First Latitude Platinum Mastercard Secured Credit Card review September 2018 | finder.com

The First Latitude MasterCard® Secured Credit Card Review September 2018

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A no-annual-fee secured card for building credit.

30-second take

  • Get this card if you don’t want to pay an annual fee, or have no credit history or if you have bad credit score.
  • Pick something else if you want an unsecured card or a secured card with cash back.
  • Apply with no credit history or with poor credit score.
Product NameThe First Latitude MasterCard® Secured Credit Card
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases26.24% variable
Cash Advance Rate26.24% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$1.5
Late Payment FeeUp to $38
Returned Payment FeeUp to $27
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

If you’re having trouble getting approved for other cards, the The First Latitude MasterCard® Secured Credit Card may be a good option. It has no minimum credit score to apply and no annual fee. This could be a good deal, since most secured cards usually come with annual fee of around $35.

The perks

  • Build your credit.

    Your card activity will be reported to all three major credit bureaus — TransUnion, Experian and Equifax. With responsible spending, you could improve your credit score and you’ll be able to apply for a better card.

  • No annual fee.

    You’ll get the card without paying an annual fee. Most secured credit cards have an annual fee, some are even as high as $50. However, you’ll still need to put down a security deposit that will act as your credit line.

  • No minimum credit score required.

    You don’t need to have a credit history to apply for this card.

You’ll also like …

  • Credit line.

    Your deposit determines the size of your credit line. This means you can get from $200 up to $2,000 credit line. In time, you can get approval to increase the amount 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 everytime you make a purchase outside of the US.

  • High APR on purchases.

    You get a variable APR of 26.24% 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 $38 fee, returned payments will cost you up to $27 and an expedited telephone payment costs $10.

  • Limited customer support options.

    Customer support is only available via your online portal for existing cardholders, or by postal mail.

Consider other cards if …

Compare secured cards

Name Product APR (Annual Percentage Rate) for Purchases Welcome Bonus Interest Free Period
19.14% variable
Up to 25 days
A secured Visa® credit card that helps you build your credit quickly.
9.99% fixed
Up to 25 days
Low fixed interest rates with no penalty rate.
10.24% variable
Up to 25 days
9.99% fixed
None
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
20.24% variable
Up to 25 days
17.99% fixed
Up to 25 days
Borrow up to $10,000 and get your credit score back on track.
14.99% variable
Up to 25 days
26.24% variable
Up to 25 days
13.99% fixed
Up to 25 days
Have little or poor credit? The primor® Secured Mastercard® Classic has no minimum credit score requirements and no processing or application fees to worry about.
9.99% fixed
Up to 25 days
Fast, easy application process. No processing or application fees!
13.99% fixed
Up to 25 days
Credit lines available from $200 to $5,000! You decide where you want to start and open your Personal Savings Deposit Account to secure your line.
17.99% variable
Earn 5,000 miles after your first purchase
Up to 24 days
Earn SKYPASS miles while building your credit history in the United States.
13.74% variable
Up to 21 days
Created to help you establish or rebuild credit.
36% variable
Up to 27 days
Easy Online Application! Your account history reports to the major Consumer Reporting Agencies.

Compare up to 4 providers

What should I know before I apply?

To apply for the card, you must be at least 18 years old. You must be at least 19 years old if you’re a resident of Alabama or Nebraska.

Also, you must be a resident of a US state excluding 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. Approval isn’t guaranteed.

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

  1. Go to The First Latitude MasterCard® Secured Credit Card web page and click Apply now.
  2. Complete the application form.
  3. Choose to fund your account now, or to pay your security deposit later.
  4. 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 7 to 10 business days.

I got the card. Now what?

  • Avoid interest. Pay your balance within the grace period of 25 days to avoid paying the high APR.
  • Customer service. Log in to your online portal or write First Latitude Card at P.O. Box 9053 Johnson City, TN 37615-9053.

Bottom line

If you’re having trouble getting approved because of a low credit score, the 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 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.

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2 Responses

  1. Default Gravatar
    FrankJuly 24, 2018

    Is the deposit refundable?
    Can I deposit more later to increase limit?

    • finder Customer Care
      AshJuly 25, 2018Staff

      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

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