Our take: The Citi® Secured Mastercard® is a solid choice for building credit without high fees, but those seeking rewards or a lower deposit may want to look at other cards.
Citi is an advertising partner.
The Citi® Secured Mastercard® is a good credit card for building credit with no annual or monthly fees. It made our list of best Citi credit cards for 2023, and it’s a solid choice for anyone who is aiming to establish credit affordably.
Citi reports to all three major credit bureaus, and the Citi® Secured Mastercard® comes with free FICO score access so you can keep tabs on your credit-building progress.
But the Citi® Secured Mastercard® doesn’t have a rewards program. Also, applicants with bad credit or a checkered financial past may get turned down for the card. It’s designed specifically for building credit — rather than rebuilding — and it’s not available to anyone who’s had a bankruptcy in the past two years.
Intro Purchase APR
N/A
Regular Purchase APR
26.74% (Variable)
Intro BT APR
N/A
Regular BT APR
26.74% (Variable)
Annual Fee
$0
Cash Advance Fee
5% of each cash advance; $10 minimum
Foreign Transaction Fee
3%
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Qualify with a low credit score
The Citi® Secured Mastercard® is designed for people who are trying to establish credit, so those with a low score or a limited credit history will have an easier time qualifying. Citi doesn’t publish a minimum credit score needed for the card, and they consider a variety of factors, including your credit score, income and outstanding debt.
Note that applicants with bad credit due to past financial issues may be less likely to get approved than those with no credit or thin credit files. In fact, anyone who has had a bankruptcy in the past two years is not eligible for this card.
No annual fee
A $0 annual fee is one of the best benefits of the Citi® Secured Mastercard®. Many credit-builder cards charge high annual fees along with hefty monthly maintenance charges, which can add up to more than $100 per year.
You do have to pay an initial security deposit of at least $200 with the Citi® Secured Mastercard® card, which will tie up some of your cash. But you’ll save money in the long run by having a card with low fees.
Secure a credit line up to $2,500
You get a credit line of between $200 and $2,500 on the Citi® Secured Mastercard®, based on the amount of your security deposit. You choose the amount between the minimum and the maximum in $100 increments. You pay the deposit by bank transfer within 14 days of getting approved for the card, and it will be returned when you establish a good track record on the card or close the account.
A larger credit line may appeal to those who can afford a higher deposit and want to avoid bumping up against a low limit. This could be helpful for people who use their card for business travel or want to make a big ticket purchase with the protection of a credit card.
Free FICO score access
The Citi® Secured Mastercard® offers a helpful perk for credit builders: free FICO score access. The card reports to the three major credit bureaus monthly, and you can use the free FICO score feature to check your score regularly and watch it improve with responsible use of your credit card. That means you use your card regularly, then pay at least the minimum payment due by the due date every time.
Choose your own payment due date
As a Citi® Secured Mastercard® cardholder, you get to choose your own payment due date. This means you can choose a date that works well with your finances. For example, choosing a payment due date the week after payday could help you make sure you always have the money to pay your bill in full on the due date. You can choose any available payment due date at the beginning, middle or end of the month.
Requires at least a $200 deposit
The Citi® Secured Mastercard® requires you to put down a security deposit of at least $200 when you get approved. You can choose your deposit amount, in $100 increments, between $200 and $2,500.
The high deposit may be a stretch for some who are new to credit. Those who don’t have an extra $200 in the bank may want to consider other cards, as some secured credit cards accept less than a $50 initial deposit for applicants who qualify.
No rewards
One of the downsides of the Citi® Secured Mastercard® is that it doesn’t offer rewards. That means you can’t earn cash back, points or miles for spending on the card.
If you’re looking for a credit-builder card with rewards, you might want to consider the Discover it® Secured Credit Card, our top pick among the best secured credit cards of 2023. It offers cash back on all your purchases and a generous match of all the cash back earned in your first year.
High APR
The APR on the Citi® Secured Mastercard® is high at 26.74% (Variable), but that is a drawback common to almost all secured credit cards.
