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

First Latitude Platinum MasterCard® Secured Credit Card Review July 2018

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Our review

If you’re having trouble getting approved for other secured cards, the First Latitude Platinum MasterCard® Secured Credit Card may be a good option. That’s because there’s no minimum credit score to apply.

You can also get the card for no annual fee, which is a great deal. Secured cards for those with less-than-stellar credit usually come with annual fees of around $35.

The perks

  • Annual fee: None.

You’ll need to put down a minimum of $200 for a security deposit to get the card, which will lock up a chunk of change. Luckily, you won’t have to pay an annual fee on top of that.

  • Reporting to credit bureaus.

Synovus Bank reports your responsible payments to the major credit bureaus: TransUnion, Experian and Equifax. This can help you build your credit score.

  • No credit history or minimum credit score required.

Banks are typically more lenient on their approval criteria for secured credit cards. However, you may still get denied if your credit score is too low.

If that’s the case, you may have better luck with the First Latitude Platinum MasterCard® Secured Credit Card. Synovus Bank, the issuing bank of this card, doesn’t require a minimum credit score to apply.

Compare secured credit cards with no credit check

Did you know?

  • If you’re new to credit or you have at least a 620 FICO score, you might qualify for a secured card with better features.
  • If you’re having trouble getting approved for a secured credit card, the First Latitude Platinum MasterCard® Secured Credit Card may be a good choice.

Other benefits

  • No penalty APR.
  • No over-the-credit-limit fee.

What else you should know

  • Apply Now and Fund Later option.

If you don’t want to pay the full $200 security deposit now, you can select the Apply Now and Fund Later option. You’ll pay a $29.95 upfront fee.

After you pay the fee, Synovus Bank will expedite processing of your application. If you’re approved, it sends you the card.

You can submit your security deposit anytime within 90 days, and you can use your card one business day after Synovus Bank receives the funds.

  • No balance transfers.

With a balance transfer, you can move your existing debt to your credit card. The First Latitude Mastercard® Secured doesn’t offer this feature. This might not be a terrible thing, however, because your primary goal with a secured card is likely to build your credit — not increase your debt.

Compare the First Latitude Platinum MasterCard® Secured Credit Card to alternatives

Rates last updated July 19th, 2018
Name Product Min credit limit Max credit limit Annual fee Product Description
First Latitude Platinum MasterCard® Secured Credit Card
First Latitude Platinum MasterCard® Secured Credit Card
$0
Enjoy no annual fees while building your credit
Discover it® Secured Credit Card
$200
$2,500
$0
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
Secured Mastercard® from Capital One®
$200
$3,000
$0
Take control and build your credit with responsible use.

Compare up to 4 providers

What to know before you apply

To apply for the First Latitude Platinum MasterCard® Secured Credit Card, you must be at least 18 years old or 19 in Alabama and Nebraska.

You must be a resident of a US state. The card isn’t available if you live in Arkansas, Iowa, New York or Wisconsin.

The information you’ll need

  • Your full name and contact information.
  • Your residential status.
  • Your annual income, source of income and employment information.
  • Your Social Security number.

What credit score do I need?

Unlike many other cards, you don’t need a credit score to apply for the First Latitude Mastercard® Secured. You’re also welcome to apply with a low credit score.

What’s actually considered a good credit score?

How to apply for the First Latitude Platinum MasterCard® Secured Credit Card

    1. Go to the First Latitude website and click Apply Now.

    2. Complete the application with details like your name, address, annual income and Social Security number.

    3. Choose to fund your account by card or checking account. To pay your security deposit later, select the Apply Now and Fund Later option.

    4. Review and submit your application.

    How long will it take to be approved?

    Typically, a credit card provider makes a decision on your application within 7 to 10 days. In some cases, your application is approved immediately.

    If there are issues with your application, you may need to wait up to a few weeks to hear back.

    Bottom line

    Other secured cards offer more attractive features. But if you’re having trouble getting approved for them because of a low credit score, the First Latitude Platinum MasterCard® Secured Credit Card may be worth a look.

    As always, compare the many credit card providers out there to find a card that works for your financial situation.

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