Citibank secured credit cards - Citi Secured MasterCard
The Citi Secured MasterCard offers few clear advantages for consumers with bad credit or those who want to build credit history. This is one of the most attractive secured credit cards on the market, Citibank on not. For starters, there is no minimum income requirement and no co-signer needed, while the annual fee is only $29 and the purchase APR 14.49%. You can also enroll in Citi IdentityMonitor to protect against identity theft for $12.95 a month.
Another plus of the card is at least 20 day grace period if you pay the total balance in full by the due date every billing period. So, how do you go about getting this Citibank secured credit card? Simply deposit an amount, anywhere from $200 to $25,000 into a Citi Certificate of Deposit, which you must keep open for 18 months, and which will pay you a rather competitive interest. Your credit card limit then becomes equal to the amount of money in your CD. Citibank reports your account performance to major credit bureaus, and after 18 months, you could become eligible for an unsecured Citi Platinum Select credit card.
Late and over the limit fees can not exceed $39 per violation, and could be as little as $15. As far as default APR goes, this Citibank secured credit card will penalize you by charging no more than 28.99%. Of course it is pretty steep, but that is the price for defaulting on a secured card, so don't be late, don't go over the limit and manage to pay at least the minimum payment.
As with other Citibank secured credit cards, you have $0 liability on unauthorized charges, retail purchase protection against accidental damage or theft for 90 days from the date of purchase and auto rental insurance. You can also purchase an optional PaymentAid protection against unexpected loss of income for as little as 87ยข per $100.
Finally, before applying on the Citi Secured MasterCard, we urge you to read all the disclosures very carefully and pay attention to the small print. Previously, unsecured bad credit cards.
Tue Oct 21, 2008 01:10PM by Tony | More in Credit Repair | Comments (0)
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