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Home Credit Cards Reviews Citi® Secured Mastercard®

Citi® Secured Mastercard® 2025 Review: Cheap Card with a High Interest Rate

Written by Kari Dearie

Apr 12, 2022

Fresh advice you can trust

We promise to always deliver the best financial advice that we can. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Learn more about how we make money.

Table of Contents

  1. Quick Review
  2. Citi® Secured Mastercard® Important Details
  3. Citi® Secured Mastercard® Feature Breakdown
  4. Should You Get the Citi® Secured Mastercard®?
  5. Comparable Cards

As a secured credit card, the Citi® Secured Mastercard® requires a security deposit. Your initial credit limit will be equivalent to this deposit.

Although it requires money up front, the Citi® Secured Mastercard® has no annual, monthly, or application fees, so it comes at a relatively low cost. However, this card has a high APR, which could cost you interest charges if you carry a balance.

Citi® Secured Mastercard®

Citi Secured Mastercard credit card Apply Now

on Citi's secure site

Rates & Fees
3.8
Annual Fee

$0

Credit Score

300–669

Deposit

$200–$2,500

Purchase APR

26.24% (variable)

At a Glance

The Citi® Secured Mastercard® is a low-cost credit card option for building credit if you have limited or no credit history.

Quick Review

If you have no, poor, or limited credit history, the Citi® Secured Mastercard® is a good option for building your credit. Citi reports to the major credit bureaus on a monthly basis and offers online access to your credit score, both of which can help you improve your credit quickly and monitor your progress.

In addition, you can choose your own payment date, make payments online, and receive account alerts to keep track of due dates. Easy account management and a high credit line are among the reasons the Citi® Secured Mastercard® makes our list of the best secured credit cards and best guaranteed approval credit cards with $1,000 limits.

Keep in mind that, because this is a secured credit card, you will need to make a security deposit of $200–$2,500. You’ll receive a credit limit that’s equal to the amount you put down.

Here are the major pros and cons of the Citi® Secured Mastercard® credit card:

Pros:

  • Available to limited credit borrowers
  • $0 annual fee
  • Reports to all three credit bureaus

Cons:

  • High APR
  • Requires a security deposit
  • No rewards

Citi® Secured Mastercard® Important Details

Basic Card Details

  • APR: 26.24% (variable)
  • Annual fee: $0
  • Credit card issuer: Citibank
  • Security deposit: $200–$2500
  • Initial credit limit: $200–$2500 (equivalent to your security deposit)

Additional Information

  • Digital wallet
  • Contactless pay
  • ID theft protection
  • $0 liability on unauthorized charges
  • 24/7 customer service

Citi® Secured Mastercard® Feature Breakdown

Let’s go over some of the key features of the Citi® Secured Mastercard®.

Fees

  • Annual fee: $0
  • Balance transfer fee: $5 or 5% (whichever is greater)
  • Cash advance fee: $10 or 5% (whichever is greater)
  • Foreign transaction fee: 3%
  • Late payment fee: Up to $40
  • Returned payment fee: Up to $40

One of the most appealing features of this card is the lack of an annual fee. Many secured cards, and other credit cards for no-credit borrowers, have less favorable terms than those available to good-credit borrowers. The low cost of borrowing with the Citi® Secured Mastercard® is one of its big selling points.

Interest Rates

  • Regular APR: 26.24% (variable)
  • Balance transfer APR: 26.24% (variable)
  • Cash advance APR: 25.49%
  • Citi Flex Plan APR: 26.24% (variable)
  • Penalty APR: up to 29.99%
  • Minimum interest charge: $0.50

The interest rates for this card are on the high side, so if you plan to carry a balance from month to month, this might not be the card for you. However, if you’re likely to pay your bill on time each month, the high interest rates shouldn’t affect you.

Rewards

Unfortunately, this card does not have a rewards program. While it’s rare to find a credit-building card with rewards, they do exist. If you’re committed to getting cash back, miles, or other perks, consider shopping around for another option.

