Citi® Secured Mastercard® Review

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Citi® Secured Mastercard®

Rates & Fees

REVIEW & APPLY

On Issuer's Site

APR

27.74% variable

Min. Security Deposit

$200

Annual Fee

Recommended Credit

(No Credit History)

PROS
- No annual fee
- Reports to major credit bureaus
- With security protections
- Free FICO score access
CONS
- Security deposit required
- High purchase APR
- No rewards program
- APRS, Fees, and Penalties
  - Enjoy no annual fee with this card.
  - The card has a variable purchase APR of 27.74%.
- Credit Building Features
  - Your credit limit is determined by a security deposit, ranging from $200 to $2,500.
  - Build your credit with monthly reports to all three major credit bureaus.
  - Accepts customers with little or no credit history.
- Account Management and Security
  - Get free access to your FICO score online.
  - Use Auto Pay and account alerts for easier account management.
  - Choose your payment date with flexible payment due dates.
  - Manage your account online, by phone, or via mobile app 24/7.
  - Use Digital Wallets for secure and convenient online, app, and in-store shopping.
  - Enjoy complete protection against unauthorized charges.
  - Benefit from Mastercard ID Theft Protection at no extra cost.
- Global Acceptance
  - Accepted worldwide wherever Mastercard is accepted.

The Citi® Secured Mastercard® is an excellent choice for those building or repairing their credit. It bolsters credit history through regular reporting to major bureaus and encourages responsible spending with a security deposit as a credit limit. This card offers exceptional benefits like no annual fees, worldwide acceptance, and compatibility with digital wallets. Additionally, it provides flexible payment options and robust security features, including ID Theft Protection. A key highlight is the free access to your FICO score, making it a practical and secure choice for everyday financial management and credit monitoring.

All information about the Citi Secured Mastercard has been collected independently by MoneyGeek.com and has not been reviewed by the issuer.

Citi® Secured Mastercard® Overview

When choosing a credit card, it's essential to critically assess its features, as they can significantly impact your financial journey positively and negatively.

Regular APR - 27.74% (variable)
Deposit required - $200-$2,500
Potential credit limit - $200-$2,500 (equal to your deposit)
Annual fee - $0
Rewards rate - None

Important Card Details

Exploring the features of a credit card can reveal a lot about its suitability for various financial needs and goals. In this analysis, we delve into two key aspects of the Citi® Secured Mastercard®: its no annual fee and the relatively high maximum credit limit, to understand how they align with consumer needs in credit building and financial management.

Security Deposit

The Citi® Secured Mastercard® requires a security deposit that sets the credit limit. Deposits range from $200 to $2,500, making it accessible for various budgets. This deposit acts as a safety net for the issuer and a spending limit for the user. It’s refundable, serving as a stepping stone towards unsecured credit cards once creditworthiness is established.

Credit Requirements

Catering to consumers with limited or no credit history, the Citi® Secured Mastercard® is an inclusive financial tool. This accessibility is pivotal for those starting their credit journey or rebuilding credit scores. The card requires a review of income and debt, ensuring applicants have the financial stability to manage credit. This approach encourages responsible credit use and provides an opportunity for consumers often overlooked by traditional unsecured cards.

Fees

A major advantage of the Citi® Secured Mastercard® is its no annual fee feature, making it a cost-effective option for building credit. However, it's important to note the relatively high variable purchase APR of 27.74%. While this is common among secured cards, it underscores the importance of paying balances in full to avoid interest charges. The absence of annual fees combined with high APR highlights the card's educational purpose over profitability.

Other Perks

The card offers several benefits often found in unsecured cards, such as worldwide acceptance and 24/7 account management via online, phone or app. The inclusion of Auto Pay and account alerts aids in managing finances effectively. Digital Wallets provide a secure shopping experience, while Mastercard® ID Theft Protection™ adds an extra layer of security. These features enhance the user experience, making the card a credit-building tool and a convenient and secure everyday payment option.

How the Citi® Secured Mastercard® Compares

In this comparison, we'll closely examine the features and benefits of two popular credit cards to assist you in identifying the one that aligns best with your financial needs and objectives.

How This Card Compares

Citi® Secured Mastercard®

Regular APR - 27.74% (variable)
Deposit required - $200-$2,500
Potential credit limit - $200-$2,500 (equal to your deposit)
Annual fee - $0
Rewards rate - None
Best for: Those seeking to establish or improve credit with a simple, no-annual-fee card offering a credit limit equal to the security deposit.

Capital One Platinum Secured Credit Card

Regular APR - 30.74% (Variable) (See Rates and Fees)
Deposit required - $49-$200 (depending on credit)
Potential credit limit - $200-$1,000 (depending on your deposit)
Annual fee - $0 (See Rates and Fees)
Rewards rate - None
Best for: Those building or repairing credit, offering a low initial deposit, manageable credit limits, and no annual fee.

All information about the Citi® Secured Mastercard® has been collected independently by Moneygeek.com and has not been reviewed by the issuer.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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