Citi® Secured Mastercard®: building credit with confidence

In the world of finance, establishing a solid credit history is a crucial step toward achieving long-term financial stability. For individuals with little or no credit history, the Citi® Secured Mastercard® offers a practical and reliable solution.

With no annual fee and various tools to help manage your finances, this card is designed to support you in building your credit responsibly. Whether you are making everyday purchases or keeping track of your FICO score, the Citi® Secured Mastercard® stands out as a valuable financial tool.

Key Information about the credit card

How does the annual fee work?

One of the standout features of the Citi® Secured Mastercard® is its lack of an annual fee. This is particularly significant for individuals looking to establish or rebuild their credit without incurring additional costs. The absence of an annual fee means that you can focus entirely on using the card to make purchases and build your credit history, without worrying about an extra financial burden each year.

How is the credit limit determined?

The Citi® Secured Mastercard® operates differently from traditional credit cards when it comes to determining the credit limit. For secured cards like this one, the credit limit is directly tied to a security deposit provided by the cardholder. Once approved, you are required to make a security deposit ranging from $200 to $2,500. The amount of this deposit becomes your credit limit.

Advantages of the credit card

  • No annual fee: Enjoy the benefit of having no annual fee, which helps in managing costs effectively.
  • $0 liability on unauthorized charges: You are completely protected against unauthorized charges, ensuring peace of mind.
  • Choice of payment due dates: Flexibility to choose your payment due date, helping you manage your finances better.
  • Auto Pay and account alerts: Tools like auto pay and account alerts help you stay on track with your payments.
  • Mastercard® ID theft protection™: Added security with ID theft protection at no extra charge.

Standout advantage

One of the standout features of the Citi® Secured Mastercard® is the free access to your FICO score online. This benefit is particularly valuable for those aiming to build or rebuild their credit. Regularly monitoring your credit score allows you to track your progress and make informed financial decisions.

Disadvantages

  • High variable APR: The purchase rate is 27.74% variable APR, which can be costly if you carry a balance.
  • Security deposit required: A security deposit is necessary, which might be a hurdle for some individuals.
  • Limited rewards program: Unlike some other cards, this secured card does not offer a rewards program.

A Standout disadvantage

The high variable APR of 27.74% is a significant disadvantage of the Citi® Secured Mastercard®. This interest rate is higher than many other credit cards, which can make carrying a balance quite expensive. If you are unable to pay off your balance in full each month, the accruing interest can quickly add up, making it more challenging to manage your debt and build your credit effectively.

Who can apply for this card?

The Citi® Secured Mastercard® is designed for individuals with little or no credit history, making it accessible to a broad range of applicants. To be eligible for this card, applicants must be at least 18 years old and possess a steady source of income, which will be reviewed during the application process.

This card is suitable for those with limited or no credit history, but it requires a security deposit between $200 and $2,500, which determines the credit limit. Additionally, applicants must be residents of the United States. 

How to apply for the Citi® Secured Mastercard®

For the website

To apply for the Citi® Secured Mastercard®, start by visiting the Citi website and navigating to the dedicated page for the Citi® Secured Mastercard®. Here, you can gather all necessary information about the card, including its benefits, terms, and conditions.

Next, complete the online application form, filling in personal details such as your name, address, and social security number, as well as financial information, including your income, existing financial obligations, and employment details. This comprehensive information helps Citi assess your financial situation.

The following step involves submitting your security deposit, which can range from $200 to $2,500. This deposit acts as collateral and determines your credit limit. Carefully review all the information you have provided in the application to ensure accuracy and completeness, as errors could delay the processing. After verifying the information, submit the application. You will typically receive a response within minutes, indicating whether your application has been approved or if additional steps are needed.

Through the app

To apply for the Citi® Secured Mastercard® via the Citi Mobile App, first download and install the app, available on both iOS and Android. If you have a Citi account, log in; if not, create one by providing basic personal information and setting up login credentials. The app’s user-friendly interface helps you quickly set up your account. Navigate to the credit cards section to find the Citi® Secured Mastercard®. Review its features, benefits, and terms.

To apply, complete the application form with your personal, financial, and employment details, and specify your security deposit amount, ranging from $200 to $2,500. Carefully review your information for accuracy before submitting the application through the app.

At the branch

To apply for the Citi® Secured Mastercard® in person, start by finding a Citi branch using the branch locator on the Citi website or mobile app. This tool provides addresses, contact details, and operating hours for nearby branches. Before visiting, gather necessary identification and financial documents, such as a government-issued ID and income details, to streamline the process.

At the branch, approach the customer service desk or the credit card applications area and request assistance with applying for the Citi® Secured Mastercard®. A representative will guide you through the application process, providing forms and explaining card-specific details.

Fill out the application form with your personal information, including name, address, social security number, and financial details like income and employment information. Specify the amount for your security deposit, which can range from $200 to $2,500, determining your credit limit.

Carefully review the completed application to ensure all information is accurate to avoid processing delays. Submit the application to the representative, who will process it and inform you of the approval timeline. Approval times vary, but you will typically receive notification via email or mail about your application’s status.