Secured credit cards are often used by people with low credit ratings, but they can also be utilized by consumers that have no credit history at all. Initially, the amount of credit issued to secured credit cardholders matches amount of money deposited. After a positive payment history has been established, many Citi Secured MasterCard members are able to increase their available credit limits and apply for credit cards with fewer restrictions.
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The Citi Secured MasterCard may not be of great benefit to consumers that can be approved for credit cards with lower interest rates. According to Suze Orman, those that have had credit cards charged off, made multiple late payments or have other negative remarks on their credit files will have a harder time getting approved for unsecured credit cards.
Citi Secured MasterCard Details
With a Citi Secured MasterCard, at least $200 will need to be deposited before a card will be issued. Every time a timely payment is received, the cardholder’s payment activity will be updated with the credit reporting bureaus. Within a very short period, usually around six months to a year, his or her credit rating will be positively impacted.
The interest rate on the Citi Secured MasterCard is fixed at 18.24% presently. Additional monies can be deposited in order to increase the credit limit. If late payments are made, cardholders will pay a $35 late fee and can be responsible for repaying the balance at 29.99% APR. Once a Citi Secured MasterCard account has remained in good standing for 18 months, MasterCard will review the cardholder’s account to see if graduation to an unsecured credit card is possible.
Citi Secured MasterCard Fees
Cash advances with the Citi Secured MasterCard are possible, but cardholders will pay a hefty fee of 5% if the amount is large. Citi Secured MasterCard accounts are assessed a $29 annual charge for the privilege of using these cards.
There is no over the limit fee, likely because secured credit cards cannot be processed one the credit limit has been reached. Unlike other secured credit cards, applicants are not responsible for paying any initial setup fees.
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