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Discovering the proper secured bank card can really feel overwhelming, particularly in case you have weak credit.
This First Latitude Credit score Card evaluation will aid 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 fee made
No minimal credit score rating requirement
Reviews to all three credit score bureaus
Has a excessive APR of 24.49%
Prices a $19.95 set-up charge
Prices a $25 annual charge the primary 12 months, then $35
Apply for the First Latitude Card
First Latitude Credit score Card: Foremost Advantages & Perks
The First Latitude bank card is a secured bank card with fewer advantages than others, however right here’s what you’ll be able to look ahead to 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 just $100, but when that’s all you must put towards it, you can begin constructing credit score with $1 at a time.
Earn Rewards for Funds
Most reward bank cards pay you while 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
In case 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.
Reviews 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 properly, making funds on time, and never overextending your credit score line will help you construct credit score.
First Latitude Credit score Card: Foremost Drawbacks
The First Latitude bank card has some downsides you have to contemplate.
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 go away 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 may keep away from if you happen to take a look at your options. The charges embrace:
$19.95 set-up charge 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 charge of $25 for the primary 12 months; the charge will increase to $35 yearly, even if you happen to don’t use the cardboard
Money advance charge equal to $10 or 3% of the quantity, whichever is larger
Late fee charge of $41
Returned fee charge of $30
Should Accumulate 500 Factors To Redeem Them
The cashback rewards are a pleasant incentive to pay your invoice, however you can’t money them in till you have got 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 charge 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 start out constructing your credit score if you happen to don’t qualify for different options, as I talk about under.
Greatest Alternate options to First Latitude Credit score Card
The First Latitude bank card isn’t the worst bank card, but it surely’s not the perfect, both. Listed below are some 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 charge, 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 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 charge and permits safety deposits of $49, $99, or $200 for a $200 credit score line. It will depend on your credit score rating and qualifying elements.
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 charge 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 charge and doesn’t require a credit score examine for approval. The minimal safety deposit is $300, and so they report back to all three credit score bureaus.
After six months, they’ll reassess to see if you happen to qualify for a better credit score line or if you happen to can graduate to an unsecured card.
Avant Credit score Card
The Avant bank card has a $39 annual charge, presents 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, and so they robotically decide if you happen to can have a better credit score restrict while you use the cardboard. There are not any hidden charges, however they do a tough credit score examine to find out if you happen to qualify.
UNITY Visa® Secured Credit score Card
The UNITY Visa® Secured bank card shares data with the three credit score bureaus. The cardboard additionally has a $39 annual charge and 17.99% APR. Nonetheless, they aren’t clear about how a lot is required for a safety deposit.
Regularly Requested Questions
The First Latitude bank card might aid you construct credit score if you happen to don’t have any but. Listed below are some widespread questions folks 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 numerous charges, and the annual charge instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place if you happen to 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 if you happen to 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 while you make funds to your bank card. That is totally different than most bank cards, but it surely’s motivation to pay your invoice.
Does First Latitude Credit score Card Have an Intro Apr Provide 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 Onerous 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 number of factors, however if you happen to use your bank card appropriately, it ought to enhance shortly once more.
Does the First Latitude Credit score Card Have Pre-Approval?
It’s essential to full an software to find out if you happen to 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 Anyplace?
You should use the First Latitude bank card anyplace 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 can also make a money advance with the First Latitude bank card; nevertheless, the APR will increase to 29.49%, and there’s a charge 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 if you happen to don’t qualify for different secured bank cards with no charges that pay rewards.
In my First Latitude bank card evaluation, I found that the cardboard is just good for these with no credit score or a rating that doesn’t enable them to qualify for every other card.
I encourage you to take a look at your options and examine your choices. Look not solely on the credit score line but additionally on the charges and different advantages every card presents.
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