OakStone Gold Secured Mastercard® Review
The OakStone Gold Secured Mastercard® is an excellent option for people with bad credit scores who are looking to rebuild their credit. It’s a secured card that offers a competitive APR to cardholders.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
The OakStone Gold Secured Mastercard® does not have a strict credit score requirement, which means it can help you rebuild your credit history. It charges a $39 annual fee and requires a minimum security deposit of $200.
MoneyGeek’s OakStone Gold Secured Mastercard® review will help you understand the card’s features and benefits, making it easier to decide if it will be the best fit for your needs.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Security Deposit Required
- Has Rewarding Welcome Offer
- Has APR Offer
- Has Balance Transfer Fee
OakStone Gold Secured Mastercard® at a Glance
The OakStone Gold Secured Mastercard® charges one of the lowest APRs when compared to other cards in the same category, which helps you save money. It also reports your credit history to the three credit bureaus. If you want to rebuild your credit, this card is essential.
- OakStone Gold Secured Mastercard®
A secured credit card meant for people with poor or no credit histories
- None–PoorRecommended Credit
- $39Annual Fee
- $200Min. Security Deposit
- 3# of Reporting Bureaus
Pros & Cons Explained
MoneyGeek explained the pros and cons of the OakStone Gold Secured Mastercard® to help you decide if this card offers features that can help you improve your financial health.
- Low APRThis card charges a variable APR of 14.74%, which is relatively low compared to other cards in the same category.
- No minimum credit score requirementYou don’t need to have a good credit score to get approved for the OakStone Gold Secured Mastercard®.
- Easy application processOakStone Gold Secured Mastercard®’s application is easy and simple. It allows you to submit your application online.
- No rewards programThis card doesn’t offer a rewards program, unlike other secured cards that offer cash back rewards.
- Annual feeThis card has a $39 annual fee.
- Foreign transaction feeThe card charges a 3% foreign transaction fee.
MoneyGeek didn’t feature this card in our roundup of the best secured credit cards for your wallet in 2022. You can review the list to explore your options and see if any other card better fits your financial needs.
Other Features Explained
MoneyGeek analyzed the OakStone Gold Secured Mastercard®’s features and explained them to help you determine if applying for this card is worth it.
- Card FeatureDescription
- Low interest ratesThe OakStone Gold Secured Mastercard® has lower interest rates than many other cards in the same category, which can help you save money if you tend to carry a balance.
- Flexible credit limitThis card allows you to set your credit limit anywhere between $200 to $5,000.
- Reports to major credit bureausThe card reports to the three major credit bureaus, including TransUnion, Experian and Equifax, which is essential if you want to rebuild your credit history.
Even if you have a bad credit score or no credit history, you can apply for this card. This makes it a great option to help build or rebuild your credit.
Understanding the Fine Print
Understanding the fine print of the OakStone Gold Secured Mastercard® can give you an idea of the various fees charged by this card. In turn, this can help you save money in the long run.
- Card FeatureAmount or Rate
- Annual Fee$39
- Min. Security Deposit$200
- Balance Transfer FeeUnspecified
- Balance Transfer APRUnspecified
The OakStone Gold Secured Mastercard® charges a $39 annual fee. It’s normal for secured credit cards to charge an annual fee.
Foreign transaction fee
If you use the OakStone Gold Secured Mastercard® internationally, you would have to pay 3% of each transaction.
This card charges a variable APR of 14.74%, which is relatively lower than other cards in the same category
You’ll pay a late fee of up to $41 if you’re late when making a payment.
The best resource for this information is your credit card issuer’s website, mobile app, your latest billing statement or the credit card agreement database maintained by the Consumer Financial Protection Bureau.
Who Should & Shouldn’t Consider OakStone Gold Secured Mastercard®?
Other Considerations for OakStone Gold Secured Mastercard®
Since your spending habits and whether or not this is your first credit card may impact how you use it, it’s best to keep the following considerations in mind before deciding to apply.
Things to Consider if This Will Be Your First or Only Credit Card
If the OakStone Gold Secured Mastercard® is the only card in your wallet or your first card, you can use it for your everyday purchases. This will positively affect your credit history and help you rebuild your credit score.
Also, you won’t have to worry about paying off your balance in full every month, as this card has one of the lowest interest rates among its competitors.
This is also a good first card since you don’t need any credit to apply for it.
Things to Consider if This Will Be an Additional Card in Your Wallet
If the OakStone Gold Secured Mastercard® is an additional card in your wallet, you can use it simultaneously with other secured credit cards to rebuild your credit history without worrying about reaching your credit limit.
However, it would be best if you didn’t use it while traveling internationally, as this card charges a high foreign transaction fee.
At MoneyGeek, we follow a six-step process to review credit cards. Our methodology involves collecting credit card information, standardizing data points, analyzing potential cardholder profiles, considering annual and introductory bonuses, establishing the card values and reviewing data monthly to reprocess rankings.
How OakStone Gold Secured Mastercard® Compares to Other Cards
The OakStone Gold Secured Mastercard® offers a 14.74% APR, which is lower than other cards in the same category. However, it charges a foreign transaction fee and an annual fee. There are other cards in the same category that don’t charge annual or foreign transaction fees. As a result, you might want to consider other options if you want to rebuild your credit.
Quick Comparison of OakStone Gold Secured Mastercard®
OakStone Gold Secured Mastercard®
- Annual fee: $39
- Purchase APR: 14.74% variable
- International transaction fee: 3% on each transaction
- Rewards rate: Not offered
- Best for: People with bad or no credit scores who are looking to rebuild their credit history
Capital One Platinum Secured Credit Card
- Annual fee: $0
- Purchase APR: 29.74% variable
- International transaction fee: $0
- Rewards rate: Not offered
- Best for: People with bad credit scores who are looking to rebuild their credit history with a card that offers multiple security deposit options
Other Helpful Decision-Making Q&As
MoneyGeek researched the following frequently asked questions about the OakStone Gold Secured Mastercard® to help you make a more informed decision about whether or not it’s the right card for you.
Still not sure about this card? Consider these options.
The OakStone Gold Secured Mastercard® is a good choice if you’re looking to rebuild your credit history with a card that charges a low-interest rate. However, if you want to explore other options, you can look at MoneyGeek’s list of the best credit cards for people with bad credit.
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- Oakstone. "OakStone Gold Secured Mastercard." Accessed April 11, 2022.
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