The Citi Secured Mastercard helps you build a credit history for your financial future with no annual fee.* If you are looking to establish your credit, the Citi Secured Mastercard can help you get there. Simply make everyday purchases and pay your bill on time. Take the first step toward achieving your financial goals and apply for Citi’s secured credit card today.
Annual Fee
The annual fee for this credit card is $0.
Bankrupty
Do not apply if you've filed for bankruptcy in the last 2 years.
Secured
Requires a security deposit of at least $200 and up to $5,000.
Credit Reporting
Citi reports to all 3 credit bureaus and will check Equifax to approve you.
SIMILAR CREDIT CARDS
When it comes to building credit, secured credit cards are often a great option for those who are just starting out or looking to improve their credit score. And the Citi Secured Credit Card is a popular choice among consumers.
In this blog post, we’ll take a closer look at the Citi Secured Credit Card, its benefits and drawbacks, and whether it may be a good fit for you.
What is a Secured Credit Card?
Before we dive into the specifics of the Citi Secured Credit Card, let’s first define what a secured credit card is.
A secured credit card is a type of credit card that requires a security deposit as collateral. This means that the card issuer will hold onto your deposit and use it to cover any missed payments or outstanding balances.
The security deposit is typically equal to the credit limit of the card. For example, if you put down a $500 security deposit, your credit limit will also be $500.
The purpose of a secured credit card is to help build or improve your credit score. By using the card responsibly and making on-time payments, you can demonstrate to credit bureaus that you are a reliable borrower.
Once you’ve established a positive credit history, you may be able to upgrade to an unsecured credit card, which does not require a security deposit.
What is the Citi Secured Credit Card?
The Citi Secured Credit Card is a popular choice among consumers looking to build or improve their credit. Here are some of the key features of the card:
Security deposit: The Citi Secured Credit Card requires a security deposit of at least $200 and up to $5,000. The amount of your deposit will determine your credit limit.
Annual fee: The card has an annual fee of $0, which is a big plus for those looking to save money on credit card fees.
APR: The APR for purchases and balance transfers is 22.49% (variable), which is fairly high. However, as we’ll discuss later in this post, it’s important to pay your balance in full each month to avoid interest charges.
Credit reporting: The Citi Secured Credit Card reports to all three major credit bureaus, which is important for building your credit history.
Benefits of the Citi Secured Credit Card
Now that we’ve covered the basics of the Citi Secured Credit Card, let’s take a look at some of its benefits.
No annual fee: As mentioned earlier, the Citi Secured Credit Card does not charge an annual fee, which can save you money over time.
Credit reporting: The fact that the card reports to all three major credit bureaus means that you can build your credit history quickly and easily.
Flexible security deposit: The Citi Secured Credit Card allows you to choose your security deposit amount between $200 and $5,000, which gives you flexibility in determining your credit limit.
Upgrade options: Once you’ve established a positive credit history, you may be eligible to upgrade to an unsecured credit card. This can help you save money on interest charges and give you access to higher credit limits.
Drawbacks of the Citi Secured Credit Card
While the Citi Secured Credit Card has many benefits, there are also some potential drawbacks to consider.
High APR: The APR for purchases and balance transfers is 22.49% (variable), which is fairly high. This means that if you carry a balance from month to month, you’ll be paying a lot of interest.
No rewards: Unlike many other credit cards, the Citi Secured Credit Card does not offer any rewards or cash back. This may be a downside for those looking to earn rewards on their purchases.
Check out other credit cards
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Disclaimer: Rickita strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site. All financial products, shopping products, and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.