Citi Secured Mastercard Review 2023
The Citi Secured Mastercard is a no-frills secured credit card that, with responsible use, can help you build your credit history and improve your credit score.
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Citi Secured Mastercard Review: Is the Citi Secured Mastercard the Best Credit Card for You?
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This is a secured credit card, which means you'll have to deposit a chunk of cash to the bank upon account opening. The bank will extend to you a credit line equal to your deposit (minimum $200). If you decide to close your credit card, you'll get your deposit back.
There are two big downsides to this
First, the maximum amount of money you can deposit to open the
Second, you won't earn any rewards for your spending. This is well below average, even for a secured credit card. For example, the
- Fast food
- Home utilities
- TV/internet/streaming
- Department stores
- Cell phone providers
- Electronic stores
- Sporting goods stores
- Gyms/fitness centers
- Ground transportation
- Movie theaters
- Furniture stores
- Select clothing stores
You'll also earn 5% cash back on prepaid air, hotel, and car reservations booked through the U.S. Bank Rewards Travel Center. On top of that, you'll get 2% cash back on eligible purchases in your choice of one other category:
- Grocery stores and grocery delivery
- Restaurants
- Gas stations/EV charging stations
You'll earn 1% cash back on all other eligible purchases. That's quite a stark difference between what the
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Citi Secured Credit Card Rewards
This card does not come with a rewards program. You won't get a welcome bonus, and you won't get any return for your spending.
And that's fair enough — this card isn't targeted at those with the primary goal of earning lots of cash back and travel rewards. Those opening the
Citi Secured Credit Card Benefits and Features
As you may expect, the
Free FICO score
Most credit card issuers, including Citi, give you the opportunity to access your FICO score at no cost. This is a good way of keeping tabs on your credit score and how you're progressing with building your credit history.
Choose your payment due date
With the
Account alerts
For those not accustomed to the various responsibilities involved with holding a credit card, the
ID Theft Protection
Mastercard will alert you if it finds suspicious activity surrounding your credit cards. Its goal is to eliminate identity theft. You can enroll for free and the monitoring will begin immediately.
Citi Secured Credit Card Annual Fee and Other Costs
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There are also fees for other activities, including:
- Foreign transactions: 3% of each purchase transaction in US dollars (if you're traveling overseas, consider using one of the best credit cards with no foreign transaction fees instead)
- Balance transfers: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash advances: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late payments: Up to $41
- Returned payments: Up to $41
How the Citi Secured Mastercard Compares
Citi Secured Mastercard vs other Citi credit cards
Annual fee | |||
Rewards rate | N/A | N/A | N/A |
0% intro APR offer | N/A | ||
Benefits | Free FICO score Choose payment due date ID Theft Protection Refundable security deposit | Free FICO score Choose payment due date ID Theft Protection | Free FICO score Choose payment due date ID Theft Protection |
Review | Citi Simplicity Card review | Citi Diamond Preferred credit card review |
Citi Secured Mastercard vs other secured credit cards
Annual fee | |||
Rewards rate | N/A | 5% cash back on your first $2,000 in combined spending each quarter in two categories you choose* 5% cash back on prepaid air, hotel, and car reservations booked through the Rewards Travel Center 2% cash back on eligible purchases in your choice of one category*** 1% cash back on all other eligible purchases | 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases |
Minimum security deposit | $200 | $300 | $200 |
Benefits | Free FICO score Choose payment due date ID Theft Protection Refundable security deposit
| Choose your payment due date Zero fraud liability Contactless payments Refundable security deposit | No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit |
Review | US Bank Cash Plus Secured credit card review | Capital One Quicksilver Secured card review |
*Eligible 5% categories on the
***Eligible 2% categories on the
Citi Secured Credit Card Frequently Asked Questions
How does the Citi Secured Mastercard work?
Upon account opening, you must deposit money to the bank as a sort of collateral. The amount of your deposit will determine the size of your credit line. Then, if you are unable to pay your bill for some reason, the bank can simply use your deposit to pay the card off — guaranteeing that they won't lose money by taking a chance on extending credit to you.
Does the Citi Secured Credit Card report to credit bureaus?
Citi will report your account activity to all three major credit bureaus. Over time, with responsible use, this can help boost your credit score.
Who is eligible for the Citi Secured Credit Card?
The
Is the Citi Secured Mastercard good?
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How do you add money to the Citi Secured Mastercard?
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What is the Citi Secured Mastercard minimum security deposit?
The minimum security deposit for this card is $200. That's lower than many competing secured credit cards which demand a $300 deposit.
Methodology: How We Reviewed the Citi Secured Mastercard
We've graded the
Here's a closer look at how we rate credit cards at Insider.