About Citi Secured Credit Card
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Citi Secured credit cards can be a valuable financial tool for those with limited or no credit history. Citi Secured minimum deposits are refundable and can range from $200–$2,500. There’s no annual fee and Citi reports secured credit cardholders’ activities to all three major credit bureaus. Citi Secured credit card benefits include flexible payments, free FICO scores and a user-friendly mobile app.
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- Refundable deposit
- Automatic credit review
- No annual fee
- No rewards
- Longer approval process
Ideal for those with limited credit history, Citi Secured Mastercards don’t earn rewards but the minimum security deposit is relatively low and there’s no annual fee.
Citi Secured credit card review
The Citi Secured Mastercard is a smart choice to build credit, but those who need to rebuild their credit after past financial mistakes might find better options elsewhere. The application process is relatively simple, but applicants with a recent or pending bankruptcy will be disqualified. There’s no annual fee and cardholders have some flexibility in their payments. The minimum security deposit is $200, but cardholders can secure credit lines up to $2,500. Citi reports to all three major credit bureaus, and you can set up auto pay and account alerts to help stay on top of payments. Plus, you can avoid paying any interest if you settle your balance in full each month.
Citi Secured Mastercard benefits
What this secured credit card lacks in perks it makes up for in simplicity. Cardholders don’t earn rewards on purchase or interest on their deposit, but Citi Secured Mastercard benefits do include global acceptance, flexible payment schedules and Citi Identity Theft Solutions, which includes $0 liability purchase protection.
- Global acceptance: Use your Citi Secured Mastercards anywhere Mastercard is accepted. Cardholders enjoy access to millions of ATMs and financial institutions worldwide.
- Flexible payment schedules: Cardholders can select if they would like payments due at the beginning, middle or end of the month. Cardholders can also keep up with payments through auto pay. Plus, get account alerts and efficiently manage the account online or through Citi’s mobile app.
- Citi Identity Theft Solutions: If your account is ever compromised, Citi will help you file police reports and take the steps necessary to get your life back. Citi Secured Mastercard also comes with $0 liability on authorized charges, so you’ll be protected against fraud if your card is ever lost or stolen.
Citi Secured Mastercard rates and fees
Although a major plus about having a Citi Secured Mastercard is the lack of an annual fee, there are other fees to consider before you apply: late payments and returned payments fees cost up to $39 each, and a 3% foreign transaction fee will apply if you use the card with overseas merchants and retailers.
To use a Citi Secured Mastercard more effectively, make sure to pay off your balance in full each month or you’ll be charged interest. Citi Secured APR for purchases and cash advances is variable and will fluctuate based on the prime rate. It’s possible to take out a cash advance with this card, but doing so will incur a 5% fee ($10 minimum). Keep in mind, taking out a cash advance with a Citi Secured Mastercard isn’t advised because the APR will be even higher than it is for regular purchases — this could make your credit even worse if you get behind on payment.
|Cash advance fee||5% (10 min.)|
|Foreign transaction fee||3%|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
How to apply for a Citi Secured Mastercard credit card
Citi doesn’t require a minimum credit score on Citi Secured Mastercard applications, but approvals are still not guaranteed. Applicants must meet some basic requirements, complete an application and fund their initial security deposit before they can get their Citi Secured Mastercard in the mail.
- Meet all the requirements: Like most secured credit cards, applicants must be at least 18 years old and have a U.S. mailing address and Social Security number to be approved for a Citi Secured credit card. Applicants who have filed for bankruptcy in the last two years will have their application for a Citi Secured credit card denied.
- Fill out the application: Citi Secured Mastercard applications can be completed online or in a physical branch location. You must also provide your bank routing and account numbers on the application, and Citi will verify your relative income.
- Make the initial security deposit: Any approved secured credit card application will be contingent upon completing the initial security deposit. Whatever your Citi Secured Mastercard deposit it, that will be your credit limit on the account once the initial transaction is complete. Citi Secured Mastercard security deposits are held in a Collateral Holding Account for at least 18 months without earning interest. After 18 months, CitiCIti will evaluate your credit activity to determine if you are eligible to upgrade and receive your deposit back.
- Get the card in the mail: Once you fund the initial deposit, Citi will mail your Citi Secured cerdit card within 10 days.
Citi secured credit card FAQ
- Are Citi Secured Mastercard approvals guaranteed?
- Approvals for Citi Secured Mastercard are relatively simple, but not guaranteed. Applicants with pending or recent bankruptcies will have their application for a Citi secured credit card denied.
- Is Citi Secured Mastercard a good first card?
- Yes, Citi Secured Mastercard is a good way for those who have never had a credit card before to establish their credit profiles. The issuer reports to all three major credit bureaus, so responsible use of a Citi Secured Mastercard will help the cardholder establish their credit history.
- Where can I use my Citi Secured Mastercard?
- Citi Secured Mastercards can be used anywhere Mastercard is accepted.
- How can I pay my Citi Secured deposit?
- Cardholders can pay their initial Citi Secured deposit and ongoing deposits through Citi’s secured website or at a physical CitiBank branch location.
Is Citi secured credit card worth it?
