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finder.com’s rating: 4.2 / 5
★★★★★
$0
Annual fee
26.24%
Purchase APR (variable)
Review by
Kevin Joey Chen was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com.
Getting a credit card can be tough if you have limited or no credit. A product like the Citi® Secured Mastercard® can help, but not without a few caveats. It requires an initial deposit that acts as your credit limit and your deposit won’t accrue interest.
That said, it’s a no-frills product, which can be refreshing to some cardholders. But its real value comes from its credit-building power — which comes without an annual fee.
Each month, Citi will report your payment history to the three major credit bureaus. By keeping up with payments, you’ll steadily build solid credit that you can later leverage for more lucrative credit cards and better rates on loans.
To apply for this card you must be at least 18 years old, you must not have any bankruptcy history within the last two years and you must have at least $200 for a security deposit. Here are the steps you can take to apply:
According to Citi, the Citi® Secured Mastercard® is for consumers with little or no credit. If you have severely damaged credit, the card might not be the best choice.
If this card isn’t right for you, compare other secured cards that better fit your financial needs. Consider factors such as security deposit requirements, APR and if the card comes with any additional benefits you’ll use.
To find out whether the Citi® Secured Mastercard® is the right call, consider the following:
Cardholders generally have good things to say about this card. Many of them say the card helped them build credit.
Some unhappy cardholders say the application process is slow and Citi customer service can be unhelpful. Other customers report overly sensitive security measures that prevent them from using the card.
Alert Citi when you travel to avoid getting a hold placed on your card.
Late and returned payments come with fees of up to $41.
The Citi® Secured Mastercard® is overshadowed by mainstays like the Capital One Platinum Secured Credit Card. However, it’s a solid product in its own right.
You’ll pay no annual fee and Citi will report your payment history to the three major credit bureaus. If you’re not sure the Citi® Secured Mastercard® is the right pick, consider other excellent secured cards.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.