What is a secured card and how is it different from a traditional credit card?
A secured card is an option for people with little or no credit history, offering them the opportunity to help build a credit history as they make everyday purchases on their card, and pay their bill on time every month. Unlike traditional credit cards, a secured card requires a security deposit. To see our unsecured products visit citicards.com.
How does the security deposit work?
When submitting an application, submit a security deposit between $200 and $2,500. Once your security deposit is received and you are approved, your credit limit will be equal to the security deposit that you’ve submitted. Your security deposit will be held in a Collateral Holding Account for 18 months and will not earn interest. If your credit card account is in default, we may apply your security deposit to the outstanding credit card balance and close your account.
How can I receive a Citi Secured Mastercard?
To receive a Citi Secured Mastercard you must meet our credit qualification criteria for this card, which includes our review of your income and your debt. If you are approved, your credit limit will be equal to the amount of your security deposit. You must not have any bankruptcy history within the last two years.