Have a question? Contact Us!

» Citi Secured MasterCard Review

Share this

 

Citi Secured MasterCard

Citi Secured MasterCard

Searching for the Citi Secured MasterCard? Secured credit cards have become an important part of the lending arena, as more and more people turn to them to improve their credit scores. Over the last decade the amount of people who have slipped into credit card debt has risen year on year, and has resulted in many not having a good enough credit history to apply for a normal unsecured credit card. As the economy has collapsed the banks have become ever more wary of lending, and are now looking to cover themselves against late payments or those who slip into unmanageable debt.

This is where secured credit cards have found their niche. The banks put the emphasis firmly upon the cardholder’s shoulders, allowing them to only have a credit line if they basically pay upfront for it. How a secured card works is by the cardholder depositing money into an account and then receiving a line of credit equal or near to the amount deposited. The amount of credit received is completely dependent on how much is deposited.

Credit Card Review

Credit Card Review

The Citi Secured MasterCard is an ideal choice for those wishing to get back onto the borrowing ladder, or those simply wishing to start a good credit history. This card by Citi is a good example of a secured credit card and while it is not spectacular it covers enough bases to make it one of the better all-rounders.

Citi charge a $29 annual fee, and while this is slightly higher than some of its direct competitors it is much less than many others in the secured cards arena, some of whom charge in excess of $100 per year. To off set this annual charge Citi offer a very competitive interest rate of 13.24% on purchases and balance transfers. It is not all good however, as there is a fee of 3% against the amount when making a balance transfer, so take this into account when considering the Citi Secured MasterCard.

The minimum deposit is $200 while the maximum is $5000. The minimum security deposit is also $200, but keep in mind that this is not a cover for credit card purchases, and the monthly payment will still need to be met. There is also a 90 day protection period for purchases including fire and theft.

Security on the Citi Secured MasterCard meets sector standards and comes with 0% liability against any fraudulent activity against your account.

Citicard also offers timely credit bureau reporting, meaning that you can improve your credit score and one day apply for a normal credit card.

All in all the Citi Secured MasterCard proves to be one of the most solid performers in the secured credit cards sector, and although it may not tick every box it certainly shows itself to have a number of appealing features. While the annual fees are a little heavy, the low interest fees could well appease those who are put off by the former. See also, Bad Credit Credit Card.

  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply

Follow Us:

RSS
Follow by Email
Facebook
Facebook
Google+
Google+
http://firstcredit.net/citi-secured-mastercard/">
SHARE