Citi Secured Mastercard® Credit Card Review

Citi Secured Mastercard Review

The Citi Secured Mastercard is an ideal beginner credit card for customers looking to responsibly build credit or improve their limited credit history. There’s no annual fee for having the card, and card usage is reported monthly to the three major credit bureaus. Regardless of credit score and after a review of income and current debt, the Citi Secured Mastercard credit limit falls between $200 - $2,500, and requires a security deposit of the same amount. With the addition of fraud alert protection, identity theft protection, auto pay, and no liability for unauthorized charges, this card is an easy method to build strong credit.

Citi Secured Mastercard: pros and cons

Citi Secured Mastercard rewards system in a nutshell

The Citi Secured Mastercard doesn’t have a rewards system.

Who can benefit from getting the Citi Secured Mastercard?

For individuals with poor credit or no credit history, a secured credit card can help build credit and enable them to get an unsecured card later. Autopay is included with this card and is helpful for users who may not be familiar with the ins and outs of using a credit card, or for those with bad credit management skills.

The APR on the Citi Secured Mastercard is average, compared to other similar secured credit cards. The purchase and balance transfer APR is 27.74%, while the cash advance APR is 29.99% Variable.

It is necessary to secure the Citi Secured Mastercard with what could be a significant security deposit, and this could be uncomfortable for some cardholders.

The good news is that it’s possible for the Citi Secured Mastercard to upgrade to an unsecured credit card over time.

The security deposit must be held for an initial term of 18 months, but after that, it is possible to get back the security deposit and upgrade the secured credit card to an unsecured card at their discretion.

With monthly reporting to the credit bureaus, regular charging, and on-time payments it is the key to building strong credit.

Are there any other benefits?

There are some additional benefits available with the Citi Secured Mastercard:

• Accepted worldwide. As part of the Mastercard network this secured credit card can be used around the world. But don’t forget about the foreign transaction fee.
• Account Alerts. Automatic alerts can remind you about balance levels, payments due, or when going over the credit limit.
• Flexible payment due dates. You can elect to pay the bill on your terms by using flexible payment due dates at the beginning, middle, or end of the month.
• FICO score. Free access monthly to your credit score as reported to the credit bureaus to keep an eye on credit development.
• Tap to Pay. The card is contactless with chip-enabled tap-to-pay included.
• Easy to reach support. Customer service representatives are available 24/7.

Conclusion

In terms of a no-annual fee secured credit card, this one is pretty average. The Citi Secured Mastercard is good for those interested in building or growing their credit with no annual fee but doesn’t have much more to offer beyond that. The lack of rewards, cash back, or bonus options is disappointing, and the other benefits are offered by many other secured cards. Since usage is reported to the major credit bureaus, it will allow you to build your credit if used properly and with the right intentions. There’s also the benefit of it being a Citi card, and being tied to a large and well-known credit card company could make it easier to get an unsecured card with them later.

As with all other secured credit cards, a security deposit is required and that may be difficult for some potential cardholders to manage. But with the minimum being $200, individuals serious about building strong credit may not have a problem seeing the value in this security deposit.

The fees with this card are average and the lack of an annual fee is nice, although the penalty APR is quite high. The fact the penalty APR can be applied indefinitely is also something to watch out for. For younger card users or those who may struggle with managing their credit history perfectly from the start, this could be a major issue.

Overall this secured credit card doesn’t offer much more than credit-building potential, but, if that’s the goal and you can handle the security deposit, the Citi Secured Mastercard will certainly meet those needs and set you up for a future unsecured card.