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Citi® Secured Mastercard®

Credit needed
Limited Credit History
APR
22.49%
Annual Fee
$0

Card Summary

Citi is an advertising partner. Citi Secured Mastercard, a secured credit card for those who have just started credit or want to improve their credit score. The card is free and comes with monthly FICO credit scores access.

You will also receive monthly reports to the three main credit bureaus. This allows you to build credit, as long as your payments are on time.

After approval, 14-day grace period applies to make a $200 or $2,500 security deposit to help open your account. Citi will examine your account in 18 months and determine if you're eligible for a refund of your deposit.

Citi Secured Mastercard Review:

While this card is free of annual fees, it will help improve or establish your credit. However, you must make a deposit equal to your credit limit. The card has a very high rate of interest so you should avoid keeping a balance.

The pros:

It's easy to get approved: This card is available for those with good credit.

There is no annual fee for the Citi Secured Mastercard. It charges $0.

Access your FICO score online for free: This will allow you to track your credit development and help you improve your scores.

Card Summary - Cons

Security deposit: A $200-$2,500 security deposit will be held in a collateral account for up to 18 months. It will earn no interest.High APR: Citi Secured Mastercard offers a 22.9% Variable APR.There are no rewards. While some secured cards offer rewards programs, the Citi Secured Mastercard doesn't.

Rates and fees

Issuer Name
Citi
Penalty APR
Variable: Up to 29.99%
Credit Needed
Limited Credit History
Balance Transfer Fee
This offer includes a balance transfer fee of 5% for each transfer, $5 minimum.
Annual Fee
$0
Cash Advance Fee
Cash advances are subject to a 5% cash advance fee; minimum $10
APR
22.49%
Foreign Transaction Fee
3%
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The Best Features

Rewards

Sign up bonus

APR Requirements

Drawbacks

Highlights

Citi Secured Mastercard has no annual fees and can help you improve your credit score when it is used responsibly.It helps you build credit, unlike a debit card.

Monthly reporting is provided to the 3 main credit bureaus. You will be able to access your FICO score online once it is available.

You can use your Mastercard anywhere. Mastercard is accepted worldwide.

You will need to make a security deposit. After approval, credit limits will equal your security deposit (minimum $200).

Auto Pay and account alerts can help you stay on the right track. Flexible payment due dates allow you to choose from any date at the end, middle, or beginning of each month.

You can manage your account online 24/7, via phone or through our mobile app.

Citi Flex Plan's standard variable APR is 22.49%. Citi Flex Plan offers may be made at Citi's sole discretion.

Benefits

Comparative Analysis with Other Cards

Citi Secured Mastercard and Capital One Platinum Secured Credit Card

Annual fee: Each card does not have an annual fee, but requires a security deposit in order to open an account. The Citi Secured Mastercard has a lower rate than the other cards, despite having high annual percentage rates.

Rewards: The cards do not offer rewards programs, however Capital One Platinum Secured Credit Card will review your account every six months to determine if you need a higher credit limit or a lower deposit.

Annual Fee: Citi Secured Mastercard charges $0 annually, while the Capital One Platinum Secured Credit Card costs $0.

Rewards: There is no rewards program with this card.

Sign up bonus: No card provides a sign-up incentive.

Benefits: The cards have the following benefits: Account alerts, 24-hour customer service, and no liability for unauthorized charges. Citi Secured Mastercard also includes Citi Identity Theft Solutions. Capital One Platinum Secured Credit Card has Eno, Capital One's assistant.

Citi Secured Mastercard Vs. Discover it Secured Credit Card

You can build credit or repair your credit with the Discover it Secured Credit Card. However, you cannot earn rewards for spending on Citi Secured Mastercard.

Earn 2% cashback at restaurants and gas stations on purchases up to $1,000. Then, 1% is back for all purchases. Discover also matches any cash back earned in the first year. These cards offer similar benefits and APRs.

Annual Fee: There is no annual fee for the card.

Rewards: Citi Secured Mastercard does not offer rewards. You can get 2% cashback at gas stations and restaurants for purchases up to $1,000 each quarter, and 1% cashback on any other purchases with the Discover it Secured credit card.

Sign up bonus: No card provides a sign-up incentive.

Benefits: The Discover it Secured credit card will match all cash you earn in your first year. Citi Secured Mastercard offers benefits such as identity theft protection and monthly FICO credit scores.

Discover it Secured credit card includes monthly free access to your FICO credit score and overnight replacement. You can also freeze your account in the event that your card is stolen or lost. Each card comes with $0 liability for unauthorized charges.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Do You Need the Citi Secured Mastercard?

If you do:

Credit building is essential.
A minimum of $200 can be paid as a security deposit.
The plan is to repay the balance each month and you can live without any card rewards.
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No late fees. Reduced interest charges. Pay off

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