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Discovering the best secured bank card can really feel overwhelming, particularly when you have low credit.
This First Latitude Credit score Card overview will assist you perceive how this card works and decide if it’s best for you.
First Latitude Credit score Card Highlights
- Low-security deposit beginning at $100
- Earn 1% again for every cost made
- No minimal credit score rating requirement
- Experiences to all three credit score bureaus
- Has a excessive APR of 24.49%
- Expenses a $19.95 set-up payment
- Expenses a $25 annual payment the primary 12 months, then $35
Apply for the First Latitude Card
First Latitude Credit score Card: Important Advantages & Perks
The First Latitude bank card is a secured bank card with fewer advantages than others, however right here’s what you possibly can sit up for with this card.
Low-Safety Deposit
Not like most secured bank cards, the safety deposit is low with the First Latitude bank card. You want solely $100 to open a bank card. Now, this implies your credit score line is simply $100, but when that’s all it’s a must to put towards it, you can begin constructing credit score with $1 at a time.
Earn Rewards for Funds
Most reward bank cards pay you once you make purchases, however the First Latitude bank card rewards you for making funds as a substitute. Every time you make a cost, you’ll earn 1% of the cost as cashback rewards. You may redeem the factors for a bank card assertion credit score.
Good Credit score Is Not Required
In the event you want a secured bank card, chances are high you don’t have good credit score, or perhaps you haven’t constructed credit score but. This doesn’t matter with the First Latitude bank card. They don’t require a minimal credit score rating.
Experiences to the Credit score Bureaus
The purpose of a credit score constructing bank card is to report your exercise to the credit score bureaus.
Fortuitously, First Latitude stories your historical past to all three credit score bureaus. Utilizing your bank card correctly, making funds on time, and never overextending your credit score line may help you construct credit score.
First Latitude Credit score Card: Important Drawbacks
The First Latitude bank card has some downsides it’s essential to think about.
Small Credit score Line
There isn’t a lot you are able to do with a $100 credit score line. Whereas it’s good that they permit this low of a safety deposit, it doesn’t depart a lot to be used that can assist you construct a credit score rating.
Ideally, you shouldn’t have a stability that exceeds 30% of your credit score line, which suggests solely $30, which isn’t sufficient to do a lot.
Excessive Charges
The First Latitude bank card has some excessive charges that you simply would possibly keep away from should you take a look at your alternate options. The charges embody:
- $19.95 set-up payment that it’s essential to pay inside 30 days of opening the cardboard or they withdraw your utility, which will increase your up-front charges to $119.95, together with the minimal $100 safety deposit
- Annual payment of $25 for the primary 12 months; the payment will increase to $35 yearly, even should you don’t use the cardboard
- Money advance payment equal to $10 or 3% of the quantity, whichever is larger
- Late cost payment of $41
- Returned cost payment of $30
Should Accumulate 500 Factors To Redeem Them
The cashback rewards are a pleasant incentive to pay your invoice, however you can not money them in till you’ve gotten 500 factors. This is the same as a $5 bank card assertion credit score.
Who Is First Latitude Credit score Card Greatest For?
The First Latitude bank card is greatest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a particular credit score rating. Nonetheless, I’d use it to construct credit score for the primary 12 months, pay my invoice off, and obtain my safety deposit again.
The charges are excessive however not extreme. The $19.95 set-up payment is one thing most playing cards don’t have, however then once more, they settle for any credit score rating, so it’s a small value to pay to begin constructing your credit score should you don’t qualify for different alternate options, as I talk about beneath.
Greatest Options to First Latitude Credit score Card
The First Latitude bank card isn’t the worst bank card, however it’s not the perfect, both. Listed below are some alternate options to check it to.
Uncover it® Secured Credit score Card
The Uncover it® secured bank card doesn’t have an annual or set-up payment, and credit score traces begin at $200, with a $200 safety deposit.
The cardboard pays 2% again on gasoline and restaurant purchases as much as $1,000 per quarter and 1% on the whole lot else. Uncover additionally matches your cashback earned for the primary 12 months, greenback for greenback.
Capital One Platinum Secured Credit score Card
The Capital One Platinum Secured bank card doesn’t have an annual payment and permits safety deposits of $49, $99, or $200 for a $200 credit score line. It is determined by your credit score rating and qualifying components.
