Would you like to explore a detailed review of the Citibank Secured Mastercard, including its key features such as fees, interest rates, minimum deposit, and other essential information? Responsible Economy is here to provide you with an extensive overview. Additionally, we’ll offer a comparison of the top-tier secured credit cards available in the market. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
Fees play a crucial role in assessing financial products, and this applies to credit cards as well. One notable feature of the Citibank Secured Mastercard credit card is its lack of annual maintenance fees, which sets it apart from other secured credit cards. This absence of fees is a significant benefit that can make the card more attractive to potential users.
APR
Opting to defer payments on the Citibank Secured Mastercard credit card comes with a comparatively elevated interest rate. The Annual Percentage Rate (APR) for maintaining a balance on purchases stands at 27.74%, which is a factor worth considering. It’s worth mentioning that while certain cards offer an introductory 0% interest rate, the Citibank Secured Mastercard credit card does not fall into this category. This distinction highlights the importance of evaluating the terms associated with the card’s interest rates when making a decision.
Cash back
The Citibank Secured Mastercard credit card does not offer any cash back rewards for purchases. This particular feature is seen as a drawback, especially when compared to various other secured credit cards that provide cash back incentives for transactions.
Minimum deposit
To open an account with the Citibank Secured Mastercard credit card, you’ll need to make a minimum security deposit of $200, with a maximum of $2,500. Your credit limit will be determined by considering factors such as your security deposit amount, income, and your ability to manage the established credit line. This approach promotes responsible use of credit and helps in steadily improving your financial status over time.
Welcome bonus
In contrast to numerous credit cards that entice applicants with appealing welcome bonuses, potentially amounting to as much as $1,000, it’s important to highlight that the Citibank Secured Mastercard credit card does not offer any incentives in the form of welcome bonuses.
Summary table
We have created a table summarizing all the features:
| Features | Citibank Secured Mastercard credit card |
|---|---|
| Fees | $0 |
| APR | 27.74% |
| Cash Back | None |
| Minimum Deposit | $200-$2,500 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of Citibank Secured Mastercard credit card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the Citibank Secured Mastercard credit card:
| Advantages | Disadvantages |
|---|---|
| No annual maintenance fees | Relatively high Annual Percentage Rate (APR) for balances on purchases (27.74%) |
| Requires a minimum security deposit of $200 | Absence of cash back rewards for purchases |
| Credit limit determined by deposit | No welcome bonuses offered |
Requirements
To be eligible for the Citibank Secured Mastercard credit card, you need to fulfill the following minimum requirements:
- Reside in the United States: This card is specifically offered to individuals who live within the United States.
- Age Requirement: You must be at least 18 years old to qualify for this credit card.
- Employment Verification: Providing proof of employment is crucial to showcase your ability to manage the credit card responsibly.
- Social Security Number: A valid Social Security Number is necessary for identity verification and assessing your credit history.
Frequent questions
Now we’re here to address any questions you might have about the Citibank Secured:
Conclusion and opinions
After conducting our analysis, our opinion is that the Citibank Secured Mastercard Credit Card is a competitive credit card option. It stands out due to its lack of annual maintenance fees, a reasonable minimum deposit of $200, and the backing of a reputable institution like Citibank. However, it’s important to note that the card does not provide any cash back rewards for purchases, nor does it offer an introductory APR or welcome bonus.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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