In what states is the Citi® Secured Mastercard® available?

The Citi® Secured Mastercard® is available across the United States.

What is the average credit score needed to get approved for the Citi® Secured Mastercard®?

The Citi® Secured Mastercard® is specifically tailored to people with limited or no credit history, so there is no minimum score required.

Does the Citi® Secured Mastercard® report to all three credit bureaus?

Yes. This card reports to all three credit bureaus.

Is the Citi® Secured Mastercard® application process lengthy? Can you prequalify?

It usually takes about 10 business days for your credit card application to be processed. There is no prequalification available.

What information is needed to apply for the Citi® Secured Mastercard®?

You need to provide personal information (name, date of birth and Social Security number), contact information (residential address, email address and phone number) and financial information (annual income and monthly rent/mortgage) to apply.

What is the minimum security deposit?

The minimum security deposit for the Citi® Secured Mastercard® is $200.

What is the maximum security deposit?

The maximum security deposit is $2,500.

Does the Citi® Secured Mastercard® offer upgrades to an unsecured credit card?

Yes. Citi offers upgrades from a secured credit card to an unsecured card based on responsible usage over a period of time.

Does the Citi® Secured Mastercard® raise credit limits automatically or charge for limit increases?

Citi regularly reviews your usage and [raises credit limits automatically](https://www.moneygeek.com/credit-cards/advice/increase-credit-limit-with-citi/) if your usage is deemed responsible. You will not pay a surcharge for a credit limit increase.

Does the Citi® Secured Mastercard® have good customer service or satisfaction?

Citibank is one of the premium banking institutions in the nation and is rated highly for its customer service.

Does the Citi® Secured Mastercard® have a mobile app or the option to pay or manage your account online?

Yes. Citi offers a mobile app through which you can set up automatic payments and manage other aspects of your credit card.

Does the Citi® Secured Mastercard® offer the options to freeze your credit/account or have other security features?

Yes. You can lock and unlock a lost or misplaced card with the bank’s Quick Lock feature. The bank also offers zero liability on charges that you did not authorize.

Does Citi offer other credit cards besides the Citi® Secured Mastercard®?

Yes. Citi offers many other credit cards, although this is the only choice for those with no credit or limited credit.

MoneyGeek’s Take

Citi® Secured Mastercard® Review

You might feel that getting approved for a credit card without any credit history would be impossible. Without your credit history, lenders have a difficult time determining how much money they should give you access to. In such circumstances, you can apply for a secured credit card. The Citi® Secured Mastercard® helps you build a credit score. This card is perfect for those with no credit or limited credit, although it’s not a great option for those with bad credit. Although it does not charge an annual fee, you must pay an upfront deposit of at least $200.

Advertising & Editorial DisclosureLast Updated: 1/16/2023

Reviewed By

Brett Holzhauer

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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. This card comes with a secured credit limit of $2,500. You can utilize this card to build your credit and eventually transition to an unsecured credit card with better rewards and perks.

Our review of the Citi® Secured Mastercard® gives you the lowdown on all the important aspects to help you decide whether this is the right card for you.

Card Details to Know Up Front

Bonus, Fee or Feature
Has or Not
Has Annual Fee
Security Deposit Required
Has Rewarding Welcome Offer
Has APR Offer
Has Balance Transfer Fee
Has Cash Advance Fee

Click to see this card’s rates, fees and how they compare to other cards in our dataset.

OUR REVIEW AT A GLANCE

Credit Card Details at a Glance
Pros & Cons Explained
Bonuses & Rewards Explained
Our Verdict: Is This Card for You?

Citi® Secured Mastercard® at a Glance

If your credit score is less than ideal and you want to improve it, you could use a secured credit card that charges a security deposit upfront. Although the card does not offer any rewards, it does offer a chance to increase your credit score and build a relationship with Citi.

