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Key takeaways
- The First Latitude Secured Credit Card is accessible to anyone. It does not require a credit check and asks for a minimal security deposit.
- Consumers earn 1% cash back on all payments.
- Potential cardholders should carefully review the fees and terms to make sure the card fits their budget.
If you have poor credit or no credit at all, you may be interested in a secured credit card to help improve your score. The First Latitude Platinum Mastercard Secured Credit Card is that card. First Latitude welcomes everyone, regardless of credit history, and requires a lower-than-average minimum security deposit. It is a good option if you aren’t able to put up large sums of money for a credit card. With a minimum security deposit of $100 (maximum $2,000), you can obtain a card that offers worldwide usage and assists in building credit.
Let’s take a look at what you can expect from First Latitude to see if it’s the right card for you.
What we like about First Latitude
Earn 1% Cash Back
One of the most attractive features of the First Latitude Platinum Mastercard Secured Card is its reward program. You earn a flat 1% cash back on all payments. Cash back rewards, which never expire, are exclusively provided as statement credit in the First Latitude Platinum Mastercard Secured Card. When you earn 500 points, you can take $5 off your next credit card bill! Offering cash back rewards distinguishes First Latitude from the majority of secured credit cards, which typically don’t offer any rewards.
No Credit Required
Designed for people with limited or no credit history, First Latitude does not require a minimum credit score for approval, unlike traditional credit cards. This is perfect if you’re just starting out or are looking to rebuild your credit. Not only does First Latitude not conduct a credit check, but it doesn’t do an employment check either, making it one of the easiest credit cards to be approved for.
Fast Approval
You can expect a quick and straightforward approval process. The card ensures a fast response time, so you don’t have to wait long to find out if you’ve been approved.
Refundable Security Deposit
As a secured credit card, a security deposit is required as collateral. The amount you deposit becomes your credit limit. You can deposit anything from $100 to $2,000 to get started. An initial security deposit of $100 is low for a secured credit card, making First Latitude a good choice if you don’t have much extra cash. Furthermore, the deposit is 100% refundable, provided the account is managed well and closed in good standing.
Awesome
“I’m enjoying this credit card and would recommend this card for anybody that’s working on their credit.” FlorenceMonthly Credit Reporting
First Latitude reports your payment history to all three major credit bureaus every month. Regular reporting can help improve your credit score if you manage your account responsibly. Always pay your bill in full and on time and keep your credit utilization ratio below 30% of your credit limit and you should see your score improve.
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Credit Line Increase
You may request an increase in your credit limit after making your first six monthly payments on time. The maximum credit limit is $5,000! Once approved, simply mail a check to pay the remaining amount of your security deposit. By increasing your credit line, you not only gain more spending power but also can positively impact your credit score, as it lowers your credit utilization ratio.
What to watch out for with the First Latitude
High APR
One of First Latitude’s drawbacks is its high annual percentage rate (APR) of 24.49%. The APR on this card is higher than on some other secured cards, but it does not reach the heights of up to 34.99% found in some unsecured credit cards. Even so, to avoid accruing hefty interest charges, you should always pay your balance in full and on time each month.
Find more ways to build easily credit!
Check out the Top Credit Builder Apps to Improve Your Score!
A Few Fees
While you enjoy several benefits from the card, it’s important to stay aware of the fees. These fees include a $25 annual fee for the first year – increasing to $35 thereafter – a one-time program fee of $19.95, and a 3% foreign transaction fee, among others. Always review the fee structure carefully before applying.
Brought my credit score up 35 points
“SO HAPPY I DIDNT LISTEN THE NEGATIVE REVIEWS … I applied and got accepted in 4 days got card in a week and a half and they report it immediately to the bureau and it raised my points.”Final Thoughts
First Latitude is a good option if you want to establish or rebuild credit. You receive a flexible credit limit, benefit from reporting to all three major credit bureaus, and earn 1% cash back on payments. While the card does have a higher APR and a few necessary fees, it maintains a low cost for a credit card targeting individuals with low credit scores. If you are looking to rebuild your credit and need a card with lenient application requirements and a low-security deposit, consider First Latitude as your choice.
