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The The Assent Platinum Mastercard® Secured Credit Card is geared toward consumers with poor/limited credit, and a minimum security deposit of $200 is required that will serve as your initial credit line. However, the The Assent Platinum Mastercard® Secured Credit Card is not available to residents of Arkansas, Iowa, New York or Wisconsin.
There is a $49 annual fee, and while there are secured cards out there that don’t charge an annual fee, this is the only fee (other than a late payment fee and foreign transaction fee) that you’ll find on the The Assent Platinum Mastercard® Secured Credit Card. There are no one-time setup or ongoing maintenance fees.
The The Assent Platinum Mastercard® Secured Credit Card also offers an intro purchase offer of 0.0% Introductory APR for the first 6 months your account is open, after which a 12.99% (variable) APR will apply.
Intro Purchase APR
0.0% Introductory APR for the first 6 months your account is open
Regular Purchase APR
12.99% (Variable)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$49
Cash Advance Fee
Either $10.00 or 3% of the amount of each Cash Advance, whichever is greater
Foreign Transaction Fee
3% of the transaction amount
Balance Transfer Fee
N/A
Credit-building card
The The Assent Platinum Mastercard® Secured Credit Card is designed to assist consumers build or rebuild their credit. According to Synovus Bank, which issues the card, “you may be approved for this card with any credit history or credit score, so long as: you do not have a pending bankruptcy filing that has not yet been discharged by the court, you successfully fund your security deposit, and you meet the Income and Identity Verification requirements mandated by the Federal government for all credit card applications.“
Intro APR on purchases
It’s rare for a secured card to offer an intro purchase APR for cardholders, but if you have poor/limited and need to finance a large purchase for a few months, then this may help you do that. Get a 0.0% Introductory APR for the first 6 months your account is open, after which a 12.99% (variable) APR will apply.
Reasonable ongoing APR
Many credit-building cards have sky-high interest rates. The APR on the The Assent Platinum Mastercard® Secured Credit Card bucks that trend with a very reasonable 12.99% (variable) APR.
Annual fee
Know that not all secured cards come with an annual fee, but perhaps in exchange for its intro purchase APR and ongoing low interest rate, the $49 annual fee can be justified.
Foreign transaction fee
While the The Assent Platinum Mastercard® Secured Credit Card can be used anywhere in the U.S. where Mastercard is accepted, this is a card you want to leave at home if traveling abroad as it charges a foreign transaction fee of 3% of the transaction amount on purchases made outside the U.S.
Another secured card you may want to consider is the OpenSky® Secured Visa® Credit Card, which carries a lower annual fee of $35, but allows a maximum security deposit of $3,000.
The OpenSky® Secured Visa® Credit Card also has a reasonable APR for a secured card: 18.89% (variable). This card is also geared toward consumers with poor/limited credit, but assures that if you don’t have a credit history at all, the OpenSky® Secured Visa® Credit Card offers an opportunity to build one.
What’s more is that the OpenSky® Secured Visa® Credit Card does not require a credit check to apply, which can save you from a hard inquiry on your credit report that will knock down any existing credit score by few points for a year.
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The Assent Platinum Mastercard® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Discover it® Secured Credit Card | Petal® 2 Cash Back, No Fees Visa® Credit Card |
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Read Review |
Apply Now on OpenSky's secure site
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Apply Now on Discover's secure site
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Apply Now on Petal's secure site
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Welcome Offer | |||
None | N/A | Discover will match all the cash back you’ve earned at the end of your first year. | N/A |
Rewards Rate | |||
Non-rewards card | None | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants |
Annual Fee | |||
$49 | $35 | $0 | $0 |
Intro Purchase APR | |||
0.0% Introductory APR for the first 6 months your account is open | N/A | N/A | N/A |
Regular APR | |||
12.99% (Variable) | 18.89% (variable) | 24.49% Variable APR | Variable APR between 15.24% - 29.24% |
Intro Balance Transfer APR | |||
N/A | N/A | 10.99% Intro APR for 6 months | N/A |
Regular Balance Transfer APR | |||
N/A | N/A | 24.49% Variable APR | N/A |
Recommended Credit | |||
Poor/Limited | Poor/Limited | Poor/Limited | N/A |
Card Details | |||
The Assent Platinum Mastercard® Secured Credit Card | OpenSky® Secured Visa® Credit Card | Discover it® Secured Credit Card | Petal® 2 Cash Back, No Fees Visa® Credit Card |
In general, we like to recommend no-annual-fee cards to those seeking to build or rebuild their credit histories, but there are times when paying that fee can make sense as long as the fee is reasonable. Given that the The Assent Platinum Mastercard® Secured Credit Card has a very reasonable ongoing APR on top of an intro purchase APR for half a year, this isn’t a horrible card to rebuild your credit with.
If you choose to apply for this card, know that it can take up to several weeks to get a response, according to the issuer’s website, unless you pay $19.95 for an expedited approval process.