First Latitude MasterCard Secured Review

Who is the First Latitude Secured Card for?

The First Latitude Secured card is a solid choice for new credit card users or people with a bad credit history. It is easy to obtain this card since it requires only limited or bad credit, making it accessible to everyone. However, since it is so easily accessible, there is not a rewards program or bonuses. The primary feature of this card is that it will help you to increase your credit score, resulting in the option to upgrade to a card with a rewards program and other benefits.

One feature that makes this card stand apart from other secured cards is that there is no annual fee. This makes it extremely easy and simple to build your credit score at very little cost. However, there is a foreign transaction fee of 3%, making this card not the best option for frequent travelers.

Another feature that is beneficial in building your credit score is the amount you deposit becoming your credit line. This is helpful because it prevents cardholders from engaging in transactions that they can not afford since the transaction simply will not go through if there is not enough in their bank account.

This card is excellent for students or recent graduates since there is a minimum deposit of $200 and a maximum of $2,000. This is great for students because they typically do not have as many monthly purchases, making the low maximum more viable.

Intro APR

Another important thing to note is that there is no intro APR and the regular APR is pretty high at 25.99%. This means that on any purchases you make, there will be a large interest amount on each transaction.

Therefore, we recommend that users of this card focus on building their credit score rather than financing large purchases. Once your score is improved, another card with a lower APR will help you to save money on these purchases.

Other Fees

This card is easy to save money because there is no annual fee. However, there is a late fee of up to $40 and a returned payment fee of up to $29. As long as you are on time with your payments, these fees are avoidable. However, missing payments or being late will not only result in you having to pay these fees, but it will hurt your credit score as well.

Conclusion

This card is a great choice for people who solely want to focus on improving their credit score, and those who do not spend much. This card makes it simple to build your credit score, but there are some fees to take note of and avoid if possible.