A no-annual-fee secured card for building credit.
- Get this card if you don’t want to pay an annual fee.
- Pick something else if you want cash back.
- Apply with no credit history or with poor credit score.
| Product Name | The First Latitude MasterCard® Secured Credit Card |
|---|---|
| Card type | Mastercard |
| Annual fee | $0 |
| Purchase APR | 26.74% variable |
| Balance transfer APR | N/A |
| Cash advance rate | 26.74% 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 $39 |
| Returned payment fee | Up to $28 |
| Additional cardholder fee | $0 |
| Minimum Age | 18 years of age |
|---|
The basics
If your credit score or credit history is keeping you from qualifying for credit cards, The First Latitude MasterCard® Secured Credit Card may be a good option for rebuilding your credit. It has no minimum credit score to apply and no annual fee, which makes it quite consumer friendly compared to some other secured cards.
The perks
Build your credit.
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.
No annual fee.
Most secured credit cards charge annual fees, sometimes as high as $50.
No minimum credit score required.
You don’t need to have a credit history to apply for this card, meaning you can apply no matter your credit score.
You’ll also like …
Credit line.
A deposit between $200 and $2,000 determines your credit line. Over time you could be approved for up to $5,000.
Quick and easy online application.
You can opt in for expedited processing or choose to fund your account later.
Platinum Mastercard.
Get worldwide acceptance with Mastercard.
What to watch out for
Foreign transaction fee.
You’ll pay a fee of 3% of the transaction every time you make a purchase outside of the US.
High APR on purchases.
You get a variable APR of 26.74% on purchases. This is relatively high, considering other secured cards have APR on purchases as low as 9.99%.
Other fees.
For late payments, you’ll pay up to a $39 fee, returned payments will cost you up to $28 and an expedited telephone payment costs $10.
Limited customer support options.
Customer support is only available online for existing cardholders or by snail mail.
Compare secured cards
What should I know before I apply?
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:
- Full name and contact information.
- Your residential status.
- Your annual income, source of income and employment information.
- Your Social Security number.
Fund your deposit later
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.
What credit score do I need?
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.
What do customers say about The First Latitude MasterCard® Secured Credit Card?
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.
How to apply for The First Latitude MasterCard® Secured Credit Card
- Click apply now.
- Complete the application form.
- Choose to fund your account now, or to pay your security deposit later.
- Review and submit your application.
How long will it take to get The First Latitude MasterCard® Secured Credit Card?
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.
I got the card. Now what?
- Avoid interest. Pay your balance within the 25-day grace period to avoid paying the high APR.
- Customer service. Log in to your online portal or write First Latitude Card at PO Box 9053 Johnson City, TN 37615-9053.
Bottom line
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.
Is the deposit refundable?
Can I deposit more later to increase limit?
Hello Frank,
Thank you for reaching out to finder.
Yes, your security deposit is refundable and you can choose to increase it from $200 to $2000 by funding/ depositing more to it.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash