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$0
Annual fee
25.99%
Purchase APR (variable)
300
Recommended credit score
| Product Name | The First Latitude MasterCard® Secured Credit Card |
|---|---|
| Card type | Mastercard |
| Annual fee | $0 |
| Purchase APR | 25.99% variable |
| Balance transfer APR | N/A |
| Cash advance rate | 25.99% 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 |
| Additional cardholder fee | $0 |
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, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order and expertly navigate the cutting-edge financial tools available -- including credit cards, apps and budgeting software.
There’s no minimum credit score required, so you’re free to apply even with zero or damaged credit. Synovus Bank, the issuing bank, will report your payment history to the three major US credit bureaus, which will help you build your credit score with timely payments.
Ultimately, you won’t find bells and whistles with this card, but that’s perfectly fine for a secured card. On the strength of the basics — that is, fees and minimum deposit — The First Latitude MasterCard® Secured Credit Card is a solid choice.
Your payments are reported to all three major credit bureaus — TransUnion, Experian and Equifax. Regular on-time payments can improve your score and help you qualify for an unsecured card.
Most secured credit cards charge annual fees, sometimes as high as $50.
You don’t need to have a credit history to apply for this card, meaning you can apply no matter your credit score.
A deposit between $200 and $2,000 determines your credit line. Over time you could be approved for up to $5,000.
You can opt in for expedited processing or choose to fund your account later.
Get worldwide acceptance with Mastercard.
You’ll pay a fee of 3% of the transaction every time you make a purchase outside of the US.
You get a variable APR of 25.99% on purchases. This is relatively high, considering other secured cards have APR on purchases as low as 9.99%.
For late payments, you’ll pay up to a $40 fee, returned payments will cost you up to $29 and an expedited telephone payment costs $10.
Customer support is only available online for existing cardholders or by snail mail.
To apply for the card, you must be at least 18 years old, or 19 if you’re a resident of Alabama or Nebraska.
The card is not offered to non-US residents or people in Arkansas, Iowa, New York or Wisconsin.
The information you’ll need to provide includes:
If you don’t want to pay the full $200 security deposit during your application process, you can select the Apply now and fund later option. You’ll pay a $29.95 upfront fee.
After that, you can submit your security deposit within 90 days, and you can use your card one business day after Synovus Bank receives the funds.
You can apply with a poor credit score or with no credit history, however, approval isn’t guaranteed. A higher credit score improves your chances for approval.
The Better Business Bureau (BBB) has accredited First Progress — the BBB that covers First Latitude complaints — since 2013 and rates them with an A+. Complaints typically revolve around customer service. As of writing, all 200 complaints that were lodged against First Progress have been answered or resolved to the customer’s satisfaction.
Your application will be processed within three weeks. If it takes longer and you haven’t heard back, contact the bank. Also, there’s an option to get expedited processing for a $19.95 fee, which can speed up this process by seven days.
Upon approval, you’ll get the card within seven to 10 business days.
If you’re having trouble getting approved because of a low credit score, The First Latitude MasterCard® Secured Credit Card may be worth a look. With responsible card activity, you’ll get to build your credit and work towards qualifying for an unsecured card.
However, if you’re still not sure which credit card is best for you, feel free to check out other secured cards to find the one that works best for your financial situation.
