The First Latitude Select Mastercard® Secured Credit Card is a secured credit card for people with bad credit who want a low minimum deposit requirement and the chance to earn rewards. The card offers 1% cash back and allows you to put down as little as $200 for your deposit. The amount of your deposit is then your spending limit with the card.
The downsides of this offer all relate to its cost. In addition to its annual fee, the First Latitude Select Secured Card also has a high APR.
First Latitude Select Secured Card Review
1% cash back
The
First Latitude Select Secured Card gives cardholders
1% cash back on all purchases, after paying the card’s bill. This offer is about average for a rewards card, but most cards don’t make you pay your bill before getting your rewards.
$39 annual fee
The
First Latitude Select Secured Card has an annual fee of
$39. Your goal, if you apply for this card, should be to improve your credit enough to trade the card in for a better, cheaper model within 12 months of getting it.
The average credit card offer has a
$22.29 annual fee. Several other
secured cards have $0 fees.
$200+ deposit needed
As with any other secured card, you will need to place a deposit for your
First Latitude Select Secured Card account. The amount you put down also becomes your credit limit. Unlike most other secured cards, which require $200 - $300+, the
First Latitude Select Secured Card accepts deposits as low as
$200. This helps you begin building credit even if you can’t spare $200 right now.
19.24% (V) APR
Balances carried from month to month with the
First Latitude Select Secured Card will accrue interest at an annual rate of
19.24% (V). Using a secured card for financing purposes doesn’t make much sense anyway. You can only spend up to the amount of your deposit, so you’d basically pay interest on a loan to yourself.
No minimum credit score
It’s possible to get the
First Latitude Select Secured Card even if you have bad credit or no credit history. Still, there is a hard inquiry when you apply, and there’s no guarantee you’ll be approved.
Reports to all 3 credit bureaus
If you pay your bill on time every month, positive information will be added to your credit reports with Equifax, Experian, and TransUnion, which will help your credit score over time. You can track your progress with
free daily credit score updates from WalletHub.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.