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$0
Annual fee
25.99%
Purchase APR (variable)
300
Recommended credit score
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.
Important note: The issuer of this card is no longer soliciting new applications for this product. If you submit an application, you may be approved for a First Progress card instead, which will come with an annual fee. See our note below this review.
The First Latitude MasterCard® Secured Credit Card requires a deposit of $200 to $2,000, which will be equal to your credit line. It has a $0 annual fee and a variable 25.99% variable purchase and cash advance APR — a standard interest rate among secured cards, though still very high.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 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.
You can still submit an application for this card at the time of this writing. However, according to John Yardley at First Equity, The First Latitude MasterCard® Secured Credit Card is currently not available.
This means if you’re approved, you may receive a card under the First Progress banner instead, including:
First Progress and First Latitude are both issued by the same entity, Synovus Bank.
As we write in our reviews, First Progress cards can be useful if you have damaged credit. In some cases, the cards can offer lower-than-average interest rates you won’t find elsewhere.
However, the cards do come with annual fees, which you might understandably want to avoid.
Keep in mind if you apply for The First Latitude MasterCard® Secured Credit Card, you may be approved for and automatically charged an annual fee for a First Progress card.
You don’t have to pay the annual fee as long as you close your card before making any transactions, and if you notify your issuer in writing. See the procedure for this in your cardholder agreement.
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.
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.