Nowadays, stable financial position is even more important than before and that is why it is so important to have a minimum amount of money saved for the emergency situations. The M&T Secured Credit Card is perfect for beginners but also those rebuilding credit because it will take them all the way to the next level. 

By using this card you will be able to effectively and confidently steer your credit management experience. It has features that are literally designed to attend to your needs and, therefore, beyond the traditional credit card, this is a tool that is designed to help you improve your financial status.

Main features of the M&T Secured Credit Card 

The M&T Secured Credit Card is from M&T Bank, a company that has a good reputation for their dedication to making finance easy to understand for the consumer. This card is geared towards those who are either young and do not have any credit history, or those who have had a poor credit history. 

Through giving out credit lines which are quite reasonable but backed up with some form of collateral like a deposit, M&T empowers people with a reasonable and socially responsible mean of handling their financial resources. The card is also perfect for people who want to build a good credit history doing it without fees that are too expensive. 

Understanding the annual fee 

Another very notable thing that one should know about M&T Secured Credit Card is the fact that it has no user’s annual fee. Thus, you can pay with your card at any time of the year without facing more charges. Man obstacle many of the other credit cards offer that force you to pay an annual fee just for having the credit card, the M&T Secured Credit Card allows you to handle your affairs freely.

Deciphering credit limits

The credit limit of the M&T Secured Credit Card is measured based on the amount that is passed as security deposit. Whenever you apply for the card, you stand to be required to open an M&T saving account and deposit at least $250. 

This amount is used as security and determines the credit limit for the account holder at the initial stage. As you prove sensible use of credit, M&T occasionally examines your account to see whether or not you are eligible to be upgraded to an unsecured credit card.

Advantages of the M&T Secured Credit Card

• No Annual Fee: Get all the features of a credit card within one that does not require you to pay the annual fee.
• Free Access to Your FICO Credit Score: It also comes with a quarterly update on the FICO Credit Score so that you are updated with your credit status.
• Customizable Card Design: You can opt for any design of your preference to add to your card and this does not attract any extra charge.

Standout advantage

Possibly the single biggest benefit of the M&T Secured Credit Card is the possibility of upgrading the card to an unsecured one. This makes it to stand out from many secured cards that are in the market today. And once you are able to manage your credit well for example through monthly payments for the past six months your account will be periodically reviewed for possible upgrade to an unsecured credit card. 

Addressing potential drawbacks

• Security Deposit Requirement: It is a security deposit bearing account, meaning if you want to make an opening balance in order to start using this account, you will have to make a security deposit and this can be a disadvantage of using this account.
• Variable APR: This card comes with variable APR of 22% and a minimum interest charge of 5$. 49%, sometimes it can be high than other cards.
• Limited Rewards: Compared to some of the other credit cards, the M&T Secured Credit Card lacks a rewarding feature for spending.

Standout disadvantage

The first downside of the M&T Secured Credit Card is that one needs to put down a security deposit to apply for the credit card. The first issue that most people face especially those who are creating their credit profile is how they are going to meet the minimum deposit of $250. 

Eligibility criteria 

To apply for the given position candidates must be over 18 years old and possess a Social Security number. You also have to have an M&T savings account so that you can meet the security deposit for your credit line, which will be in the form of collateral. 

Moreover, it is desirable to have another source of income for the purpose to prove that the applicant can manage monthly payments properly. This card is beneficial for those who have no credit or poor credit and who want a stable credit card to build their credit responsibly day by day.

How to apply for the M&T Secured Credit Card

Applying for the M&T Secured Credit Card and begin using it is easy and worry free. The combination of the features proposed for an application is made in a manner to allow the candidate to apply without difficulties.

Via website

The first step is to go to the M&T Bank official website and locate the credit card part on the site. Below, you will be able to read more on the card, what the card has to offer as well as learning how to apply for it. On the home page, there is the ‘Apply Now’ button whereby you can proceed to complete your application form. It will request other personal information like the Social Security number, income, and information about the M&T deposit savings account.

Through the mobile application

First, go to the appropriate store on the gadget where you use the M&T Mobile Banking and download it. After purchasing the software or getting the website, log into your account; if you are a new customer. Go to the credit card part of the application and choose the type of card, namely the M&T Secured Credit Card. 

The process of applying for the next card will be explained step and each of the required fields such as the personal and financial details, the security deposit details will be requested from the user alongside other details. 

Through the store/branch

First of all, international students are advised to go to their nearest branch of the bank of their choice and book an appointment with an officer. The representative you meet during your appointment will explain the whole process of application, address all your concerns, and help you fill in the paperwork. 

Some basic identify details, proof of identity, and account number details for an M&T savings account to be used for the security deposit will be required here. Applying in-branch means that one can get a personal consultation and guarantee that the application will go without problems.