Citi Secured Credit Card

Citi Secured Credit Card

 3.5/5 (64 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

About Citi Secured Credit Card

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Refundable deposit
  • Automatic credit review
  • No annual fee

Cons

  • No rewards
  • Longer approval process

Bottom Line

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.

FeeAmount
Annual fee$0
Cash advance fee5% (10 min.)
Foreign transaction fee3%
Late payment feeUp to $39
Returned payment feeUp 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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Recent
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Citi Secured Credit Card?
How do I know I can trust these reviews about Citi Secured Credit Card?
  • 3,826,880 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: June 14, 2022

Do not use their credit service. Citi bank will rob you. They randomly drained my account, it took 2 days to get my money back and then they hit me for a missed payment. They just randomly added over 4k to one of my card balanced. I don't know how the hell they get away with this. STAY AWAY. In less than 3 months they managed to drag my credit score from a 740 to a 590. STAY AWAY. Do not finance anything through them.

Be the first one to find this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Feb. 1, 2022

Eight months ago I applied for a Citi Secured card as I didn't have any credit cards. That is worse than having bad credit these days. I paid the balance every month. Within 8 months, Citi is returning my security deposit and issuing a non-secured MasterCard. What's not to like about that? I used less than 10% of the credit limit each month, too. Significantly increased my credit score.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Secured Credit Cards delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 21, 2021

    My dad called because he wanted clarification on the daily transfer limit for his bank account, but unfortunately he got an absolutely terrible customer service rep. The connection itself was bad and he kept on mumbling too fast for even me (a native English speaker) to hear. The rep then had the audacity to yell at my dad when he repeatedly asked him to speak slower, saying "How slow do you need me to speak? Are you even able to speak English?" in the most condescending and aggressive way. After my dad asked the rep his questions, the rep hung up the phone on mid-call. I highly recommend you to use any other banking service than Citi--absolutely atrocious that people can get away with that kind of racism in 2021.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 16, 2021

    I've been a Citi mastercard customer for 40 years, never had an issue until now. We received our bill, noted a fraudulent charge, called CS, asked for fraud dept., and (for the first time in 40 years) were dumped into an outsourced generic call center. The rep, who barely spoke English, said she'd flag the charge but refused to issue new numbers. A week later, the VERY SAME FRAUDSTER charged hundreds of dollars more to our account. Got dumped into the same generic foreign call center, had to escalate and wait for a "supervisor", took literally ten minutes of insisting on getting new numbers issued to get them to say they'd do it.

    Two weeks later (in the past, they were overnighted ASAP) we receive the cards, call the activation number, which goes to SOMEONE'S HOME!!! The "representative's" mother answered in Spanish (she'd obviously been woken up was still half asleep), I had to wait for the rep who had little English herself. Then, she insisted she could not activate our new cards unless I gave her the checking account number (from another bank altogether) from the account we usually paid the bill with. This cannot be legal, is insanely dangerous, and is a brand new practice from Citibank. I've now had to transfer all my accounts and my card to a brand new local bank. What I don't understand is how Citi is allowed to do this.

    Be the first one to find this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Oct. 27, 2021

    My unsecured Quicksilver is history thanks to me applying for a Discover I was matched with. I was approved for the unsecured Discover It card and notified to wait for my card 5-7 business days. The message indicated I would have $1000 credit limit. As I'm waiting I learned I must sign an IRS 4506-T which is a release of tax transcript to the Credit Bureaus as per Discovers "business policy ". I will flunk the tax verification which disqualifies me for the Discover. I learned my Quicksilver card, which I've had 22 months is also subject to IRS verification by the credit bureau as well.

    I had almost 2 years of 10-20% credit utilization with paid in full on time payments. This fine report I put together this past 2 years went down the toilet in a wink thanks to me applying for a second card which I didn't need. I have no more active credit cards. I have no other lines of credit nor have I declared any bankruptcy. There are no collection agencies after me or any other derogatory reports to my name.

    I took the prequalification for a Citi Secured MC. I was informed it was unlikely I'd be approved. It's really strange that I'd be turned away from a secured card but there you have it. With 2 credit cards closed administratively, one having an unpaid balance of $13. I am worse off than I started 2 years ago when I thought to improve my score with a credit builder card. The thing is I am over 60 and just now working on my credit score because I never needed to borrow money in my life nor do I need these credit cards as another source of income. I'm guessing the credit card companies are worried I'm going to catch Covid and kick off carrying an unpaid credit card balance.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 27, 2021

    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.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 26, 2021

    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.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 14, 2021

    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.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 29, 2021

    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.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 15, 2021

    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.

    Be the first one to find this review helpful
    Loading more reviews...

    Citi Secured Credit Card Company Information

    Company Name:
    Citi Secured Credit Card
    Website:
    www.citi.com