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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.
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
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.
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.
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®.
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| Surge® Secured Mastercard® | Discover it® Secured Credit Card | Capital One Platinum Secured Credit Card | Credit One Bank® Platinum Visa® for Rebuilding Credit |
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Apply Now on Celtic Bank's secure site
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Apply Now on Discover's secure site
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Apply Now on Capital One's secure site
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Apply Now on Credit One Bank's secure site
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| 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 |
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.
