Review of the Citi Secured Mastercard (No Annual Fee) (2017)

Building credit/have no credit? Let’s take a look at one of the best secured credit cards on the market!

What makes this secured credit card one of the best in its category?: NO ANNUAL FEE

Yup. Unlike the BankAmericard Secured Credit Card, this card has no annual fee. All it requires is your security deposit ($200 – $2,500).

What are the benefits?:

  1. $0 Liability from Unauthorized Usage! Unlike cash, if your credit card is stolen, you don’t have to pay for it. Just file an unauthorized usage claim and Citi will refund you the amount spent.
  2. Extended Warranty, if your item breaks in 24 months, you may be eligible for a replacement, repair, or even up to $10,000 in compensation!
  3. Damage & Theft Purchase Protection, you may qualify for a repair/refund if your item is damaged or stolen within 120 days of purchase (90 days for New York residents).
  4. Trip Cancellation & Interruption Protection, you may qualify for reimbursement if your trip is cancelled or interrupted for reasons like sickness, injury, or severe weather.
  5. The are more benefits! You can find them here on the signup page: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card

Should you get a secured credit card?: If it’s your only option.

We normally recommend becoming an authorized user on a parent’s credit card to build credit. This is because there is no need for a security deposit and the benefits are normally much more abundant on their credit card.  That all being said, this secured credit card option is a great route to take if you can’t become an authorized user. It’s a step toward independence and it will help your credit grow if you make wise decisions. Then of course, after your credit score is above 600 and you’ve owned a credit card for half a year or so, you can graduate to a better card such as the Discover It for Students.

Sign up link: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card

Tags: Student Credit Card, Best Secured Credit Card, Credit Cards for No Credit, Credit Cards for Building Credit, Credit Cards for Students with No Credit, Citi Secured Credit Card, No Annual Fee

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