The Citi® Secured Mastercard® is a popular credit card option for individuals that are looking to build or improve their credit. It offers an easy application process and flexible repayment terms, making it attractive for individuals who need help getting their financial life back on track. This review will explore the details of this secured credit card, covering everything from rewards programs to fees associated with using it. Additionally, information regarding eligibility requirements and customer service options will be discussed in order to provide an overall assessment of the product’s features and benefits.
The Citi® Secured Mastercard® provides users with access to purchase protection and extended warranty coverage as well as travel accident insurance when they use the card while travelling abroad. In addition, cash advances can be obtained without additional costs, allowing customers greater flexibility when managing their finances. Furthermore, no annual fee is charged for those approved applicants who meet certain criteria set by Citibank. Finally, there is a range of rewards available which allow users to earn points or receive discounts on purchases made through partnering merchants.
In order to make a comprehensive evaluation of the Citi® Secured Mastercard®, all aspects must be taken into consideration. The advantages and drawbacks should be reviewed before any decision is made about whether or not this credit card is right for you. Therefore, this article will take a detailed look at each aspect so readers have an informed opinion prior to applying for the product.
Overview Of The Card
The Citi® Secured Mastercard® is a credit card designed to help people build or improve their credit. It requires applicants to make an initial deposit, which serves as collateral for the credit line. This deposit may range from $200 – $2,500 and will be refunded when the account is closed in good standing. The annual percentage rate (APR) on purchases and balance transfers is 24.99%, with no rewards program associated with this card.
This card provides access to Citi’s suite of services such as identity theft protection, mobile app management, online banking support and more. Additionally, users can receive real-time alerts about their spending habits through text messages or email notifications. Customers are also eligible for exclusive benefits like travel accident insurance coverage, auto rental collision damage waiver and extended warranty protection. Overall, the Citi® Secured Mastercard® offers customers an affordable way to establish or rebuild their credit score at a low cost.
Eligibility And Requirements
The Citi® Secured Mastercard® is designed for individuals with limited or poor credit. To be eligible, applicants must meet certain criteria such as being a permanent resident of the United States and at least 18 years old, having a valid Social Security number, and providing proof that they have an active bank account in their name.
In addition to meeting eligibility requirements, applicants are also required to provide a security deposit before approval can be granted. The amount required varies depending on the applicant’s individual credit history and the desired card limit but usually ranges from $200-$2,000. Applicants should note that this security deposit will not go towards any purchases made with the card and will only be used if payment is missed or late.
Benefits And Rewards
The Citi® Secured Mastercard® is a great way to build or improve credit. Additionally, the card offers several benefits and rewards that make using it more beneficial for consumers. Firstly, customers receive access to their FICO Score 8 from Experian each month on their statement with no additional charge. This allows them to track how their financial decisions are impacting their score over time. Furthermore, this card also features an extended warranty benefit which doubles the original manufacturer’s warranty up to one year when items are purchased with the card. For travelers, there is travel accident insurance of up to $250,000 if they purchase tickets with their card and have to cancel due to illness or injury. There is also trip cancellation/interruption protection if certain events occur before departure such as jury duty service or a natural disaster in the area of destination. All these benefits come at no extra cost to holders of the Citi® Secured Mastercard®, making it even more attractive than other cards available on the market today.
Fees And Charges
The Citi® Secured Mastercard® has a standard annual fee of $0. In addition to the annual fee, cardholders are subject to an APR of 24.99%. The fees for foreign transactions is 3%, as well as a late payment fee up to $35 and a returned payment fee up to $27. Cardholders can also be charged additional cash advance fees in accordance with their terms and conditions.
Citi provides many features that make it an attractive option for building or improving credit scores. It does not require any security deposit and allows cardholders to access their FICO score at no cost, making it easier for consumers to stay informed about their credit health. Furthermore, this card offers balance transfers with no transfer fees which makes managing debt more affordable than ever before.
How It Helps Credit Scores
The Citi® Secured Mastercard® can be an effective tool for those looking to build or improve their credit scores. This is because the card reports payment activity and other account information to all three major credit bureaus: Experian, Equifax, and TransUnion. It also helps that the card has relatively low requirements, making it accessible to most people who are just building out a credit history.
By using the Citi® Secured Mastercard® responsibly, individuals can demonstrate financial discipline on their credit report. Making payments on time is especially important as late payments may damage one’s score significantly. Additionally, keeping utilization rates low (ideally below 30%) will help keep balances in check and further boost scores over time.
Alternatives To Consider
When considering the Citi® Secured Mastercard®, one should also consider alternative credit-building options.
Alternative Credit-Building Options:
Secured Credit Cards:
- Capital One® Secured Mastercard®
- Discover it® Secured Card
- Personal loan from a bank or credit unions
- Loan from an online lender
By utilizing secured cards and installment loans, consumers can build their credit score in much the same way as with the Citi® card. However, before applying for any of these products, it is important to compare features and fees such as interest rates, annual membership cost, late payment penalties and rewards offered by each issuer. By making informed decisions about available alternatives, individuals can choose which product best fits their financial needs while still working towards building a strong credit history.
The Citi® Secured Mastercard® is an excellent option for individuals looking to build or improve their credit score. With a low minimum security deposit, this card offers access to the wide range of rewards and benefits that come with having a Mastercard. Additionally, cardholders can enjoy minimal fees and charges when compared to other secured cards available on the market today. Furthermore, by using the card responsibly and making timely payments, consumers can expect to see improvements in their overall credit score over time.
When deciding which credit card will best suit personal financial needs, it is important to consider all options carefully. It may be valuable to compare different features including annual fees, interest rates and reward programs offered by various cards before making a final decision. Ultimately, each individual should select the product that provides them with the most beneficial terms while helping them reach their goals in building or improving their creditworthiness.
In conclusion, the Citi® Secured Mastercard® is an attractive choice for those seeking to establish or rebuild their credit score. The combination of reasonable terms and conditions makes it an ideal candidate for those who are serious about achieving good financial health through responsible use of credit products.