If you are someone with a bad credit score and want to own a credit card then a secured credit card is a good option for you. Secured cards are basically those credit cards where you have to pay a security deposit. So, in case you fail to pay the credit card bill on time, the credit card company can keep your security deposit. Citi Secured Credit Card is one of the most well-known and well-reputed secured cards out there.
In this write-up, we are going to give you a detailed review of the Citi Secured Card. We will discuss its interest rates, fees, credit limit, credit reporting, and basically, everything that you need to know, and we promise you, this review is better than the other Citi Secured MasterCard reviews you will find on the internet. So now let’s get started.
What is Citi Secured MasterCard?
Overall, Citi Secured Credit Card is a low-cost card with good rewards and credit-building potential. It is issued by CitiBank. Since it is a secured credit card, you will have to pay a security deposit in order to get this card. Moreover, your credit limit will be equal to the amount you deposit as security. Though this card has a high APR, so you will have to pay a high interest rate if you fail to pay the bill on time. It is great for credit building, as it reports all your credit activity to all 3 credit bureaus. The application and approval process is also very easy and that is why we also added this card to our list of guaranteed approval credit cards with $1000 for bad credit.
- Good for building credit
- Report your credit activities to all three credit bureaus
- No annual fee
- Easy application
- Higher chances of getting credit card approval, even with a bad credit score
Citi Secured Credit Card: Features
Now, in this Citi Secured Credit Card review, we will focus on some of the most important features of the Citi Secured Credit Card.
This card comes with high-interest rates. So it is very important to manage this card well. If you do not pay your bill on time and leave a balance on the card, then you will have to pay for the high interest.
- Regular APR: 26.24% (Variable)
- Balance transfer APR: 26.24% (Variable)
- Minimum interest charge: $0.50
- Penalty APR: 29.99%
- Citi Flex Plan APR: 26.24% (Variable)
- Cash Advance APR: 25.49%
Overall, Citi Secured Credit Card is a low-cost credit card. It comes with a $0.00 annual fee and a few other reasonable charges. It is a good card even for bad credit holders because even if your credit score is extremely bad or you have zero credit history, this card would not be unreasonably expensive for you.
- Annual Fee: $0.00
- Cash Advance Fee: 5% or $10, whichever is higher
- Balance Transfer Fee: 5% or $5, whichever is higher
- Returned Payment Fee: Up to $40
- Late Payment Fee: Up to $40
- Foreign Transaction Fee: 3%
Citi® Secured MasterCard® comes with a great credit-building opportunity, as it reports all your credit activities to all three credit bureaus including TransUnion, Experian, and Equifax. They also provide you with free tools to keep a check on your credit score.
This card comes with a maximum credit limit of $2,500. Moreover, your credit limit is equal to your security deposit. So for example, if you pay $500 as a security deposit while getting the card, your credit limit will be $500. But as soon as your start building your credit score and maintain the card well, you can apply for the credit limit increase.
Moving on to the rewards, the Citi Secured credit card does not offer many rewards. So if you are looking for a credit card with a lot of rewards, cashback, and discounts and you should consider other credit cards.
Citi Card keeps a record of all your credit activities and at the end of the month, they report all your credit activities to all three credit bureaus including TransUnion, Experian, and Equifax.
How to Get Citi Secured Credit Card?
To get this credit card, first of all, you will have to go to the official website of Citi. There you will have to fill out the credit card application with all your basic details like name, address, contact details, income details, etc.
After this, they will conduct an inquiry into your credit. There is one main qualification for this card:
- There should be no bankruptcy in the last 2 years.
If you qualify for this card, you will have to pay the security deposit. Once you pay it, you will receive your credit card within 10 to 15 days.
Should I Get a Citi Secured Credit Card?
If you fall under any of the following categories, then you can go with the Citi Secured Credit Card.
1. You have Bad Credit or No Credit
If you are someone with a bad credit score or no credit history at all then you should definitely go with this credit card. Not only will you easily get this card, but this credit card will also help you to build your credit from the start. So that you can get better credit cards with better terms in the future.
2. You Want to Build Your Credit Score
In case your primary motive is to build your credit score, then for sure, you can go for this card. It comes with great credit-building potential, as it reports all your credit activities to all 3 credit bureaus.
If you do not want to go for the Citi Card or just want to consider some other Best secured credit cards as well, then you can go for any of the cards mentioned below.
1. Capital One Platinum Secured Card
Our Rating: 4.2/5
Do you know what is the best thing about the Capital One Platinum Secured Card? There is no annual fee and you get an option to pay for less security deposit than your credit limit, depending on your credit score. It comes with a regular deposit of 26.49% and a maximum security deposit of $200.
2. Capital One QuickSilver Secured Rewards Card
Our Rating: 4.2/5
If you are looking for a secured credit card with rewards then the Capital One QuickSilver Secured Rewards Card is the best option for you. It gives you up to 1.5% cash back on all eligible purchases. You will have to pay a minimum security deposit of $200 and the regular APR is 28.49%.
3. Discover It Secured Credit Card
It would not be fair if we talked about the best-secured credit cards and did not discuss Discover It Secured Credit Card. With this card, you get up to 2% cash back on all your eligible purchases. The APR is also comparatively lower than the other credit cards. And last but not the least, there is no annual fee.
Frequently Asked Questions (FAQs)
Q1. How hard is it to get a Citi Secured Mastercard?
It is not at all difficult to get the Citi Secured MasterCard. The application and approval process is pretty easy. Even if your credit score is bad or you have no credit history at all, you can easily get this credit card.
Q2. How does Citi Secured Mastercard work?
Since it is a secured credit card, to get this card, you will have to pay a security deposit. If you fail to pay the credit card bill, then CitiBank will keep your security deposit and will discontinue its service.
Q3. Does Citi Secured do a hard pull?
Yes. Since they conduct a hard inquiry of your account it will result in a hard pull. After the hard inquiry by CitiBank, your credit score will decrease by 5 to 10 points. But they do not offer a pre-qualification form, so if you want to apply for this card or get this card then you will have to go through this hard pull.
Q4. Does Citi Secured increase credit limit?
Yes. If you maintain your card well and pay all the bills on time then after some time, you can apply for a credit limit increase. After this, they will check your credit score and other things. Once they are satisfied, they will approve your request to increase the credit limit.
Q5. What information is needed to apply for the Citi® Secured Mastercard®?
All the basic information like name, date of birth, income details, contact details, source of income, credit score, total assets, etc. is required. You can check their official website to see if any other information is required.
Q6. In what states is the Citi® Secured Mastercard® available?
As it is offered by one of the most reputed banks in the USA, CitiBank, it is available in most states. But to be more clear on this, you can check their official website to see if they provide credit cards in your state or not.
We would like to give Citi Secured Credit Card an overall rating of 3.8/5.
It is a great credit card for people with no credit or bad credit. It has good credit-building potential. The fee and other charges are also reasonable. This card also has thousands of positive ratings and reviews online. The only downfall we could find was, there are no rewards. So if you are looking for a credit card with rewards and cash back then this is not the right choice for you. Overall, it is a good credit card to start your credit score journey with.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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