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- Citi® Secured Mastercard®
Good for building credit with no or limited credit history
- 27.74% VariableAPR
- $200Min. Security Deposit
- $0Annual Fee
- None–LimitedRecommended Credit
The Citi® Secured Mastercard® is a good choice for those with limited or no credit history who are not eligible for a traditional credit card. You can utilize this card to build your credit and eventually transition to an unsecured credit card with better rewards and perks.
Citi® Secured Mastercard® Overview
The Citi® Secured Mastercard® offers a chance for a relatively high credit limit with no annual fee. While it doesn't offer rewards or a welcome bonus, this card provides an opportunity to focus on building your credit and upgrade to an unsecured card after 18 months of on-time payments.
- Regular APR: 27.49% variable
- Deposit required: $200 - $2,500
- Potential credit limit: $200 - $2,500 (equal to deposit)
- Annual fee: $0
- Rewards rate: None
Important Card Details
This card is designed to help you build a healthy credit score, so it does not offer any rewards or cash back benefits. What it does offer is flexibility in choosing your credit limit (based on your deposit) and no annual fee. Still, you must take note of the other potential charges that accompany this card.
High Regular APR
The APR offered by the Citi® Secured Mastercard® is 27.49% variable, which is decent for a secured card, although rather high compared to the average for unsecured credit cards. While focusing on building credit, you should avoid carrying a balance whenever possible and pay your bill on time and in full each month to avoid accruing interest.
Flexible Security Deposit
After getting approved for this card, the minimum security deposit payable upfront is $200, which is high when compared to other cards in the market. That said, the Citi® Secured Mastercard® also has a relatively high maximum security deposit of $2,500. Your deposit will be equal to your credit limit, so if you have the cash to provide a higher deposit you may be able to accelerate your credit-building efforts. However, if you're looking for a minimal deposit commitment, you may be better off with another card.
Late Payment Costs
If you miss making a payment by the due date, you will not only pay a late fee of up to $41, but may also be subject to a higher penalty APR of up to 29.99% for an indefinite time period.
Upgrade Potential
Demonstrating consistently responsible use of your secured card with Citi over time could lead to an automatic upgrade to an unsecured credit card in as little as 18 months.
Reporting to Credit Bureaus
Citi will report your credit activity to the three major credit bureaus, an essential feature as you work to build up your credit score with a secured credit card. You'll also get free access to your FICO score so you can track you progress.
No Annual Fee
Unlike many secured credit cards, the Citi® Secured Mastercard® does not charge an annual fee. This means that if you pay your balance on time and in full each month to avoid interest charges and late payment fees, there's no additional cost to hold this card beyond the security deposit.
How the Citi® Secured Mastercard® Compares
While the Citi® Secured Mastercard® is a good choice for those who wish to start building their credit, there may be better options for you, particularly if you're looking for a lower minimum security deposit or the chance to earn rewards while you build your credit.
How This Card Compares
Citi® Secured Mastercard®
- Regular APR: 27.49% variable
- Deposit required: $200 - $2,500
- Potential credit limit: $200 - $2,500 (equal to deposit)
- Annual fee: $0
- Rewards rate: None
- Best for: building credit with flexible security deposit
Capital One Platinum Secured Credit Card
- Regular APR: 30.49% variable
- Deposit required: $49 - $200 (depending on credit)
- Potential credit limit: $200 - $1,000 (depending on deposit)
- Annual fee: $0
- Rewards rate: None
- Best for: generous credit limit
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