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Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card review

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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 can apply if you need to build credit.

$49

Annual fee

0%

Intro purchase APR

for the first 6 months (then 12.99% variable)

300

Recommended credit score

Details

Product NameAssent Platinum 0% Intro Rate Mastercard® Secured Credit Card
Annual fee$49
Purchase APR0% intro for the first 6 months (then 12.99% variable)
Balance transfer APRN/A
Cash advance rate18.99% variable
Cash advance fee$10 or 3% of the cash advance amount, whichever is greater
Foreign transaction fee3% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp to $40
Returned payment feeUp to $29

Expert review

Kevin Joey Chen

Review by


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.

Expert review

Given its high $49 annual fee, the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card is a product you should probably pass on. You’ll find several great alternatives with no annual fees, which is helpful considering you still have to put down a security deposit.

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 — a rarity among secured products.

How to apply for the Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card

  1. Click Apply now.
  2. Begin the application with information such as your full name, address, email address and whether you have an active checking account.
  3. You may be asked to continue filling out the application with information such as your annual income, date of birth and Social Security number.
  4. Review your details and submit your application.

What credit score do I need?

Synovus Bank markets this card to applicants with damaged credit or those new to 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.

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. 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.

Card benefits

  • 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, reports your payment history to the three major credit bureaus: TransUnion, Experian and Equifax. This can 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.

Bottom line

The Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card‘s intro APR is a unique benefit, and the low ongoing purchase APR is unique to secured cards.

However, it’s high annual fee make it difficult to take advantage of these features. And 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.

Frequently asked questions

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