do I have to pay back the credit balance?

As long as you continue to make the minimum payments as specified on your statement, there is no due date, by which, you must pay the entire balance. The Pesto Mastercard® is a form of “revolving credit” like other credit cards or a bank line of credit. You can use it up to your limit and pay it off repeatedly as long as your card remains activated.*

How do I make a payment towards my Pesto Mastercard®?

There are several ways to pay:

  1. Set up automatic payments with your bank account information in the Pesto Mastercard® mobile app or web portal
  2. Make a one-time payment in the Pesto Mastercard® mobile app or web-portal
  3. Make a one-time payment by calling our customer service center with your bank account information
  4. Send a check, or money order to the address printed on your statement.
    (Please be sure that any payment form contains your account number, credit card #, or other identifier to ensure the payment is applied to the correct account.)

What happens to my valuables if I can’t pay the credit card on time?

If you are late paying your minimum payment due each month, you will be charged a late fee. The fees are detailed in your cardholder agreement.*

Defaulting on your credit card will affect your credit history, so it is essential that you make timely payments of at least the minimum payment due.

If your account is in default for more than 90 days, Pesto Mastercard® has the right to assume lawful ownership of the item you offered as security and it will be used to satisfy the balance owed.

All credit decisions and products issued come from Continental Bank, Member FDIC