Applying for the Citi® Secured Mastercard®

The Citi® Secured Mastercard® is designed specifically for people who are new to credit or want to build their credit. In order to be approved, the credit qualification criteria include:

  • A review of your income and debt, available credit information, as well as any other information about your creditworthiness.
  • No pending bankruptcy, and no history of bankruptcy within the last two years.
  • Paying a security deposit when you apply.

Credit Reporting

Citi reports monthly to all three major credit bureaus (Equifax, Experian, and TransUnion). Regular credit reporting is important for building credit, as this information is used to update your credit score.

As Citi reports your credit activity, make sure to at least pay your minimum monthly payment on time in order to avoid harming your credit score.

Building Credit

This card is designed to help you build credit in several ways, including by:

  • Reporting your credit activity every month.
  • Offering credit monitoring and financial tools to keep you on track, including a free tool to look up your FICO score, the ability to pay your bills online, and account alerts.
  • Allowing you to set your payment due date, which can help you manage your monthly bills more easily.

Should You Get the Citi® Secured Mastercard®?

FinanceJar verdict

The Citi® Secured Mastercard® is a decent choice for people who want to build their credit and are willing to put down a security deposit of at least $200. In its favor is the lack of an annual fee and the ability to secure a credit limit of up to $2,500 (higher than many secured cards offer).

However, the card has limited benefits, as it doesn’t offer rewards, an introductory APR, or any welcome bonuses. Additionally, the APR is high for anyone who might carry a balance from month to month.

Who is this card for?

  • People who are new to credit: If you are just starting out and have no credit history, this is a good card to build up your credit history. As even those with limited credit can qualify and the card comes without an annual fee, it’s an easy option for new borrowers who need a simple and straightforward credit-building tool.
  • People who want to build their credit: If you’re trying to build or rebuild your credit, the Citi® Secured Mastercard® is worth considering. It offers up to a $2,500 credit limit, so you can substantially extend your available credit (which can improve your credit utilization rate). Additionally, its credit monitoring tools and free FICO scores help you track your credit-boosting progress.

Comparable Cards

Let’s see how the Citi® Secured Mastercard® compares to similar cards for borrowers with limited credit histories.

Citi® Secured Mastercard® vs. Discover it® Secured Card

Both of these cards are designed for credit builders, require a security deposit between $200 and $2,500, and don’t charge annual fees.

The Discover it® Secured card has a slightly higher APR of 25.99% (variable), but it offers a cashback rewards program. You earn 2% cash back at gas stations and restaurants on purchases up to $1,000 each quarter as well as unlimited 1% cash back on all other purchases. In addition, the Discover it® Secured card will match all the cash back you earn at the end of your first year.

Because of its solid rewards program, the Discover it® Secured credit card may be the better choice.

Discover it® Secured Credit Card

Discover It secured credit card Apply Now

on Discover's secure site

Rates & Fees
4.8
Rating Breakdown
Fees
4.9

No annual fee and no foreign transaction fees score this card a high rating in the fees department.

APR
2.7

Carrying a balance could get costly on this card, given the high purchase APR.

Rewards
4.4

Considering it’s a secured card, the Discover it® Secured offers impressive rewards and even a cashback welcome bonus.

Credit Reporting
5.0

Discover reports to the major credit bureaus, which can help you build your credit.

Security Deposit
4.0

The minimum and maximum security deposit allow a good range of flexibility for you to determine your credit limit.

Other

We adjusted for factors like free credit scores and a fully refundable security deposit.

Our FinanceJar Star Rating represents an objective and unbiased evaluation of this card, without influence from advertisers and affiliates. Our scores are generated by a rubric and our reviews adhere to a strict editorial process. Learn more about how we rate credit cards.

Annual Fee

$0

Credit Score

300–669

Deposit

$200–$2,500

Purchase APR

25.99% (variable)

At a Glance

The Discover it® Secured is one of the best credit cards for borrowers with poor credit or no credit history. Unlike most credit cards in this range, it offers cashback rewards, a welcome bonus, and no annual fee.

