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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 Name | The First Latitude MasterCard® Secured Credit Card |
|---|---|
| Card Type | Mastercard |
| Annual Fee | $0 |
| APR (Annual Percentage Rate) for Purchases | 26.49% variable |
| Cash Advance Rate | 26.49% variable |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $10 or 3% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 25 days |
| Late Payment Fee | Up to $38 |
| Returned Payment Fee | Up to $27 |
| Additional Cardholder Fee | $0 |
| Minimum Age | 18 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 …
You want a similar card from another bank.
The Secured Mastercard® from Capital One® could be a decent alternative. What makes this card interesting is that you don’t necessarily have to deposit the same amount as your credit line. Instead, the amount you deposit depends on your creditworthiness.
You want to earn cash back while building credit.
Consider the Credit One Bank® Unsecured Platinum Visa® or the QuicksilverOne® Rewards from Capital One®. Both cards let you earn cash back while you build your credit.
You want a secured card for balance transfers.
Secured cards usually don’t offer balance transfers, but the UNITY Visa® Secured Credit Card offers an intro APR period on balance transfers and an average APR on balance transfers after that.
Compare secured cards
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
- Go to The First Latitude MasterCard® Secured Credit Card web page and 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 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.
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