What are the benefits of the Citi® Secured Mastercard®?
The key benefit of the Citi® Secured Mastercard® is that it's a no annual fee1 credit card that may help you build your credit when used responsibly. Unlike a debit card, this secured credit card helps you build your credit history with reporting to major credit bureaus. Cardmembers also enjoy added benefits of their secured credit card, such as:
- Using your card anywhere Mastercard® is accepted – worldwide
- Free access to your FICO score online
- Tools to help you stay on track, including Auto Pay, Account Alerts, and Flexible Payment due dates
This can help you to build your credit history, following responsible management of your credit card account.
What is the initial deposit required for the Citi® Secured Mastercard®?
You can select any deposit amount between $200 and $2,500, in $100 increments when applying for the Citi® Secured Mastercard®. Your security deposit will determine your credit limit (the amount you can spend). Your security deposit is always equal to your credit limit – so the larger the deposit, the larger the credit limit.
How can I apply for a Citi® Secured Mastercard®?
Take the first step toward achieving your financial goals by applying for the Citi® Secured Mastercard®. Learn more and apply online.
Please note that when you apply for a secured credit card with Citi®, your application will be reviewed immediately. If you are approved, you'll have 14 days to provide your bank account information, which will be used for an electronic transfer to fund your security deposit before we open your account. The security deposit is always the same as the credit line you request.
Is a secured card the same as a prepaid card?
No. A secured card is a credit card which helps you build a credit history while a debit or prepaid card does not. Unlike debit or prepaid cards, a secured card requires a security deposit and your credit history is reported to major credit bureaus. The Citi® Secured Mastercard® offers tools that will help you stay on track, including free FICO score, online bill pay, and account alerts.
In addition, the Citi® Secured Mastercard® provides account protection features, such as $0 liability on unauthorized charges, fraud alerts, and Citi® Identity Theft Solutions.
What is the difference between a secured and unsecured credit card?
The main difference between a secured and unsecured credit card is that a secured card requires a security deposit as collateral, and an unsecured card does not. Read more details about each card below:
|Secured credit cards:
|Unsecured credit cards:
|A secured card is an option for people with little or no credit history, offering them the opportunity to help build a credit history, as they make everyday purchases on their card and pay their bill on time every month. A secured card requires a security deposit, and typically the amount you deposit is your credit limit.
|An unsecured credit card is not secured by collateral, so it does not require a security deposit. Unsecured credit cards typically require stronger credit to qualify for, as issuers prefer applicants with a more established credit history.
If approved for the secured or unsecured credit card, the cardholder can spend up to the credit limit permitted by the card issuer, and must make timely credit card payments.
Find out more about the differences between secured and unsecured credit cards on the Citi Credit Knowledge Center.
How and when can I pay the security deposit for the Citi® Secured Mastercard®?
If you apply online, we'll review your application for the Citi® Secured Mastercard® immediately, which can take as little as 60 seconds for a response. If you're approved, you'll have 14 days to provide your bank account information, which will be used to fund your security deposit via electronic bank transfer, before we open your account. We may ask you to verify the bank account used for your security deposit to confirm that you have access to it.
Can I apply for a Citi® Secured Mastercard® with bad credit?
The Citi® Secured Mastercard® is designed specifically for people who are new to credit or want to build their credit. Anyone is welcome to apply, however in order to be approved, you must meet our credit qualification criteria. This includes:
- A review of your income and debt, any available credit information, as well as any other information Citi may have about your creditworthiness.
- You must not have any pending bankruptcy, or bankruptcy history in the last two years.
- As with any credit card, you may be declined based on the information you provide in your application or your available credit history.
- You could also be declined if you fail to provide a security deposit when you apply.
When does Citi® report to major credit bureaus?
Citi generally reports to major credit bureaus on a monthly basis.
How do secured credit cards work?
Secured credit cards can work slightly differently depending on which credit card company issues the card. However, in general a secured credit card is defined by the fact that cardholders put down a security deposit as collateral against their line of credit. This allows card issuers to give credit lines to people who may not qualify for an unsecured credit card.
Secured credit card deposits are usually refundable, either when the card is closed or after a certain amount of time of responsible use.