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Citibank Secured Credit Cards for february 2024

Apply for a Citibank Secured Credit card. On 27.02.2024 you have access to 1 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 1
Updated:
03.02.2023
13:54
Citi
Citi® Secured Mastercard® Credit Card®
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

Credit Card Online Application of February 2024

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CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

Terms and conditions

The secured cards help people build credit, even if their current score isn't high enough to qualify for other bank products. Citi's Secured Mastercard has a high approval rate and aids in building credit by reporting to all three bureaus.

The card works like any other card but has additional security. A person holding the card puts down a security deposit that acts as collateral against their personal line of credit.

Since this is a secured card, it requires an initial deposit. You must add at least $200 to your account after the approval. The maximum amount for the initial deposit is $2,500. No welcome offers or reward points are offered for people who use this card. There is no annual fee. 

The APR on the card is variable and is 26.24%. The annual percentage rate for cash advances is 28.99%. 

Citi Secured Mastercard is accepted worldwide but has a 3% foreign transaction fee. Other fees include a balance transfer fee (5% or $5) and a cash advance fee (5% or $10).

Pros and cons

Pros

  1. Lower APR

  2. No annual fee

  3. Ability to qualify for an unsecured card

  4. Citi reports to the three major credit bureaus

  5. You can check your FICO Score without paying

  6. Ability to choose the amount of your security deposit.

Cons

  1. No bonuses or rewards

  2. It may take a year and a half to qualify for an unsecured card

  3. You must add the security deposit within two weeks of opening the account.

Main requirements

There are not too many requirements for obtaining this card. Citi accepts applications even from those with limited or bad credit. This card is intended for people to rebuild their credit. However, applicants with past bankruptcies are usually rejected.

In addition to that, there's the requirement that you pay the security deposit within two weeks of opening an account. That sum will become your credit limit, but it is possible to qualify for a bigger limit later.

How to apply for a card

The easiest way to apply for a Secured Mastercard from Citi is to:

  1. Visit the official website;

  2. Find the secured card;

  3. Tap on the "Apply Now" button to start the application process. 

The form includes questions for which you need to provide your personal information. It helps Citi decide whether you're eligible for the card. 

You'll be asked to share your

  • SSN

  • Annual income

  • Current debt.

Attach the documents to the form. Citi will approve or reject your request based on that and additional eligibility criteria. If you are approved, it will set your credit limit.

How to pay back a credit card debt

The amount you spend monthly is the debt you need to pay off. Thanks to the flexible due date rules, you can shift your payment date at almost any given point of the month. You can pay back your debt in full or in installments.

The payments can be withdrawn from your bank account, or you can repay the debt using another method. According to the terms of the card, there's a grace period lasting for at least 23 days. 

However, if you miss your payments, the late payment fee cannot be higher than $41.

FAQ

Does Citi do a hard pull on secured credit cards?

Citi does a hard credit pull when you apply for a credit card. It's possible to qualify for the Secured card even with bad credit, so a 5-10 point drop should not be an issue. This credit check won't diminish your chances of qualifying for a secured card.

How long does it take for a Citi-secured card to become unsecured?

After one full year and six months, your account will be automatically reviewed. If you meet the bank's eligibility requirements, you will get your deposit back and can use an unsecured card.

What's the easiest secured Citi card to get approved for?

The easiest Citi-branded secured card to qualify for is the Secured Mastercard. You can't have bankruptcies in the last two years, but you can have bad credit. The only other major requirement is putting down at least $200 as your security deposit.