Citi® Secured Mastercard®
Best credit card for building credit with no or limited credit history
- None–PoorRecommended Credit
- $0Annual Fee
- $200Min. Security Deposit
- 3# of Reporting Bureaus
- 26.74% VariableAPR
Pros
No annual fee
Can use the card anywhere
Multiple management options
Additional financial tools, auto-pay, etc.
Monthly reports to all three credit bureaus and free FICO score access

Cons
No major rewards
High APR
Requires $200 security deposit minimum. Must pay the deposit within 14 days of opening account
$2,500 maximum deposit
Credit limit is equal to deposit
Ongoing 26.74% variable APR
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Terms, rates and fees apply
Compare this credit card with other cards that are great for people with bad to limited credit.

Pros & Cons Explained

Although this card provides a head start to those who wish to build a good credit score, it is important to be aware of its benefits and possible pitfalls.

Pros

Benefits
Description
No annual fee
While many banks charge annual fees for secured cards, this card does not charge an annual fee.
Reports to all three credit bureaus
The Citi® Secured Mastercard® sends monthly reports to all three credit reporting agencies: Experian, Equifax and TransUnion. Using the card responsibly and making regular payments will help build your credit score.
Refundable security deposit
Citi will review your usage history after 18 months to check if you are eligible to have your deposit returned to you. This is based on responsible usage of the card and making regular payments.

Cons

Drawbacks
Description
Not ideal if you have bad credit
This card is designed for those with limited or no credit history. If you have had any major credit issues in the past, you may not qualify for the card. As an example, Citi states that applicants must not have declared bankruptcy in the past two years to qualify for this card.
No rewards or perks
This card does not offer any rewards or cash back options. This is one significant drawback of most secured cards, as there are rarely many perks offered.
High APR
The Citi® Secured Mastercard® comes with a high variable APR of 26.74% for both purchases and balance transfers. Although it is strongly recommended to pay off all balances in full each month to avoid any interest charges, it's a good idea to keep the APR in mind before you decide on the best option.
Foreign transaction fee
Using this card for foreign transactions is not advisable as it charges 3% on all international transactions.

LOOKING FOR THE BEST CREDIT CARDS OF 2022?

The Citi® Secured Mastercard® made it to MoneyGeek’s list of the best secured credit cards of 2022. You can read our full review to learn more about the other cards that made our list and the reasons for including them.

Other Features Explained

Track your FICO score for free: The Citi® Secured Mastercard® provides your FICO score free of charge to help you check your progress in building your credit.

Choose your credit limit: You also have the option of choosing your credit limit with the card. Once you are approved for the card, the security deposit you pay is your credit limit. You can choose any limit between $200 and $2,500. You can choose a higher credit limit by paying an equivalent security deposit and keep your credit utilization ratio lower.

Upgrade to an unsecured card: Demonstrating a consistently responsible usage of your secured card with Citi can help you upgrade to other credit cards. Although this may take time (up to 18 months), there have been instances where cardholders have graduated to an unsecured card in under a year.

Card Feature
Description
No Annual Fee
Unlike some other secured cards, this card has no annual fee, but you must provide a security deposit of at least $200 to activate the card after you have been approved.
Deposit
This deposit must be paid within 14 days, which may be a short window for some. The deposit amount will be returned to you when you close the card.
Option to pay higher deposit
You can choose to pay a higher deposit amount in increments of $100.

MONEYGEEK EXPERT TIP

Since this card will help you build a good credit score, you shouldn’t close it after improving your credit and upgrading to better cards. This is even more important if this is your first card, as accounts that have positive credit histories over a long period are great for your credit score.

Understanding the Fine Print

The Citi Secured Mastercard is meant to start you off on building a trustworthy credit score so, understandably, it does not offer any rewards or cash back benefits. What it does offer is flexibility in choosing your credit limit and no annual fees.

Still, you must take note of the other charges that this card comes with.

