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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.
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:
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.
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.
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.
