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The First Latitude MasterCard® Secured Credit Card review

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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.

$0

Annual fee

25.99%

Purchase APR (variable)

300

Recommended credit score

Details

Product NameThe First Latitude MasterCard® Secured Credit Card
Card typeMastercard
Annual fee$0
Purchase APR25.99% variable
Balance transfer APRN/A
Cash advance rate25.99% 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
Late payment feeUp to $40
Returned payment feeUp to $29
Additional cardholder fee$0

Expert review

Kevin Joey Chen

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.

Expert 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.

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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 25.99% 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 $40 fee, returned payments will cost you up to $29 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

Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
Citi® Secured Mastercard®
Starting at $200
22.49% variable
$0
580
A no annual fee secured card for people who are new to credit or have limited credit history with a fair to average credit score.
First Progress Platinum Select MasterCard® Secured Credit Card
Starting at $200
13.99% variable
$39
300
No minimum credit score and no credit history required.
OpenSky® Secured Visa® Credit Card
Starting at $200
18.89% variable
$35
300
A secured Visa® credit card that helps you build your credit quickly.
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Starting at $200
9.99% fixed
$48
300
No credit check is required for this secured card. Make a deposit of at least $200 to open this card and get a low 9.99% fixed APR on purchases.
Green Dot primor® Visa® Classic Secured Credit Card
Starting at $200
13.99% fixed
$39
300
Open a personal savings deposit account to secure a credit line from $200 to $5,000.
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Compare up to 4 providers

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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

  1. 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 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.

Frequently asked questions

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2 Comments

  1. Default Gravatar
    Frank
    July 24, 2018

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

    • Avatarfinder Customer Care
      Ash
      July 25, 2018

      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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