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While offering no rewards and limited benefits, the Citi Secured Mastercard presents a good way to build credit whether you’re new or working your way back from having bad credit. It requires a security deposit to fund your credit limit, but Citi may eventually return your deposit if you show responsible credit habits.
Citi is a Credit Card Insider advertiser.
A balance transfer is a way to move debt from one card to another with the goal of saving money on interest.
Intro Balance Transfer APR | N/A |
Regular Balance Transfer APR | 22.49% (Variable) |
Balance Transfer Fee | 3% of each balance transfer; $5 minimum. |
Penalty APR | Up to 29.99% (Variable) |
Late Fee | Up to $40 |
Returned Payment Fee | Up to $40 |
Additional Cards Annual Fee | N/A |
Foreign Transaction Fee | 3% |
Borrowing cash on your card is a cash advance. Cash advances usually come with very high fees. Even worse, cash advances can signal to lenders that you’re being irresponsible with money.
Cash Advance APR | 25.24% (Variable) |
Cash Advance Fee | 5% of each cash advance; $10 minimum |
Citi has several card types depending on your needs.
You can usually pay your bill online on your
Credit card issuer's websiteThe Citi Secured Mastercard is very simple, with no rewards and no annual fee. It’s a secured credit card, which means it requires a refundable security deposit when you’re approved.
This card has a minimum security deposit of $200, with a maximum of $2,500. Your credit limit will be equivalent to the amount of your deposit. If you don’t have a bank account you can apply for this card in person at a Citibank.
If you use this card responsibly, Citi may give your security deposit back and offer an upgrade to an unsecured card, such as the Citi Simplicity® Card – No Late Fees Ever (Review).