If you need a credit card to build credit, Citi Secured Mastercard is a smart choice. There's not much in the way of perks or rewards, but this card can help you establish a credit line and — if used responsibly — signal to issuers that you're ready for an unsecured line of credit.
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I got this card 4 years ago when my credit score was 580. Paid the 200 dollar deposit, got approved. Here I am 4 years later. My card has been through two renewals, and at least 3 account evaluations for the card to graduate to unsecured. It is still secured. Meanwhile my fico score is now 721. I have never missed a payment with them. I never carry a balance. Also I now have 6 cards and an auto loan all with the same track record. I'm still at less than 25% debt to income ratio. Yet miraculously I still don't meet their requirements for my card to graduate. They also aren't informing me as to why the card graduation keeps getting denied.
So I recently applied for a card and after a week have received twice daily automated spam calls and voicemails to call them to review stats of my account. Annoy but what you have to expect from corps then when I called and and was transferred to a representative they hung up after 10 seconds of communicating after I gave them my name. This happened twice in a row. Be advised if you need help they are unlikely to help you, in my experience.
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I applied for this secured card to built my credit back up. It was recommended to me by a coworker. I should have read the reviews on this bank first. I paid my account every month for six months and then I go to pay my bill so I click on their app and it says I can’t access my account because it has been closed. The message says to contact them for more information. So I did. The gentleman that took my call had an accent so I could hardly understand what it was that he was trying to say. He said my account was closed because of something to do with the credit bureau. Which didn’t make any sense at all.
So now instead of helping my credit all I’m left with is another hard inquiry, another closed account on my credit report and a lowered credit score. I’m so livid that people like this are allowed to operate. I paid all my bills on time and they can just close your account with no warning, letter, phone call, email, text, nothing. But that’s not all. I still have yet to receive my security deposit back which is suppose to go bank into the account that it was withdrawn out of. Do not do business with these people.
Had a recent issue with a merchant. Filed a dispute with CITI. Their dispute department is terrible! No one in that department actually read our emails. We followed up with their executive office, and their customer service there was even worse! After over 22 years with CITI we will be cancelling our credit card! If you are looking for a good service, and intelligent customer service reps, stay away from CITI.
WORST customer service ever! I disputed a charge because I never ordered it and I refused delivery and Citi said I was responsible. The phone system they have is horrible, if and when you finally get through to a representative they transfer you to someone else and then that person can't hear you, or you sit on hold until the call disconnects and that happened to me twice! I have made several and too many attempts to contact Citi. I sent them the paperwork that showed that I refused delivery.
I gave them a 200 deposit. They sent me a letter in February 2020 saying the bank requested my account to be closed. I was one month late and owed about $130. They kept my deposit and from what their CSRs say they waited until October to apply it. They never sent me another statement until today. They did however keep my closed account on steady accrual of fees and interest. I had already spoken to someone in March or April 2020 who wanted me to pay the bill and so told them I was out of work and that the deposit was more than my owed AMT.
They said they were going to keep the deposit but I still owed the amount charged. I assumed they were not legit and hung up. I called the customer service number for Citi and found out they had applied the deposit 8 months after they, not I had closed the account and wanted $346.12 in fees and interest on an account they told me I no longer had. They kept transferring me to reps saying that since I had a hardship another associate would help me but each one simply stated I owed this amount but they were happy to assist me with a pay by check or debit card transaction. They knew what they were doing racking up fees by posting a deposit nearly a year after the account was “closed” at their request.
Tell you they have certain policies then don't, lie to you like the dems. Wonder why they're a woke company. Won't ever use their card or financial services ever again for anything, punish you while you're down. That's their policy. Sound familiar?
Worst customer service ever. I just activated my new card, I have another card with Citi for years. I needed a verification code. I passed around cause none knew how to help me, 5 representative later I asked for a supervisor. She said she needed my cc#. I told her, "No, I want a supervisor. She said a supervisor is not taking the call till she verifies the account which I did 4 times with the previous representatives. So she gets my name, telephone #, my passcode, then wants me to get a verification code too seriously? So I wouldn't and I kept asking for a supervisor and she hung up on me. I've been a great customer for a long time... Not anymore. I have other credit cards. I don't need Citibank.
This has been the worst experience ever. I got a secured credit card in June. Was told they were closing my acct for unknown reasons. I never even activated the card. I paid 1000 deposit in June. It's Jan 2021. They're still telling me, "Oh it's coming. Wait a for more weeks." Everyone is overseas taking calls. They don't understand. Just leave you on hold and hang up. They should be ashamed of running a business like this let alone a bank. This is unacceptable. Oh I'm still on hold now 43 mins in counting.
I opened my secured credit card in March of 2020. Used it and paid it off, always before it was due. I never once made a late payment. December of 2020, I made multiple charges and paid it off as I made them. I only have a savings account so I paid it from there every month. They closed my account because I made multiple payments in one month. Also they took my last payment from my account, my savings shows it. But yet they said that it was returned to the bank because of my closed account. Now I have to wait on a letter from them and my original prepaid payment I made. Not to mention the rude person I talked to on the phone. I will take my money elsewhere...
Citi Secured Credit Card Company Information
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