Discovering the suitable secured bank card can really feel overwhelming, particularly when you have horrible credit.
This First Latitude Credit score Card assessment will enable 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%
- Fees a $19.95 set-up payment
- Fees a $25 annual payment the primary 12 months, then $35
Apply for the First Latitude Card
First Latitude Credit score Card: Essential 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
In contrast to 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 whenever 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
Should 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 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 will help you construct credit score.
First Latitude Credit score Card: Essential Drawbacks
The First Latitude bank card has some downsides you will need 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 will help you construct a credit score rating.
Ideally, you shouldn’t have a stability 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 simply may keep away from for those who have a look at your alternate options. The charges embrace:
- $19.95 set-up payment that you will need 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 payment of $25 for the primary 12 months; the payment will increase to $35 yearly, even for those who don’t use the cardboard
- Money advance payment equal to $10 or 3% of the quantity, whichever is larger
- Late fee payment of $41
- Returned fee 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 could have 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 finest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a particular credit score rating. Nevertheless, 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 worth to pay to begin constructing your credit score for those who don’t qualify for different alternate options, as I focus on under.
Greatest 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 here are some alternate options to match 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 fuel and restaurant purchases as much as $1,000 per quarter and 1% on every part 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 relies 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 credit score card additionally doesn’t have an annual payment however requires a minimum of 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 payment 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 for those who qualify for a better credit score line or for those who 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, and so they routinely decide for those who can have a better credit score restrict whenever you use the cardboard. There aren’t any hidden charges, however they do a tough credit score examine to find out for those who 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. Nevertheless, 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 might enable you construct credit score for those who don’t have any but. Listed here are some frequent questions individuals ask concerning the card.
Is the First Latitude Credit score Card a Good First-Time Credit score Card?
The First Latitude bank card has loads of charges, and the annual payment instantly depletes your low $100 credit score line if that’s all you place down. You’ll be in a greater place for those who 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 for those who 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 whenever 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 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. Nevertheless, they don’t require a minimal credit score rating, so it gained’t matter. The draw back is that your credit score rating will drop a number of factors, however for those who use your bank card accurately, it ought to enhance shortly once more.
Does the First Latitude Credit score Card Have Pre-Approval?
You need to full an software to find out for those who 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 hundreds of 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; 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 for those who don’t qualify for different secured bank cards with no charges that pay rewards.
In my First Latitude bank card assessment, 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 some other card.
I encourage you to take a look at your alternate options and examine your choices. Look not solely on the credit score line but additionally on the charges and different advantages every card provides.
