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Citi® Secured Mastercard® full review: should you get it?

Discover the secured credit card option for those who need to build in addition to having the opportunity to follow credit score growth with no annual fee. Meet the Citi® Secured Mastercard®.

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Citi® Secured Mastercard®: turn your daily purchases into a higher credit score

Citi® Secured Mastercard®
Learn all about the Citi® Secured Mastercard®. Source: Citi®

Indeed, the Citi® Secured Mastercard® is a tool for anyone who needs to rebuild their credit. In addition, it can be an excellent first step for those who have no credit at all.

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Citi® Secured Mastercard®: check out how to apply!

Apply for a Citi® Secured Mastercard® and you'll have a great tool to build your credit without paying an annual fee. Learn more!

Below, read this article and understand what this credit product can do for you:

Credit ScoreFair (630-689)
Annual Fee$0
Regular APR24.74% (variable for purchases and balance transfers)
27.49% (variable for cash advances)
Welcome bonusNone
RewardsNone

Citi® Secured Mastercard®: learn more about this financial product

In fact, this is a very interesting card for anyone with a single objective: building credit. Thus, to achieve this goal, reports to the main credit bureaus occur on a monthly basis.

To track the growth of your score, you can consult FICO for free. In fact, this is just one of the services offered by the Citi® application available to customers of this card.

This is a secured card. This means that you must make an initial deposit to use it. You can choose to deposit any amount between $200 and $2,500.

In effect, the amount deposited will be your limit. This money can be returned to you within 18 months. Just make your balance payments within the given period.

In the case of fraud, don’t worry. This product offers $0 liability coverage to its customers. Another very important fact is the absence of an annual fee. Likewise, there is no monthly fee.

Finally, it is a product with the Mastercard seal. That is, the card is accepted almost anywhere you go.

Citi® Secured Mastercard® features

Woman holding blue credit card and cellphone
Learn more about the card’s pros and cons. Source: Pixabay

In fact, you already know that this card can help you on your way to a better credit score. However, that’s not all. Below is a list of the best advantages of this credit product.

What are the benefits? 

  • Credit building card: monthly reporting of your payments to the main credit agencies in the country;
  • Free consultation of your FICO credit score (commonly used by banks as a basis for approving loans or credit cards);
  • No annual fee;
  • You can get your security deposit back in just 18 months.

And what are the drawbacks?

  • Relatively high APR;
  • You will need to make a deposit of between $200 and $2,500 within 14 days, or your card will be canceled;
  • No rewards program, introductory APR, or welcome bonus;
  • Some people with really low credit may have trouble getting this card.

What credit score do you need to get the Citi® Secured Mastercard®?

Despite being a credit card designed to build credit, people with bad credit scores have a hard time getting it. Thus, we recommend this card to anyone who has a score between 630 and 689.

How does the Citi® Secured Mastercard® application process work?

Indeed, you can apply for this card without going to an agency. All you need to do is use a device with the internet. Read our post below to learn about the basic application requirements and how this process works!

Citi® Secured Mastercard®

Citi® Secured Mastercard®: check out how to apply!

Apply for a Citi® Secured Mastercard® and you'll have a great tool to build your credit without paying an annual fee. Learn more!

About the author  /  José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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