Are you looking forward to establishing or improving your credit? If your answer is affirmative, then the Citi secured Mastercard is hugely recommended for you. Citi secured Mastercard is a card issued by Citibank and it is a card that helps you build your credit history. This credit card is a better option for those with limited or no credit history to help them build their credit history and requires a security deposit. So, if you hope to build your credit history for your financial future with no yearly fee, you can simply apply for this credit card and begin their financial security journey.
Furthermore, Citi secured master does not require a cash deposit. Instead, you can qualify if you satisfy employment verification requirements and certain income as well as having a social security number [SSN]. With this card, you can establish good credit when you use it to borrow responsibly and pay on time. However, it falls to some extent short of the best secured credit cards, in that it can take up to eighteen months for the issuer to determine if you are eligible to have your deposit returned early. Also, you have to pay the complete $200 deposit within two weeks of opening the account, which can be a stretch for some.
How Citi Secured Mastercard Works
The Citi secured Mastercard is a card that offers great perks and amazing benefits to its users. It has an annual fee of $0 which is very good compared to others. Unlike a debit card, it reports your monthly credit history to all the three major credit bureaus which are Experian, TransUnion, and Equifax. With this card, you’ll earn 2% cashback at gas stations and restaurants on up to $1,000 in combined purchases each quarter. As well as one percent plus unlimited one percent cashback on all other purchases automatically. On the other hand, it has an APR variable of 2249% for purchases as well as balance transfers. For cash advances, standard APR variable is 25.24%. if you make a late payment or make a payment that is returned, a variable penalty APR up to 29.99% may apply.
Besides, fee for foreign purchases is 3% of the US dollar amount of each purchase. Cash advance is either $10 or five percent of the amount of each cash advance, whichever is greater. And for balance transfer fees, either $5 or three percent of the amount of each transfer, whichever is greater. More to its backside, it does not offer introductory APR and does not offer any rewards. Unlike other credit cards, it does not offer sign-up bonus and it requires a security deposit or collateral of at least $200.
Citi Secured Mastercard Benefits
When you make use of the Citi secured Mastercard, you’ll enjoy the following benefits;
- It offers $0 liability on all unauthorized charges on your account. You won’t be responsible for any charges you did not authorize online or otherwise.
- Citi offers you identity theft solutions.
- With your card, you can shop with contactless pay.
- It is a Mastercard and can be used everywhere Mastercard is accepted. It is globally accepted throughout the Mastercard network.
- No annual fee with Citi secures.
- It reports to all the three major credit bureaus.
- It offers free FICO credit score.
With your Citi secured Mastercard, you can enjoy these amazing benefits.
How to Apply Online for Citi secured Mastercard
To enjoy all the benefits of Citi secured Mastercard, you need to apply for it. Meanwhile, to apply you need to note the following;
- Your debt and income must be reviewed.
- Your credit limit must be equal to your security deposit.
- You must not have bankruptcy history in the last two years.
- The minimum-security deposit required is $200.
- Visit the Citi secured Mastercard website.
- On the homepage, click on the Apply Now button.
- Start by entering your personal information such as suffix, last name, middle initial, first name, home address, SSN, date of birth [MM/DD/YYYY], country of citizenship.
- Mobile phone number, email address, security word hint, security word.
- Then procced to your financial information and enter your monthly mortgage/rent payment, total annual income,
- Enter a credit line request [security deposit amount]. An amount between $200-$2,500 in $100 increments.
- Decide if you want to add an authorized user.
- Review and accept the terms and conditions.
- Finally, click on the Agree and Submit button.
In conclusion, the Citi secured Mastercard is a secured credit card with no annual fee and a minimum deposit of $200.