Citi Secured Mastercard Review

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Citi® Secured Mastercard®

Citi® Secured Mastercard®

Learn more externa link icon at our partner’s secure site

  • Intro bonus: No current offer
  • Annual fee: $0
  • Regular APR: 22.49% (Variable)
  • Recommended credit score: (No Credit History)

The Citi Secured Mastercard* is a good starter card option for consumers with no credit history. You can use this secured credit card — which Citi reports to each of the three credit bureaus — to improve your credit score while making timely payments and practicing other credit-building habits like keeping a low credit utilization rate and paying balances in full each month. To get started, you’ll need to put down a cash deposit of at least $200 after approval. The amount you chose to deposit will serve as your new card’s credit limit.

At a Glance

  • Establish credit use and payment record with limited or no credit history 
  • No annual fee
  • Security deposit between $200 and $2,500 required
  • Standard variable APR of 22.49%

Pros

  • Available to individuals with little or no credit history

  • No annual fee

  • Payment reported to all three credit bureaus

Cons

  • High penalty and cash advance fees

  • High variable APR

  • No rewards

Additional Card Details

The Citi Secured Mastercard is a secured credit card that comes with fewer benefits than other conventional cards. Secured credit cards are primarily credit-building tools for people with limited or negative credit histories, so they’re more useful for building good habits than reaping benefits and rewards. But you will get the chance to pick your own credit card due date and online access to your FICO credit score to help monitor your progress over time.

Another Citi feature is account alerts, which you can set up to notify you when a purchase is made using your Citi Secured Mastercard, when payment is due, and more. Plus, you’ll get access to Citi Identity Theft Solutions, which can help resolve issues like a stolen card or  compromised personal information so it doesn’t negatively affect your credit. 

Should You Get this Card?

The Citi Secured Mastercard is a solid credit-building option for anyone with limited or no credit history. It’s also a good option for repairing damaged credit, but you may have more difficulty qualifying with a bad credit history than those starting from scratch. Citi specifies that applicants must meet certain credit qualification criteria, including no pending bankruptcies or bankruptcy within the past two years and review of the information you submit when applying.

Since it’s a secured credit card, you will be required to make a security deposit between $200 and $2,500 (this amount acts as your credit limit), but unlike some credit-building cards, there’s no annual fee. 

Secured credit cards can be a useful tool, offering the chance to build credit and improve your creditworthiness over time. And when your secured credit card is closed in good standing or you upgrade to an unsecured card, you’ll receive your security deposit back.

How to Use the Citi Secured Mastercard

When you sign up for the Citi Secured Mastercard, you’ll be asked to put down a cash deposit of at least $200 (you must provide your bank information for this deposit within 14 days of approval). This amount will also be your credit limit. If you put down $200 in cash, you’ll have a $200 credit limit, while a $600 deposit equals a $600 credit limit, and so on.

It’s important to choose your deposit amount wisely, because your credit limit can impact your credit utilization, one of the main factors in your credit score. If you only put down a $200 deposit, and you spend up to that limit each month, you’ll carry an extremely high utilization rate, which can hold down your credit score. Experts recommend keeping a utilization rate under 30%, and ideally under 10%, for the best credit results. In other words, keep your total charges under 30% of your available credit. Put another way, if you can put down a $1,000 security deposit, you’ll be able to spend $300 on your card each month and maintain a good utilization rate.

Once your new account is set up, begin using your Citi Secured Mastercard like a debit card. Only charge purchases you can afford to pay off each month, and make sure you always pay your bill in full and on time. This will help boost your credit score each time Citi reports your activity to each of the three credit bureaus (Experian, Equifax, and TransUnion). 

Pro Tip

Secured credit cards are great tools for building credit with no credit history or repairing a damaged credit score. With any credit card (including secured cards) remember to practice smart credit habits that can benefit your credit score over time, like paying your balance in full and on time each month and spending only what you can afford to pay when your statement is due.

You should also avoid any of the high fees that come with this card. If you pay late, for example, you’ll incur a fee up to $40 and may even take on a variable penalty APR up to 29.99% (compared to the already high 22.49% regular variable APR). 

If you’re worried you’ll forget about your payment due dates, you can use Citi’s free account alerts to get updates when you make a purchase, when you’re close to your credit limit, and when you need to make a payment.

Citi Secured Mastercard Compared to Other Cards

Citi® Secured Mastercard®

Citi® Secured Mastercard®

  • Intro bonus:
    No current offer
  • Annual fee:
    $0
  • Regular APR:
    22.49% (Variable)
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site
Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

  • Intro bonus:
    No current offer
  • Annual fee:
    $39
  • Regular APR:
    26.99% (Variable)
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site
BankAmericard® Secured Credit Card

BankAmericard® Secured Credit Card

  • Intro bonus:
    No current offer
  • Annual fee:
    None
  • Regular APR:
    22.99% Variable
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site

All information about the Capital One QuicksilverOne Cash Rewards Credit Card and the BankAmericard Secured Credit Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.

Bottom Line

EDITORIAL INDEPENDENCE

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

A secured credit card could be the tool you need to jumpstart your credit journey. With no annual fee and a minimum deposit amount starting at just $200, Citi Secured Mastercard is a solid option to consider. Over time, the Citi Secured Mastercard can help you increase your credit score and build valuable credit history. With enough time and solid credit habits under your belt, you can upgrade or switch to an unsecured credit card with high-value rewards and perks in the future.

Frequently Asked Questions

Is the Citi Secured Mastercard Good?

Citi Secured Mastercard is a good credit-building option for consumers with limited credit history. There are no rewards or added benefits, but this card can help you establish a solid credit foundation for no annual fee.

Can a Citi Secured Card Become Unsecured?

If you are able to prove your creditworthiness and your credit score by establishing a history of timely payments in full, you may be able to upgrade your Citi Secured Mastercard to an unsecured Citi credit card. Once you’ve established a solid credit history, you may also qualify for great credit cards from any issuer offering perks and benefits that match your spending.

Can I Add More Money to My Citi Secured Card?

You may be able to increase the limit in your secured credit card by putting down a larger deposit as collateral. Call Citi using the number on the back of your credit card to see if you’re eligible.

*All information about the Citi Secured Mastercard has been collected independently by NextAdvisor and has not been reviewed by the issuer.