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Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card review
Last updated:
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.
$49
Annual fee
0%
Intro purchase APR
for the first 6 months (then 12.99% variable)
300
Recommended credit score
Details
| Product Name | Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card |
|---|---|
| Annual fee | $49 |
| 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 |
Expert review
Review by
Kevin Joey Chen
kevin.chen@findercrew.comKevin 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
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.
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, 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.
Bottom line
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.
