How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

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Surge® Secured Mastercard® Review

Surge<sup>®</sup> Secured Mastercard<sup>®</sup>

Surge® Secured Mastercard® Review

Rewards Rate
1% Cash Back rewards on every purchase
Credit Line
$300
Regular APR
19.99% Variable
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Surge® Secured Mastercard® best for?

The Surge® Secured Mastercard® is an option for individuals with poor credit who may have difficulty being approved for a traditional credit card.

The Surge® Secured Mastercard® is a secured credit card – meaning, it requires a security deposit that will serve as your line of credit. Because the card reports your credit activity to the three major credit bureaus (Equifax, Experian and TransUnion), you have the opportunity to build or rebuild your credit after demonstrating responsible card usage.

The Surge® Secured Mastercard® is one of the few secured credit cards that offers rewards, but it also charges an annual fee. We should note – when building credit – it’s important to focus on paying your bill on time each month and staying well below your credit limit, rather than earning rewards.

We highlight the pros and cons of the Surge® Secured Mastercard®, and compare it to similar secured credit cards to help you determine if it’s the right fit for you.

Surge® Secured Mastercard® overview

    • Initial refundable deposit of $300 becomes your credit limit
    • 1% Cash Back rewards on every purchase
    • Free access to your Vantage 3.0 Score from Experian (When you sign up for e-statements)
    • Monthly reporting to the three major credit bureaus
    • Fast and easy application process; results in seconds
    • Use your card at locations everywhere Mastercard is accepted
    • Mastercard Zero Liability Protection (subject to Mastercard guidelines)
    • Checking Account Required
  • Credit needed:
    300 540
    Poor
  • Free access to your credit score
  • Monthly reporting to the three major credit bureaus
  • Ability to use wherever Mastercard is accepted
  • Fast application process
  • Mastercard zero-liability protection

Intro Purchase APR

N/A

Regular Purchase APR

19.99% Variable

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$69

Cash Advance Fee

N/A

Foreign Transaction Fee

N/A

Balance Transfer Fee

N/A

Pros and cons of the Surge® Secured Mastercard®

Pros

  • Ability to build credit
  • Cash back on every purchase
  • Opportunity to increase credit limit

Cons

  • Fees
  • High interest rate

What we like about the Surge® Secured Mastercard®

  • Ability to build credit

    With the Surge® Secured Mastercard®, you have the potential to improve your credit score, since it reports your account, payment history and credit usage to the three major credit bureaus.

    Additionally, you’ll receive free access to your Vantage 3.0 score from Experian when you sign up for e-statements.

  • Cash back on every purchase

    Surge® Secured Mastercard® holders earn 1% cash back rewards on every purchase. Rewards, which do not expire as long as your account remains open, can be redeemed for statement credits.

    Note, statement credits will reduce your account balance, but cannot be applied toward any minimum payment requirement.

  • Opportunity to increase credit limit

    The Surge® Secured Mastercard® requires an initial refundable deposit of $300, which will serve as your line of credit. However, the card offers free automatic account reviews for possible credit limit increases above your initial security deposit.

What to watch out for with the Surge® Secured Mastercard®

  • Fees

    The Surge® Secured Mastercard® charges several fees, including a $69 annual fee and an additional card fee of $30. These fees will be assessed before you start using your card and will reduce the initial amount of credit you have available. For example, a $300 credit limit will be reduced to $231 after you factor in the annual fee, or $201 if you add an additional card.

    There is also a late fee of up to $40, an expedited phone pay fee of $10.95 and foreign transaction fees.

  • Interest rate

    If you carry a balance on your card from month to month, you will be subject to interest charges at a APR of 19.99% variable.

    That said, while the APR for the Surge® Secured Mastercard® may be considered high compared to traditional credit cards, it’s actually on the low side when compared with other secured credit cards.

Alternate secured card to the Surge® Secured Mastercard®

Compare it to the Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
26.74% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.
300 540

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you want a secured credit card that offers rewards, but charges less fees, you may want to consider the Discover it® Secured Credit Card.

Like the Surge® Secured Mastercard®, the Discover it® Secured Credit Card offers cash back rewards. Cardholders 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. Plus, Discover will match all the cash back you’ve earned at the end of your first year.

Unlike the Surge® Secured Mastercard®, the Discover it® Secured Credit Card comes with a $0 annual fee. Additionally, Discover will waive your first late payment fee. After that, the fee will be up to $41.

The Discover it® Secured Credit Card requires a refundable security deposit ranging from $200 to $2,500 – based on your income and ability to pay – which will serve as your credit line.

After seven months of card membership, Discover will also begin automatic monthly account reviews to see if you qualify to convert to a standard, unsecured Discover card and receive your deposit back.

Just know, the Discover it® Secured Credit Card‘s interest rate of 26.74% Variable APR is slightly higher than that of the Surge® Secured Mastercard®.

Compare the Surge® Secured Mastercard® to similar cards

Comparison of four different credit cards
Surge<sup>®</sup> Secured Mastercard<sup>®</sup> Discover it<sup>®</sup> Secured Credit Card Capital One Platinum Secured Credit Card Credit One Bank<sup>®</sup> Platinum Visa<sup>®</sup> for Rebuilding Credit
Surge® Secured Mastercard® Discover it® Secured Credit Card Capital One Platinum Secured Credit Card Credit One Bank® Platinum Visa® for Rebuilding Credit
Apply Now
on Celtic Bank's secure site
Apply Now
on Discover's secure site
Apply Now
on Capital One's secure site
Apply Now
on Credit One Bank's secure site
Annual Fee
$69 $0 $0 $75/$99
Rewards Rate
1% Cash Back rewards on every purchase 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 Non-rewards Card 1% Cash Back on eligible purchases and mobile phone service, internet, cable and satellite TV services. Terms Apply.
Welcome Offer
N/A Discover will match all the cash back you’ve earned at the end of your first year. No bonus Earn $200 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. You will receive the $200 back in the form of a statement credit
Regular APR
19.99% Variable 26.74% Variable APR 28.49% (Variable) 26.99% Variable
Regular Balance Transfer Rate
N/A 26.74% Variable APR 28.49% (Variable) N/A
Recommended Credit
Poor Poor/Limited Poor/Limited Fair/Poor
Card Details
Surge® Secured Mastercard® Discover it® Secured Credit Card Capital One Platinum Secured Credit Card Credit One Bank® Platinum Visa® for Rebuilding Credit

Is the Surge® Secured Mastercard® right for you?

If you’re looking to rebuild or establish credit with the help of a secured credit card, the Surge® Secured Mastercard® is a solid choice. Because the card reports your credit activity to the credit bureaus, you can improve your credit with responsible usage – meaning paying your bills on time each month and staying well below your credit limit.

But if you want the opportunity to earn a slightly higher rewards rate and pay less fees while building credit, the Discover it® Secured Credit Card is a better option.

Apply Now
on Celtic Bank's secure site