Card Feature
Amount or Rate
APR
26.74% Variable
Annual Fee
$0
Min. Security Deposit
$200
Balance Transfer Fee
$5 or 5%, whichever is greater
Balance Transfer APR
26.74% Variable
Late Fees
up to $41
Cash Advance Fee
$10 or 5%, whichever is greater.
Cash Advance APR
29.49% Variable
Foreign Transaction Fee
3%

Regular APR
The APR offered by the Citi® Secured Mastercard® is 26.74% variable, which is rather high. The APR starts accruing interest from the date of the transaction.
Balance Transfer APR
The balance transfer APR for this card is also 26.74% variable, which is again high. The bank will also charge a balance transfer fee of $5 or 5% of each transaction, whichever is greater. This means if you transfer a balance of $500 from your previous credit card, you will end up paying $15 as balance transfer fees. There is no intro APR offer with the card, so the APR will come into effect from your first billing cycle.
Cash Advance APR
The cash advance APR for this card is even higher at 29.49%. This means that if you use this card to take out a cash advance and do not pay off your complete balance by the due date, you will accrue heavy interest.
Upfront Deposit
Once you get approved for the card, the minimum deposit payable upfront is $200. This is high when compared to other cards in the market. The Secured Mastercard offered by Capital One offers a relatively low minimum deposit starting from $49.
Late Fees
If you miss making a payment by the due date, you will not only pay a late fee of $41, but it may also lead to lowering your credit score.

FINDING YOUR CARD'S RATES AND FEES

When comparing this card with other secured cards, you must keep in mind important aspects such as the annual fee, security deposit and credit limit. If you wish to understand all the benefits and compare them with a card you already have, you can find this information in the last billing statement of your existing card. You can also get this information on your card provider's website or the credit card agreement database maintained by the Consumer Financial Protection Bureau (CFPB).

Who Should & Shouldn’t Consider Citi® Secured Mastercard®?

Other Considerations for Citi® Secured Mastercard®

It is important to assess the purpose of your card to determine if it’s a good fit for your needs. Is this going to be your primary card or if you are going to use it with other cards?

Things to Consider if This Will Be Your First or Only Credit Card

If you are going to use this as your only card, then you must keep in mind its high APR. Another thing to consider is the credit limit. If you expect your expenses to regularly cross $2,500, you will be better off considering another card with a higher limit.

This card also does not offer any rewards or cash back options. All the purchases you make using this card will not earn any additional benefits. Still, if you’re looking to build your credit, the Citi® Secured Mastercard® is a solid choice.

Things to Consider if This Will Be an Additional Card in Your Wallet

This card could be a good option if you are using it in combination with another card. While you can use other cards for purchases to earn rewards and cash back, this card can be used to increase your credit score.

However, it’s likely that you will not qualify for cards with strong rewards programs if your credit is low enough to necessitate a Citi® Secured Mastercard®.

WHY TRUST OUR REVIEWS

At MoneyGeek, we strive to give you unbiased and extensive reviews. We compile data on numerous cards and score several features that impact your finances to give an impartial opinion. Our reviews follow a well-calibrated approach to provide you with the most important information.

How Citi® Secured Mastercard® Compares to Other Cards

While the Citi® Secured Mastercard® is a good choice for those who wish to start building their credit, there are better options available in the market. We stacked it up against other credit cards in the same category to provide insight and help you make an informed choice.

In-Depth Credit Card Comparisons:

Citi® Secured Mastercard® vs Capital One Platinum Secured Credit Card

Quick Comparison of Citi® Secured Mastercard®

Citi® Secured Mastercard®

Annual fee: $0
Recommended credit score: N/A
Intro APR: No
Cash back rewards: No
Mini verdict: Best for those with average or no credit at all

Capital One Platinum Secured Credit Card

Annual fee: $0
Recommended credit score: Fair or rebuilding
Intro APR: No
Cash back rewards: No
Mini verdict: Ideal for people who travel overseas

Other Helpful Decision-Making Q&As

There are many good options for secured credit cards in the market. It is important to note some of the most common questions about this card to make an informed decision.

Still not sure about this card? Consider these options.

If you are looking for other options, you can check secured cards that require a lower upfront deposit and provide intro APR offers. If you are looking for higher rewards for credit card usage, you can choose a rewards card.

View All Credit Cards

Learn more about credit cards in general

sources

Citi. "Citi® Secured Mastercard®." Accessed September 7, 2021.
Consumer Finance Protection Bureau. "Credit card agreement database." Accessed September 7, 2021.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more aboutour editorial policies andexpert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.