The APR on this card is excessive at 30.74% versus the First Latitude APR of 24.49%, however there are a lot decrease charges.
Capital One Quicksilver Secured Money Rewards Credit score Card
The Capital One Quicksilver Secured credit score card additionally doesn’t have an annual payment however requires not less than a $200 safety deposit. Cardholders earn a vast 1.5% again on all purchases, however the APR, like on the Capital One Platinum card, is excessive at 30.74%.
OpenSky® Plus Secured Visa® Credit score Card
The OpenSky® Plus Secured Visa® bank card doesn’t have an annual payment and doesn’t require a credit score examine for approval. The minimal safety deposit is $300, they usually report back to all three credit score bureaus.
After six months, they’ll reassess to see should you qualify for the next credit score line or should you can graduate to an unsecured card.
Avant Credit score Card
The Avant bank card has a $39 annual payment, provides an preliminary credit score line of $300, and has a excessive 31.24% APR.
The tradeoff is that you simply don’t want a safety deposit, they usually routinely decide should you can have the next credit score restrict once you use the cardboard. There are not any hidden charges, however they do a tough credit score examine to find out should you qualify.
UNITY Visa® Secured Credit score Card
The UNITY Visa® Secured bank card shares info with the three credit score bureaus. The cardboard additionally has a $39 annual payment and 17.99% APR. Nonetheless, they don’t seem to be clear about how a lot is required for a safety deposit.
Continuously Requested Questions
The First Latitude bank card could assist you construct credit score should you don’t have any but. Listed below are some widespread questions individuals ask in regards to the card.
Is the First Latitude Credit score Card a Good First-Time Credit score Card?
The First Latitude bank card has a variety of charges, and the annual payment instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place should you qualify for different secured bank cards, just like the Uncover it® secured bank card.
What Is the First Latitude Credit score Card Login Web page?
You may log into your First Latitude bank card on the web site or obtain their cell app to simply handle your account.
What Is the Credit score Restrict for the First Latitude Credit score Card?
The bottom credit score restrict for the First Latitude bank card is $100, however should you can afford the next safety deposit, you get the next credit score line. They go as much as $2,000.
Does First Latitude Credit score Card Have a Money Again or Rewards Program?
First, Latitude pays 1% money again once you make funds to your bank card. That is totally different than most bank cards, however it’s motivation to pay your invoice.
Does First Latitude Credit score Card Have an Intro Apr Supply on Stability Transfers?
Sadly, First Latitude doesn’t supply any promotions for brand spanking new bank card holders. The good thing about this card is you can begin constructing credit score.
Does the First Latitude Credit score Card Do a Laborious Pull?
Sure, First Latitude does a tough pull in your credit score. Nonetheless, they don’t require a minimal credit score rating, so it received’t matter. The draw back is that your credit score rating will drop a couple of factors, however should you use your bank card appropriately, it ought to improve shortly once more.
Does the First Latitude Credit score Card Have Pre-Approval?
You have to full an utility to find out should you qualify for the First Latitude bank card. They don’t supply a no-credit pull pre-approval.
What Is the First Latitude Credit score Card Credit score Rating Requirement?
Fortuitously, First Latitude doesn’t require a minimal credit score rating. As a result of it’s a credit score constructing secured bank card, they don’t have a minimal rating requirement.
Can I Use the First Latitude Credit score Card Wherever?
You should use the First Latitude bank card anyplace Mastercard® is accepted. This implies tens of millions of shops, eating places, and leisure institutions.
Can I Withdraw Money From the First Latitude Credit score Card?
Sure, you may make a money advance with the First Latitude bank card; nonetheless, the APR will increase to 29.49%, and there’s a payment of $10 or 3% of the quantity, whichever is larger.
Is the First Latitude Credit score Card Greatest for You?
The First Latitude bank card works should you don’t qualify for different secured bank cards with no charges that pay rewards.
In my First Latitude bank card overview, I found that the cardboard is simply good for these with no credit score or a rating that doesn’t enable them to qualify for another card.
I encourage you to take a look at your alternate options and evaluate your choices. Look not solely on the credit score line but additionally on the charges and different advantages every card provides.
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