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The First Latitude MasterCard® Secured Credit Card Review

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If you have poor credit or are new to establishing credit, the First Latitude MasterCard® Secured Credit Card allows you to get a credit card by making a refundable deposit to secure your credit until your FICO score improves. With a minimum of $100 deposit (up to $2,000), you can receive a credit card with the same amount that reports to all three major credit bureaus.

The card is a full credit card that may be used to book rental cars and hotels, as well as be used anywhere that accepts credit cards. Once you pay off your balance, you can get your deposit back.

Here’s a full look at what you can expect from the First Latitude MasterCard® Secured Credit Card.

The First Latitude MasterCard® Secured Credit Card key facts

  • Best for people with poor credit – The First Latitude MasterCard® Secured Credit Card reports to all three credit bureaus, and the card is available to people with credit scores lower than 600.
  • Best for people who want to save on fees – The card does have enrollment fees and annual fees, but they are on the lower end.
  • Best for people who need a small line of credit – You can secure a credit card with as little as $100, although you can max out at $2,000, if you provide the deposit.

The First Latitude MasterCard® Secured Credit Card in-depth analysis

Read here to know what to expect with the First Latitude MasterCard® Secured Credit Card.

Fast approval

The First Latitude MasterCard® Secured Credit Card is practically guaranteed since you are providing a refundable deposit. It takes mere minutes online to apply and be accepted.

Annual fee

You’ll pay an annual fee of $25 the first year, then $35 each year after with the First Latitude MasterCard® Secured Credit Card.

Interest rates and fees

Although you are securing the card with your cash, you are still applying with bad credit, which means you’ll pay a higher interest rate. The First Latitude MasterCard® Secured Credit Card’s annual percentage rate (APR) is 24.49% and can adjust with the market.

It’s not as high as an unsecured card, which could be 34.99%, but it’s not the lowest available credit card interest rates.

Cash advances

The First Latitude MasterCard® Secured Credit Card is a true credit card with the benefit of taking cash advances. Interest is also 24.49% and you’ll pay a fee of $10 or 3%, whichever is higher.

Additional fees

The only additional fees you’ll pay will be if you miss a payment, which results in a $40 late fee, or if a payment is returned, which results in a $29 fee. Your credit will take a hit if either occurs, voiding the good credit you are hoping to achieve with this secured card, so make sure you never miss a payment.

Pros & cons

Pros

  • Easily build credit — Your credit will be reported to all three credit bureaus.
  • Lower annual fee in first year — This card comes with a reduced annual fee the first year, but then increases by $10 for each year after.
  • Refunded deposit — Deposit refunded after you pay off the balance.

Cons

  • Not available in every state — Unfortunately, this card is not available ib Arkansas, Iowa, New York, or Wisconsin.
  • Potentially high deposit — You have to come up with the deposit, up to $2,000.
  • High foreign transaction fee — Foreign transaction fees are 3%.

Should you get the First Latitude MasterCard® Secured Credit Card?

Unlike credit cards offered to those with poor credit that charge high interest and fees, the First Latitude MasterCard® Secured Credit Card has lower annual fees and initiation fees and a competitive interest rate.

However, you do need to provide a security deposit in order to receive a card, which works like any credit card. By fronting cash for your card you are investing in yourself, as you make purchases and payments on your credit card and your credit history improves.

Here are the few fees this card does have:

APR 24.49%
Annual fee $25 the first year; then $35 annually
Cash advance 24.49% and $10 or 3% fee

How to apply for the First Latitude MasterCard® Secured Credit Card

After entering your name and email address, you will be brought to a second page for your full address. Then you will have the opportunity to add your monthly income and expenses, as well as how much you want to leave as a security deposit.

You may select from $100 to $2,000, and your credit limit will be the deposit you make. You will need the funds available immediately if your application is approved. Approvals are made within minutes, with instructions on how to make your deposit once approved.

Summary

The First Latitude MasterCard® Secured Credit Card is a great option for people hoping to build credit. Your credit limit is based on how much you can place into a security deposit with a card that is reported to the credit bureaus, doesn’t charge unnecessary fees, and returns your deposit to you once you have paid off your balance.

It is basically your own investment in your credit, helping your FICO score improve.