The card also has a sky-high penalty APR, which can be triggered by making a late payment or having a payment returned. Before you apply for this card, make sure you’ll be able to pay your bill in full each month, since you could accumulate a lot of interest if you don’t.
The Discover it® Secured Credit Card is an excellent choice for consumers who want to earn rewards while building or rebuilding credit. Like the Citi® Secured Mastercard®, this Discover secured card has a $0 annual fee. But this card is designed for those with little to no credit or poor credit, so it may be a better choice for rebuilding credit.
With the Discover it® Secured Credit Card, you earn 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. At the end of your first year, Discover will match all the cash back you earned, making this an especially good deal. You also get free FICO score access with this card, as you do with the Citi® Secured Mastercard®.
Plus, Discover offers guaranteed monthly reviews (starting after seven months) of your account to see if you qualify to get your deposit back.
It’s an especially great alternative if you have the funds to put down a security deposit of $1,000 or more and plan to do a lot of regular spending on the card. A higher limit would allow you to rack up a healthy amount of cash back.
The Capital One Platinum Secured Credit Card is a good alternative for credit rebuilders who want to minimize the amount they pay for a security deposit.
The Capital One Platinum Secured Credit Card is open to applicants with poor credit who are working on rebuilding. It also has a possibly lower security of $49, $99 or $200, depending on creditworthiness, to get an initial $200 credit limit.
The card also is a good option for applicants who are worried about their credit getting dinged if they apply for a secured card and get denied. Capital One allows you to enter your information online to find out if you’re preapproved with no risk to your credit score.
| Credit Cards | Recommended Credit | Annual Fee | Regular APR | Rewards Rate | Welcome Offer | |
|---|---|---|---|---|---|---|
|
Citi® Secured Mastercard®
Review Coming Soon
|
Limited | $0 | 26.74% (Variable) | Non-rewards card | N/A | Review Coming Soon |
Discover it® Secured Credit Card
 Apply Now
on Discover's secure site Rates & Fees |
Poor/Limited | $0 | 28.24% Variable APR | 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 | Discover will match all the cash back you’ve earned at the end of your first year. |
Apply Now
on Discover's secure site Rates & Fees |
Capital One Platinum Secured Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
Poor/Limited | $0 | 30.74% (Variable) | Non-rewards Card | No bonus |
Apply Now
on Capital One's secure site Rates & Fees |
Capital One Platinum Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
Fair/Limited | $0 | 30.74% (Variable) | Non-rewards Card | No bonus |
Apply Now
on Capital One's secure site Rates & Fees |
The Citi® Secured Mastercard® is a fine choice for consumers who want to build credit history and have $200 available for the minimum security deposit. Note that to be eligible, Citi specifies applicants must not have a pending bankruptcy, or bankruptcy history in the past two years. Also, if approved, make sure to provide your bank account information within 14 days to fund the deposit.
If you’re not quite sure the Citi® Secured Mastercard® is what you’re looking for, the Discover it® Secured Credit Card is an alternative secured card with a great cash back rewards program.
To understand how the Citi® Secured Mastercard® works, it helps to know the difference between a secured versus an unsecured credit card. A secured card is designed for building or rebuilding credit and requires a refundable deposit. To get a Citi® Secured Mastercard®, you must apply and get approved. Then you must make a deposit of between $200 and $2,500. The amount you deposit will be your credit limit, which is the maximum you can spend on the card.
Citi does not advertise a minimum credit score for the Citi® Secured Mastercard®, but the card is geared toward applicants with limited credit history who want to build their credit. Citi states that consumers with a pending bankruptcy or bankruptcy history in the past two years are not eligible for the card.
You can prequalify for a Citi credit card by entering your information on the Citi pre-screen page. The page allows you to specify the type of credit card you’re interested in, including balance transfer, cash back and low interest cards. However, it does not offer a way to specify that you want to prequalify for the Citi® Secured Mastercard® or any other specific card.
The information related to the Citi® Secured Mastercard® has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
