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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.
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.
- Refundable deposit
- Automatic credit review
- No annual fee
- No rewards
- Longer approval process
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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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Customer service up to this point is pointless. 1 month and 5 days into my application No card, no email or regular mail. Out $1000.00. I want to cancel at this point, but am scared they will never give me back my $1000.00. I have different options but thought Citi would be best since I have a branch nearby. The Branch was no help whatsoever - just referred me to the 800 customer service phone number. Can anyone share their experience with how long did the application process take? When did you finally receive your card?
On Feb 23, I logged in to pay my bill online but noticed a $93 interest charge. I am a very good customer and pay my bill in full each month, usually on or before the due date. However, the past few months I missed the deadline by hours (meaning that I logged in after midnight on the due date) to just a couple days (which was the case in January). My maternal grandmother had been hospitalized and subsequently passed away so with all of the added responsibility that brings, I lost track of my days and that is how my payment got submitted just a little bit late, but I always pay my current balance in full.
On Sun Feb 23, I called customer service to explain that I was willing to pay a late fee for my January payment being 2 days late, but I was not willing to pay an interest charge. A $93 charge is excessive, especially for an account where the current balance is paid in full each month. The customer service rep and his supervisor did not take my request into consideration and did not value my 24 year relationship so I paid the full balance and ultimately closed the account.
I cannot believe how devalued and unappreciated I felt at the end of that call, and all of this was just a day after we buried my maternal grandmother. I used to speak very highly of Citi cards and their outstanding customer service, but I cannot say that anymore. The rep only seemed interested in collecting money from me without any concern for my personal situation or the long-term relationship I had with the company via this account. I do not appreciate being nickled and dimed when I know I'm a good paying customer. I have closed my account and ended my 24 year relationship with Citi forever.
The rep that I spoke to told me his name is Joe (I'm guessing that's his "American" name as I have a strong feeling that's not his official name). His supervisor's name is Akash. The team identification number is 2014. I recommend that you train your customer service reps to have more empathy for longtime customers. There is no reason for me to continue using a Citibank card when other companies are working to attract me to their cards and will treat me better. Thank you for listening.
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Got approved for the card a year ago and funded my card (they took that money very promptly). Had no real problems with them until I decided to pay off the card and close my account. I closed my account in January and here it is the end of February almost and I have yet to receive my deposit back. I have called and gotten the run around saying it was going to be deposited in my account that I paid the deposit from. Ok still no money. Called today, "Oh we are sending a paper check and that’s going to be another 7-10 days." They took my money promptly but can’t refund promptly. Makes me wonder if I’ll ever receive my money back.
If there was a chance to put in 0 stars I would. I called CITI Credit Card customer service to take care of my account setting and make a payment. Just to get thru to customers service you have to go thru 10 minutes of useless talk to automated system. Their customer service people speak english but I could hardly understand because they are probably located in hinterlands of Mongolia or Bangladesh. I have nothing against them, just can't understand them. One of them spoke so badly I asked her to switch me to somebody else and she asked me for my credit card number AGAIN. Had to hang up and go thru the same routine again. This time I got another rep who spoke slightly better and I was able to accomplish my goal. My experience was frustrating and way too long. I am sure CITI bank couldn't care less about their customer service quality. All they care about is profits so they set up their "service" in the boonies to cut costs.
I opened a Citi secured MasterCard about 6 months ago to improve my credit score. I Gave my security deposit over the phone, and when the card came in the mail I began using it for everyday things paying the card off as soon as the charges processed. Making payments daily, weekly, monthly always trying to keep it at a $0 balance. Last week I made a payment with one of my linked accounts and accidentally chose the wrong account to make the payment. A few days later I went on again and made another payment all good right??? No! Today I went on to make sure my payment processed and learned that Citi had closed my account because the prior payment was returned. No phone call no warning nothing. I called Citi to discuss it and was told there is nothing they could do the account is closed and they can not reopen it. I was told I could reapply which I did and was denied. So now I will have a negative mark on my credit because they closed the account...So much for trying to help people rebuild their credit...I will never again deal with Citi
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The Citibank secured MasterCard is one of the absolute worst secured credit cards out there. It is quite difficult to qualify for, despite the fact that they have your money upfront. Also, they tell you in their advertising that no one will know it is a secured card. That is an absolute lie. The credit bureaus know it's a secured card, and any other credit provider that looks at your credit report will know it's a secured card. I had three different major banks tell me point-blank that this card is absolutely worthless as far as trying to build your credit. Everyone knows it's a secured card, and it has no value whatsoever in building your credit or credit score.
