A unique feature of the Citibank Secured Credit card is that it’s not intended for those with poor or no credit, unlike other secured credit cards. Additionally, this is an excellent option if you qualify since it has no yearly cost and reports to all three leading credit reporting agencies. If you use it wisely and pay on time, it may help you build excellent credit.
Nevertheless, it isn’t quite as good as the finest Citibank secured credit cards because the issuer might take up to 18 months to assess whether you’re qualified for your deposit to be refunded early. In addition, you must pay the $200 deposit in full within 14 days of creating the account.
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Pros of Citibank Secured Credit Card
No Yearly Charge
This card does not levy an annual fee, unlike several other secured cards. At least $200 is required to open a card, but that money will be refunded if you shut the account with a clean credit history.
Because of this, it’s a better option than many unsecured cards, which are geared toward those with bad credit and charge exorbitant annual, monthly, and even application fees of up to $99.
Notifies all Three Major Credit Bureaus
Citi does not explicitly state that this card will help you develop credit as a stepping stone to an unsecured card. It is possible to create a good credit history over time if you pay your bills on time each month to the three main credit bureaus—Equifax, TransUnion, and Experian. After that, you’ll be able to apply for Citibank credit cards with better rewards and other advantages, such as those that need sound to exceptional credit.
Cons of Citibank Secured Credit Card
No Credit Check Applicants
This card is most certainly out of your reach if you have a poor credit history. You may also not be able to get a loan if you have a bad credit score. For example, you can’t get a card if you’ve been bankrupt for two years. For example, the Capital One Platinum Secured Credit Card and Discover Citibank Secured Credit Card are both excellent options for those with bad credit.
Need Quick Funding of a Deposit
To use this card, you’ll have to put down a deposit of at least $200. In the world of protected cards, that’s pretty much the norm. Nevertheless, the money must be put in within 14 days after creating the account, which may not be enough time for certain people.
More options are available with the Capital One Platinum Secured Citibank Credit Card. Depending on your creditworthiness, you may be able to pay a Citibank security deposit of $49, $99, or $200 within 35 days of approval. The yearly charge is likewise zero dollars.
Long Time Update Process
You can get your deposit refunded and keep using the Citibank Secured Mastercard as an unsecured card, provided you meet the criteria within 18 months of account creation. However, you may have to wait a long time for it to happen.
The Discover Citibank Secured Credit Card is a better option if you want to be automatically upgraded on a quicker timetable. Discover automatically checks your account to see whether you’re eligible for an upgrade at seven months. It is possible to keep using your card even if you are upgraded, and the Citibank security deposit will be returned in full. There is no yearly cost.
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Designed for consumers who are just getting started in the credit game, the Citibank Secured Credit card is a secured credit card. If you pay your payments on time and keep your amount low, you may develop credit with this no-annual-fee card, which gives you free access to your FICO credit score each month. It also reports regularly to all three major credit agencies.
A security deposit of $200 to $2,500 must be made within 14 days of being authorized to start an account. Within 18 months, Citi will assess your performance to see whether you are eligible for a refund of your deposit. There is no annual charge for the Citibank Secured Mastercard, but you must put down a security deposit equal to your credit limit. As a result of the card’s high-interest rate, you should avoid holding a balance.