- 1 Citi Bank Secured Mastercard Credit Card
- 2 Citibank Secured Credit Card Mastercard review
- 2.1 Other Fees And Fees
- 2.2 Features
- 2.3 You will need to make a moderate deposit
- 2.4 A credit limit for yourself – up to $ 2,500
- 2.5 A simple card without rewards
- 2.6 No annual fees
- 2.7 Advantages of Citi Secure Mastercard
- 2.8 Approval rates
- 2.9 Why take Citi Secure Mastercard?
- 2.10 How to use Citi Secure Mastercard
Citi Bank Secured Mastercard Credit Card
Citi Bank Secured Mastercard Credit Card, a good starting card for beginners, allows cardholders to skip their credit history without paying a high annual fee
- Unlike a prepaid card and annual fee, it helps to create credit history with credit statements to credit bureaus
- A safety deposit is required for this product (at least $ 200)
- Pay your bill on time every month to avoid damaging your credit. Citi can help you keep track of you with Direct Debit, online Invoice Payment and alerts.
- Use the card wherever Mastercard is accepted – worldwide
- Car Rental Insurance
- Extended Warranty Program
- Free Credit Score
- Mobile Payment Ready
- Presale Tickets
- Price Protection
- Roadside assistance
- Travel Accident Insurance
- Trip Cancellation Insurance
- Zero Fraud Responsibility
Citibank Secured Credit Card Mastercard review
Annual Average Membership Cost ($ 3,600 annual spend) $ 0
Security Deposit 200- $ 2,500
First Credit Limit 200- $ 2,500 (equal to your deposit)
Access to Higher Credit Limit?
You can switch to an unsecured card after paying 18 months.
24.49% APR (variable)
Yearly Fee $ 0
Other Fees And Fees
- Balance transfer fee: 3% or 5 (whichever is greater)
- Foreign Transaction Fee: 3%
- Cash Advance APR: 27.24%
- Cash advance fee: 5% or 10 (whichever is greater)
- Late check-in fee: up to $ 35
- Suspended APR: up to 29.99%
- Returned payment: up to $ 35
$ 0 fraud responsibility, identity theft assistance
If you’re looking for a foundation, you don’t use a secure card to help you build a long-term credit history – and if you’re not planning to carry a balance – then Citi Secure Mastercard may be a card you need. This simple vanilla credit card is different from most of the competition because it does not charge annual fees.
This makes it less expensive to just have; You can also keep it open for years without paying anything extra because it makes a long credit card. The longer you have a credit card and the credit card you use, the more likely your credit card points will be. Unlike other secure cards, it takes a high fee of $ 35 to $ 49, which makes it difficult to carry the card for more than a few years.
Since the APR is too high, do not plan to use this card to finance purchases. He also charges more than most of his competitors and does not offer any rewards.
Other things you need to know about Citi Secured Mastercard:
You will need to make a moderate deposit
Like all secure cards, the Citi Secured card also requires you to deposit money to secure your card if you leave your bills behind. Citi also requires a minimum deposit of $ 200, which is lower than the amount required by some lenders, but is still relatively high.
If you don’t have $ 200 freely, you’d better choose a card like Capital One Secured card; this allows you to discount up to $ 49 depending on your credit score.
A credit limit for yourself – up to $ 2,500
The Citi Secured card allows you to set your own credit limit; Citi allows cardholders to deposit up to $ 2,500 and match the cardholder to which they are paid. This is a good thing for cardholders who might otherwise have a much lower limit.
However, a credit limit of $ 2,500 is still relatively low compared to those on other cards. If you can afford to pay more than $ 2,500 at a time, you may want to look for a secure card that allows for larger limits. A higher limit, matched by a low balance, can add a significant number of points to your credit score.
A simple card without rewards
Like many secure cards, Citi Secured Mastercard does not offer a reward program. So, if you’re expecting a score or a little repayment for your expenses, then you’ll want to look at the other cards.
Discover It Secure, for example, offers a modest cash reimbursement program. Meanwhile, the US Bank is rewarding a number of safe airway cards, such as the AeroMexico Visa Secured card and the LATAM Visa Secured card, and the airdles in return for spending.
No annual fees
If you’re just looking for a card to create a positive credit history, then this is a good thing to start before moving on to more generous cards. The Citi Secured card is a particularly good choice for young cardholders who are interested in creating a positive credit history in the long term, so they can then qualify for a mortgage, car loan, or any other major loan.
Since it doesn’t charge an annual fee, you can potentially use this card as a starter card and then keep it open after better cards. This will help your score, as it is in your larger positive account credit report, which will help your credit score. If you close the oldest card in your credit history, on the contrary, you can accidentally shorten the age of your accounts by pulling down your total score.
Advantages of Citi Secure Mastercard
Citi Secured Mastercard does not offer disappointing great benefits. Unlike some competitors, car rental insurance or emergency protection does not offer and does not offer free credit scores. However, it provides fraud protection and assistance if you are the victim of identity theft.
This card is for consumers with limited or nonexistent credit. Even if you have badly stumbled in the past, you must qualify for it. This is one of the most important things about secure cards: by depositing funds into the game, putting some financial skin in the game, you reduce the financial risks of creditors and are more willing to meet them than to reject them.
Why take Citi Secure Mastercard?
- You want a long-term card at an annual fee.
- You’re not interested in card rewards.
- You want to have more control over your credit line.
How to use Citi Secure Mastercard
- Avoid paying more than you can pay the full amount. Steep the APR on this card.
- Expand your card with your current credit by receiving a deposit as large as you can get.
- Do not turn off this card after you have developed your credit card and moved it to better cards – especially if this is your first card. Accounts with long, positive credit histories are perfect for your credit score.