In a crisis, secured credit cards can be a savior for your credit score. The question is among dozens of secured card products which one suits you best? One popular choice is Citibank secured credit card. Here all things about the credit card that you need to know will be discussed.
How to Get this Secured Credit Card
To open an account in this card, there some requirements that needs to be fulfilled. The first one is Citibank security deposit that requires $200 until $2500 in maximum. After that, you must have a clean credit record without any bankruptcy within last two years. In addition, the last one is qualification criteria that will be judged from your income and debt. Mostly reviewing the record; that is why Citibank secured credit card is so recommended for the newcomers.
Pros and Cons about the Secured Credit Card
Designed to improve bad credit scores, this secured credit card is good for those who have bad credit scores and who are new to credit. It is good because by no fee, people could get good scores by opening this account. This credit also requires an item that should be purchased in part with it at least. Moreover, Citibank provides $50,000 reimbursement maximum per year. Citibank secured credit card also always cares with the customers since it has twenty-four hours assistance services.
Other than unlimited assistance services, this Citibank secured credit card has a feature in protecting the customers from theft. The feature is Citi Identity Theft Solutions. Other good news is this secured credit card has $0 fraud liability protection. The card is supported by FICO Credit Scorecard as well that ease you in monitoring the credit score based on TransUnion credit report. One more thing is that it protects you with flight accident insurance.
On the other side, Citibank secured credit card may have some flaws. It is a little bit tricky to get a good credit score from the card because the total score you will get is based on the total amount of money that you deposit. It is also sad as this secured card has no rewards, such as cash back or point for the customers. More surprisingly, the card has a high APR that is up to 23.99%
When you have had a better score and apply for a real card, this Citibank secured credit card will be closed automatically. Sadly, there is no such conversion option. The process in applying this card also takes up to four weeks. After initial Citibank security deposit is made, the customers also are not able to increase the credit limit. Some provided features in this secured credit card are considered basic from Mastercard. As its name, secured credit card is mostly used to remedy the score. Once the score getting better, many people move to the real card.
Well, that is all about Citibank secured credit card. Now, understand your condition: will Citibank solve your entire problem and be your perfect secured credit card?