Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card review
This card’s high $49 annual fee outweighs its benefits.
- Get this card if you think you’ll save significantly using the card’s intro APR and low ongoing purchase APR.
- Pick something else if you plan on making a low security deposit or intend on paying off your balance in full each month.
- Apply with a poor to fair FICO score of 300 or higher. You’re also welcome to apply if you’re new to credit.
Intro purchase APR
for the first 6 months (then 12.99% variable)
Recommended credit score
|Product Name||Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card|
|Purchase APR||0% intro for the first 6 months (then 12.99% variable)|
|Balance transfer APR||N/A|
|Cash advance rate||18.99% variable|
|Cash advance fee||$10 or 3% of the cash advance amount, whichever is greater|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $40|
|Returned payment fee||Up to $29|
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
That said, the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card stands out in two regards. First, it has a very low normal purchase APR for a secured card: 12.99% variable. In comparison, you’ll often find APRs upwards of 20% variable with competitors. Second, you’ll receive a 0% intro APR for the first 6 months after account opening (then 12.99% variable), which is a rarity among secured products.
These are admirable features, but they’re not as exciting as they may seem. If you’re like most applicants, you’ll make the minimum deposit of $200. This means your highest balance can be $200, at which point you’re not saving much in interest with a six-month intro APR. This is especially the case when you’re paying a $49 annual fee. Additionally, a low ongoing APR can be helpful, but you should frown on carrying a balance while you’re building good credit habits.
With a secured card, consider taking the less-flashy but effective way to strengthen credit. Find a secured card with a $0 annual fee that reports to all three major credit bureaus. Then spend carefully and pay off your entire balance each month. Without relying on gimmicks, you can steadily build a strong credit score that opens doors to more powerful cashback and travel cards.
What to watch out for
- $49 annual fee. While your ongoing purchase APR is low, the card has a relatively high annual fee. Many other secured cards have $0 annual fees.
- Maximum credit limit of $2,000. This won’t be a big issue for most consumers. But if you were planning on making a large deposit, consider secured cards with high limits.
- Avoid cash advances. Cash advances don’t come with grace periods on interest, meaning they’ll start accruing interest as soon as you make them. Also, the cash advance APR is 18.99% variable at the time of this writing.
- Foreign transaction fees. This card isn’t the best choice for overseas trips or purchases on foreign websites. You’ll pay a 3% fee per foreign transaction.
- Not available in certain states. You can’t apply for the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card if you live in Arkansas, Iowa, New York or Wisconsin.
- 0% intro APR on purchases for 6 months. After this intro rate expires, your ongoing APR will be 12.99% variable, which is a very low rate.
- Reports to all three major credit bureaus. Synovus Bank, the issuer of this card, will report your payment history to the three major credit bureaus: TransUnion, Experian and Equifax. This will help you build your credit history and credit score as you make consistent, on-time payments. That said, there are many other no-annual-fee secured cards that also report to all three major credit bureaus.
- Standard minimum deposit. The minimum deposit is $200, which is the industry standard. Some other secured cards require deposits of at least $500. At the same time, you can find low-deposit secured cards for which you could potentially deposit less than $200.
How to apply for the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
- Click Apply now.
- Begin the application with information such as your full name, address, email address and whether you have an active checking account.
- You may be asked to continue filling out the application with information such as your annual income, date of birth and Social Security number.
- Review your details and submit your application.
What credit score do I need?
Synovus Bank aims this card at applicants who have damaged credit or who are just starting out with credit. Typically, with secured cards that require credit checks, you have better odds if you apply with at least a fair FICO score of 580 or above. You may qualify with a lower credit score, but there’s a larger chance of denial.
It’s easy to see why the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card has a $49 annual fee. The intro APR is a unique benefit, and the low ongoing purchase APR is surprising and very welcome.
However, most applicants won’t be able to take advantage of these features to the point where paying a high annual fee makes sense. Furthermore, it’s better to pay your monthly balance in full, rather than rely on a low APR.
Instead of paying an annual fee for a low interest rate, consider a no-annual-fee secured card that can save you money and help you build credit.