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OakStone Secured Mastercard® Platinum Credit Card review

Make a secured deposit of at least $200 and pay a $49 annual fee to use this credit-building card.

  • Get this card if you have poor credit and you want to improve it.
  • Pick something else if you want to earn rewards.
  • Apply with poor credit or with no credit history.
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$49

Annual fee

11.49%

Purchase APR (variable)

300

Recommended credit score

Details

Annual fee$49
Welcome offerN/A
RewardsN/A
Purchase APR11.49% variable
Balance transfer APRN/A
Minimum Credit Score300
IssuerMastercard
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Review by


Kliment Dukovski is a cryptocurrency and investments writer who has written over 700 articles to help readers find and compare the best financial options. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange and stock market trading.

Expert review

The OakStone Secured Mastercard® Platinum Credit Card is a no-frills secured card for building credit. A secured card means you have to make a secured deposit between $200 and $5,000 to use the card. Your deposit is returned should you decide to close your account and have no outstanding debt.

With a $49 annual fee, it’s not the cheapest credit-building card, but it’s not an expensive one either. Another highlight is the low-interest rate of 11.49% variable, which can be found only on a few credit-building cards. This is a good benefit if you tend to carry your balance often. But to successfully build your credit, avoid carrying a balance. On the downside, you won’t earn rewards on your purchases.

All things considered, this is not a bad card. However, you can get secured cards with no annual fee that would do the job just as well.

How to apply for the OakStone Secured Mastercard® Platinum Credit Card

Applying for the OakStone Secured Mastercard® Platinum Credit Card is simple. All you have to do is:

  1. Go to the provider's site and select Apply now.
  2. Fill out the application form.
  3. Review the form and submit.

What credit score do I need?

You can apply with poor credit or with no credit history.

OakStone Secured Mastercard® Platinum Credit Card benefits

  • Build credit. Since the card reports your activity to the three major credit bureaus — TransUnion, Experian and Equifax — with timely payments, you can build your credit.
  • No minimum credit score requirements. Apply with poor credit or with no credit history and you can still get a credit card approval.
  • Low APR. At 11.49% variable, this card has one of the lowest interest rates you can find.

OakStone Secured Mastercard® Platinum Credit Card drawbacks

  • Requires a secured deposit. You must make a secured deposit between $200 and $5,000 to use the card. That said, this amount will function as your credit limit, and will be refunded if you close your account with no outstanding debt.
  • Annual fee. The card costs $49 annually. This isn’t unheard of in the secured credit card space. However, other secured cards don’t charge an annual fee at all.
  • Foreign transaction fees. Every transaction made abroad or online with foreign merchants will cost you 3% of the amount.
  • No rewards program. Using this card for purchases won’t earn you any rewards.

Compare other secured credit cards

Compare other credit cards on the market if the OakStone Secured Mastercard® Platinum Credit Card isn’t right for you. Consider factors such as the card’s annual fee, APR and rewards structure.

1 - 3 of 12
Name Product Filter values Minimum deposit required Purchase APR Annual fee Minimum Credit Score
Capital One Platinum Secured Credit Card
$49, $99 or $200
26.99% variable
$0
New to credit
A no-annual-fee secured card that separates itself from the pack with a $200 credit limit after making a more affordable than average deposit of $49, $99 or $200.
Capital One Quicksilver Secured Cash Rewards Credit Card
Starting at $200
26.99% variable
$0
300
No annual or hidden fees, and you can earn unlimited 1.5% cash back. See if you're approved in seconds.
Sable ONE Secured Credit Card
N/A
11.74% variable
$0
New to credit
Build credit while earning cash back and get unsecured in as fast as four months.
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Compare up to 4 providers

OakStone Secured Mastercard® Platinum Credit Card reviews and complaints

The OakStone Secured Mastercard® Platinum Credit Card has no reviews at the time of writing. But Synovus Bank, the card issuer, does. The Better Business Bureau (BBB) has accredited Synovus Bank since 1990 and rates the bank with an A+.

Bottom line

The OakStone Secured Mastercard® Platinum Credit Card is a simple secured card designed for those who want to build credit. With one of the lowest interest rates currently on the market, you could carry your balance without paying a premium. But being a credit-building card, carrying your balance isn’t recommended. If this card isn’t right for you, or you’re looking for a credit-building option with no annual fee, compare no-annual-fee secured credit cards.

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