Rewards

  • Welcome Bonus

    Cashback Match earns you a dollar-for-dollar match on your first-year rewards

  • Gas & Restaurants

    2% cash back up to $1,000 in combined spending each quarter

  • Everything Else

    1% cash back on all eligible purchases

Citi® Secured Mastercard® vs. Capital One Quicksilver Secured Rewards Card

Once again, both of these cards are aimed at new borrowers or borrowers trying to get their credit back on track. They’re both secured cards that require a minimum security deposit of $200, and neither card charges an annual fee.

However, the Capital One Quicksilver Secured has a higher APR of 28.49% (variable). On the other hand, it offers unlimited cashback rewards at a rate of 1.5% on all purchases, and doesn’t have foreign transaction fees.

If you’re not likely to carry a balance from month to month, the higher APR shouldn’t dissuade you from the Capital One Quicksilver Secured Rewards card. Frequent international flyers should especially consider this card as it boasts no foreign transaction fees.

Capital One® Quicksilver® Secured Rewards Card

Capital One Quicksilver Secured Rewards credit card Apply Now

on Capital One's secure website

Rates & Fees
4.2
Annual Fee

$0

Credit Score

580–739

Deposit

$200

Purchase APR

28.49% (variable)

At a Glance

The Capital One Quicksilver Secured Rewards credit card offers 1.5% cashback rewards to borrowers with less-than-perfect credit.

Rewards

  • All Purchases

    1.5% cash back on all eligible purchases

Citi® Secured Mastercard® vs. Capital One Platinum Secured Card

These secured cards are both good for building credit, as they don’t charge annual fees and report activity to the credit bureaus.

Both cards require a deposit, but depending on your credit, the Capital One Platinum card allows you to pay a deposit of $49, $99 or $200 for a $200 credit limit. This means that unlike with the Citi® Secured Mastercard®, you can pay a lower security deposit than your initial credit limit with the Capital One Platinum Secured.

The Capital One Platinum Secured card’s APR is higher at 26.49% (variable). However, it allows you to earn back your deposit and upgrade to an unsecured Platinum card as your credit improves.

While the Capital One Platinum Secured card’s credit limit maxes out at $1,000 (less than half of the maximum limit available with the ​​Citi® Secured Mastercard®), the ability to upgrade card types may make it a more appealing option for many borrowers.

Capital One® Platinum Secured Credit Card

Capital One Platinum credit card Apply Now

on Capital One's secure website

Rates & Fees
4.2
Rating Breakdown
Fees
5.0

The card boasts no annual fee, no foreign transaction fees, and standard fees for functions like cash advances.

APR
2.6

The card has a relatively high purchase APR, making it expensive to carry a balance on.

Rewards
1.0

Unfortunately, there are no cashback rewards on the Capital One® Platinum Secured.

Credit Reporting
5.0

Capital One reports to the three major credit bureaus, making this card a good option for building credit.

Security Deposit
4.6

This card has one of the best security deposit offers available, as you actually can put less money down then you get as a credit limit.

Other

We manually adjusted the card’s rating for factors like free credit scores and a fully refundable security deposit.

Our FinanceJar Star Rating represents an objective and unbiased evaluation of this card, without influence from advertisers and affiliates. Our scores are generated by a rubric and our reviews adhere to a strict editorial process. Learn more about how we rate credit cards.

Annual Fee

$0

Credit Score

300–669

Deposit

$49–$200

Purchase APR

26.49% (variable)

At a Glance

The Capital One® Platinum Secured is an affordable credit card for building credit. It offers a flexible security deposit of $49, $99, or $200 in exchange for a minimum initial credit limit of $200. It doesn’t charge annual fees or foreign transaction fees.

How we rate our credit cards

Applying for a new credit card is a big decision. That's why FinanceJar's card experts carefully studied the following details of the Citi® Secured Mastercard® credit card to determine whether or not it's a good choice:

  • Fees
  • Interest Rates
  • Credit Score Required
  • Credit Reporting
  • Credit Limit
  • Security Deposit

These factors, among many others, are part of our 5-star credit card rating methodology for all card categories. Our star ratings are unbiased and independent of our affiliates and advertisers.

Kari Dearie

Credit Cards Editor

View Author

Kari Dearie is an editor for FinanceJar specializing in credit and personal finance. She previously managed a B2B website in the data privacy and digital compliance industry.

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