Full Evaluate of Citi Secured Mastercard
desk of contents
- Professionals Defined
- Cons Defined
- Who This Card Is Greatest For
- Commonplace Advantages
- Cardholder Expertise
- Safety Options
- Last Verdict
Professionals
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Experiences to all three main credit score bureaus
Cons
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Not fitted to these with a bad credit score
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Excessive APR
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No rewards
Professionals Defined
- Experiences to all Three Main Credit score Bureaus: Like most secured playing cards, the Citi Secured Mastercard might help you construct your credit score. Citi will report your fee exercise to the three main credit score bureaus: Equifax, Experian, and TransUnion. Should you make your entire funds on time, your fee historical past might help elevate your credit score rating.
Cons Defined
- Not Fitted to These with Dangerous Credit score: Secured bank cards are typically designed for individuals with a bad credit score or no credit score in any respect. Nonetheless, the Citi Secured Mastercard is usually geared towards these with no credit score historical past, similar to new graduates, relatively than these with a bad credit score. Individuals who have had vital credit score points previously might not qualify for the cardboard. For instance, Citi explicitly states that candidates should not have declared chapter previously two years. In case you have a bad credit score or have declared chapter previously, take into account signing up for one more choice just like the OpenSky Secured Visa card. It doesn't require a credit score verify, and you’ll select your personal credit score line and make a safety deposit for that quantity.
- Excessive APR: The APR on the Citi Secured Mastercard is sort of excessive: 27.74% variable on each purchases and stability transfers. Whereas secured playing cards are inclined to have higher-than-average rates of interest, different playing cards provide decrease charges. When you can keep away from paying curiosity fees by paying off your stability in full every month, it's a good suggestion to maintain the APR in thoughts if there's an opportunity you’ll carry a stability.
- No Rewards: The Citi Secured Mastercard doesn't have a rewards program. Nor does it present a one-time provide. Contemplating that there are secured playing cards in the marketplace that provide each, that's a major downside. Should you're on the lookout for a secured card that permits you to earn money again, take into account the Uncover it Secured card. It has no annual payment, and you’ll earn 2% money again at gasoline stations and eating places on as much as $1,000 in mixed spending every quarter. And, you'll earn limitless 1% money again on all different purchases.
As an added perk, Uncover gives a novel one-time provide: It would match all the money again you earn throughout your first yr as a cardholder, and there's no restrict to how a lot you’ll be able to earn.
To place these numbers in perspective, let’s say you spent $5,000 per yr along with your bank card: $1,000 at gasoline stations and eating places throughout every quarter, plus $1,000 on different purchases. You'd earn a complete of $90 in money again rewards. However with Uncover's first-year bonus, your money again is doubled, supplying you with a complete of $180 in cash-back rewards. That’s a major perk for a secured card with no annual payment, and a giant benefit over the Citi Secured Mastercard.
Who This Card Is Greatest For
The Citi Secured Mastercard is finest for individuals who don't have a longtime credit score historical past and need to improve their credit score scores. It has no annual payment, so there’s no price to signing up for the cardboard past the safety deposit. And, Citi presents some helpful instruments, just like the Citi Credit score Data Middle, so you’ll be able to find out about managing your credit score.
Should you’re authorised for an account, you may get a secured card with a $200 safety deposit. Should you graduate to an unsecured bank card inside 18 months, or in case you shut your account, your safety deposit shall be refunded to you.
Commonplace Advantages
The Citi Secured Mastercard presents few advantages, but it surely does have some options which might be pretty commonplace for a secured bank card:
- Free FICO rating entry. You may view your FICO credit score rating in your month-to-month assertion or on-line. It’s up to date on a month-to-month foundation.
- Versatile fee due date. You may select a fee due date that works for you and your pay schedule. Choose an out there date initially, center, or finish of the month.
- Account alerts. Join account alerts to obtain notifications about suspicious transactions and fee reminders.
Cardholder Expertise
Relating to buyer satisfaction, Citi is beneath common. In accordance with J.D. Energy's 2021 U.S. Credit score Card Satisfaction Research, Citi tied for fifth out of 11 nationwide card issuers. The common rating for nationwide issuers was 809 out of 1,000, whereas Citi's rating was 805.
Nonetheless, Citi's customer support workforce is on the market 24 hours a day, seven days every week. In case you have a difficulty or query, you’ll be able to contact buyer help by way of secured chat or by calling 800-950-5114.
Safety Options
This card presents some primary security measures just like these you’ll be able to count on from most secured bank cards:
- $0 legal responsibility safety: You aren’t accountable for unauthorized fees made to your account.
- Citi Identification Theft Options: In case your id is compromised, Citi Identification Theft Options might help you resolve the issue, figuring out the steps it is advisable take.
Last Verdict
Whereas the Citi Secured Mastercard has no annual payment, it does require a credit score verify and a minimal safety deposit of $200. In case you have a bad credit score or your credit score historical past features a chapter, you'll possible must look elsewhere for a card.
This card has no rewards and only a few advantages, so that you're possible higher off with a special secured bank card. Should you can, apply for one more card that gives a rewards program, higher advantages, or decrease APR so you’ll be able to take pleasure in these benefits whereas enhancing your credit score.