To Everyone who reads this please do not use them to build your credit. One day I receive a call from an operator saying one payment didn't go through. I explained to the operator I will make a full payment week to cover the amount and payoff my credit to bring it down zero. Come to my surprise the next following day Citi Bank decided to close my account. Mind you I only been with them for less than a year. I didn't get a call like the one before to explain my payment didn't go through. I made a full payment two day from then and covered the cost.
After I did that I asked the operator after the payment go through how soon can I use it cause I have to pick up Twins' Christmas gift that following Monday cause it was on layaway and Monday was the last to pick it up. The operator told me the credit team decided to close my account and the secure deposit won't be returned 'til 4 to 6 week from then. I asked why and they couldn't explain. They we just giving Me the run around. Please do not use them to build your credit. If you make one mistake they are ready to close your account without a second thought and ruin your credit. PLEASE DO NOT USE THEM TO BUILD YOUR CREDIT.
I have had this Citi Double Cash Credit card for years. My daughter used it to purchase a one time item from a Vendor. Well I paid off the card and noticed that I had been charged like $700.00. I never authorized this same vendor, to continue charging my card. I never received anything in return. I was only given a credit for $495.00. Up to this day, and it's been since September, 2019. I have not been given a refund. Citi, keeps asking for more information. I keep telling everyone I call since you never get the same person on the phone ever. I have called like twenty times about this problem. Nothing has been resolved to my satisfaction. If closing an account didn't affect my credit score, I would close this one in a heartbeat. Don't use it at all!!!
After being with them for almost 3 years. I decided to add another account for payments. I made $10 payment with the new account. A few days later I got an email saying the payment was returned and made another payment to cover with my Wells Fargo account thinking everything was okay. All of sudden my card declined and when I checked the app it said it was closed. After going through about 5 customer service agents I finally got a specialist that told me the account was closed and there was nothing I could do to fix but reapply. When I did this I was told I don't qualify. This was incredibly frustrating when it should not have been closed in the first place. I covered the payment have never had a returned payment before and literally lost a $300 credit line over $10. I have had almost every bank and never heard of my account being closed over 1 returned payment let alone over one for $10.
Today without warning I found out that my American Airlines Platinum Select Citibank Mastercard was closed. After I was denied two transactions. I called customer service to later find out that Citibank decided they wanted to close my account.. I’ve been a very loyal and upstanding card holder for well over 4 years. Have never had an issue with Citibank. I recently made three payments within 2-3 data apart, because the first two payments I made never showed in my account and I thought the transactions didn’t go through so I tried the transactions again different amount. To later be told (again no warning) that my payments were randomly place on hold. When I contacted my bank JPMorgan Chase, they advised that my payments were funded and paid to Citibank well over a week prior to my inquiry. My husband got both Citibank and Chase on the phone together to sort this out. Of which we thought was sorted out.
Citibank even went as far as two days ago issuing my husband his own card for the account. On the day my husband got Chase and Citi on the phone, My husband was told by the Citibank rep to place a stop payment on the third payment because if we don’t Citibank will try and debit the payment especially since they found the other two payments. Again, these payments were made in succession! So it wasn’t like Citibank didn’t get a payment, they were being overpaid for what was actually due on the account. This said my husband followed the Citibank reps advise, placed a stop payment on the theirs payment. Today we were informed that because it The third payment was returned they are closing the account! Crazy thing is I went on my app and it still had had my available credit and everything still preset as soon as I called to inquire why my charges were declined while on the phone and being told my account was closed.
I could see they wipe my available credit to 0 (zero)! This abuse of power and the lack of value Citibank places on its loyal customer relationships is absolutely mind blowing!!!! To think, I’ve been with them for years, used this aced for many business travel needs, I’ve paid my balance of month after month without an issue. This one blip which by the way is their fault and I’m at fault for their internal problem. The best part is the rep says to me afterwards, "Well we can reopen it if you reapply for a new line of credit." This made no darn sense!!! You're going to close my account over some internal **, and then ask me to reopen a card to give me back my credit, so you take an internal issue your fraudulent credit company has and make it a public issue by now wanting to put an inquiry on my credit, which you’ve now damaged by closing my credit card without probable cause.
Citibank held payment without notice to me the consumer, advised me to place a stop payment and then. Lose my account because of it again without informing me! I am angry, disgusted, disappointed, and sadden by the fact that I lost my favorite credits and travel card with my favorite airline because of this **! I will be writing to the Better Business Bureau, American airline, the banking commission, and I will be taking this issue to social media! This is only the beginning of the exposure of Citibank’s poor credit policies and the lack of loyalty to their consumers!!!!
Citi Secured Credit Card Company Information
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