Discovering the suitable secured bank card can really feel overwhelming, particularly you probably have adverse credit.

This First Latitude Credit score Card evaluate will make it easier to 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 fee made
No minimal credit score rating requirement
Studies to all three credit score bureaus
Has a excessive APR of 24.49%
Expenses a $19.95 set-up price
Expenses a $25 annual price the primary 12 months, then $35

Apply for the First Latitude Card

First Latitude Credit score Card: Primary Advantages & Perks

The First Latitude bank card is a secured bank card with fewer advantages than others, however right here’s what you may stay 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 barely $100, but when that’s all you need 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 if you make purchases, however the First Latitude bank card rewards you for making funds as an alternative. Every time you make a fee, you’ll earn 1% of the fee as cashback rewards. You may redeem the factors for a bank card assertion credit score.

Good Credit score Is Not Required

When you want a secured bank card, likelihood is 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.

Studies 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 experiences 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 might help you construct credit score.

First Latitude Credit score Card: Primary Drawbacks

The First Latitude bank card has some downsides you have to take into account.

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 steadiness that exceeds 30% of your credit score line, which implies solely $30, which isn’t sufficient to do a lot.

Excessive Charges

The First Latitude bank card has some excessive charges that you just would possibly keep away from when you have a look at your alternate options. The charges embrace:

$19.95 set-up price that you have to pay inside 30 days of opening the cardboard or they withdraw your software, which will increase your up-front charges to $119.95, together with the minimal $100 safety deposit
Annual price of $25 for the primary 12 months; the price will increase to $35 yearly, even when you don’t use the cardboard
Money advance price equal to $10 or 3% of the quantity, whichever is bigger
Late fee price of $41
Returned fee price 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 Finest For?

The First Latitude bank card is finest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a selected 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 price 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 when you don’t qualify for different alternate options, as I talk about under.

Finest Alternate options to First Latitude Credit score Card

The First Latitude bank card isn’t the worst bank card, however it’s not the very best, both. Listed here 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 price, and credit score strains 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 every thing 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 price and permits safety deposits of $49, $99, or $200 for a $200 credit score line. It depends upon 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 bank card additionally doesn’t have an annual price however requires not less than a $200 safety deposit. Cardholders earn an infinite 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 price and doesn’t require a credit score test 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 when you qualify for a better credit score line or when you can graduate to an unsecured card.

Avant Credit score Card

The Avant bank card has a $39 annual price, gives an preliminary credit score line of $300, and has a excessive 31.24% APR.

The tradeoff is that you just don’t want a safety deposit, they usually routinely decide when you can have a better credit score restrict if you use the cardboard. There are not any hidden charges, however they do a tough credit score test to find out when 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 price and 17.99% APR. Nonetheless, they don’t seem to be clear about how a lot is required for a safety deposit.

Ceaselessly Requested Questions

The First Latitude bank card could make it easier to construct credit score when you don’t have any but. Listed here are some frequent 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 lots of charges, and the annual price instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place when 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 cellular 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 when you can afford a better safety deposit, you get a better 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 if you make funds to your bank card. That is completely 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 Steadiness Transfers?

Sadly, First Latitude doesn’t supply any promotions for brand spanking new bank card holders. The advantage of this card is you can begin constructing credit score.

Does the First Latitude Credit score Card Do a Arduous 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 when you use your bank card appropriately, it ought to improve rapidly once more.

Does the First Latitude Credit score Card Have Pre-Approval?

You could full an software to find out when 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 utilize the First Latitude bank card wherever Mastercard® is accepted. This implies thousands and thousands 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; nevertheless, the APR will increase to 29.49%, and there’s a price of $10 or 3% of the quantity, whichever is bigger.

Is the First Latitude Credit score Card Finest for You?

The First Latitude bank card works when you don’t qualify for different secured bank cards with no charges that pay rewards.

In my First Latitude bank card evaluate, I found that the cardboard is barely good for these with no credit score or a rating that doesn’t enable them to qualify for some other 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 gives.