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.

• 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.

Compare it to the OpenSky^® Secured Visa^® Credit Card

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OpenSky^® Secured Visa^® Credit Card

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OpenSky^® Secured Visa^® Credit Card

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Intro Purchase APR N/A

Regular Purchase APR 18.89% (variable)

Annual Fee $35

Rewards Rate None

Highlights

• No credit check to apply and find out instantly if you are approved.
• OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
• Get considered for a credit line increase after 6 months, with no additional deposit required
• You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
• Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
• Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
• Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
• Easy application, apply in less than 5 minutes right from your mobile device
• Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
• *View the cardholder agreement

Typical Credit Needed

300 599

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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.

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.