Overview of The First Latitude Platinum MasterCard® Credit Card
If you have bad or damaged credit or simply a limited credit history, The First Latitude Secured Credit Card design for customers like you. It’s for one who may have had credit issues in the past and need to rebuild credit. The Credit Card is a new secured card program serviced by First Progress. It worked with the security deposit rather than on a credit score. Also, have absolutely no annual fee. This could make it compelling to anyone looking to build credit.
The First Latitude Platinum MasterCard® Secured Credit Card Features and Benefits
The First Latitude Platinum Card has a couple of solid features and advantages. These features could make it convincing to anybody hoping to rebuild credit or build new credit. In my opinion, before you get a First Latitude Credit card, you need to Know the whole financial package and benefits. In any case, there are likewise a couple of minor downsides you’ll need to know about it.
No Annual Fee
Usually, secured cards come with expensive fees, as they are typically targeted at consumers with bad credit. But thanks to The First Latitude Credit Card, as they charge no annual fee. Honestly, It is the best option to build credit and save yearly prices at the same time. Moreover, The First Latitude Credit Card will wholly refund your security deposit. If later you want to close your account with having no current balance.
Reports to the Three Major Credit Bureaus
As you must set up a security deposit to use a credit card, you will get credit for your on-time payment history. Thankfully, the First Latitude Credit Card will report your credit history to all three major credit bureaus–Experian, TransUnion, and Equifax. It should keep in mind that it works two ways. Using a card that reports to the bureaus can assist you with improving your credit score. Only in case if you’re making your payments on time. So, this way, it works positively. But late or missed payments will also report to the bureaus. That can cause poor and damaged scores.
No Credit History Requirement
Eventually, like other secured Credit Cards, your credit score does not require. The First Latitude Card does not demand credit history to determine the credit limit. Alternatively, you’ll post a security deposit that will act as an assurance against your credit limit. The minimum security deposit with The First Latitude Credit Card is $200, and the maximum is $2,000. In fact, you’re not required to have any credit history at all. But, you should know that First Latitude will still check your credit when you submit your application. And the lack of a particular least credit score doesn’t certainly support approval.
The security deposit will deposit in an FDIC-guaranteed Synovus Bank account. Synovus Bank is the parent company of first progress. Notably, The FDIC can guarantee up to $250,000 in bank deposits. So even if you set up the maximum security deposit of $2,000. You can have faith that the FDIC will protect your cash. So, submitting your deposit amount to the account for this credit card, you don’t need to worry about security.
On their online application, the First Latitude credit card will request your telephone number. The number can use to speak with you through text about coming bills or other important warnings. Although, they don’t currently have a mobile app available for cardholders. You’ll have to sign in to your online account entry to screen your record action or make payments. By using an official website, one can get 24/7 Online Access to one’s Account.
No Rewards Program
Mainly, the purpose of using a secured Credit Card is to improve your credit or build credit. In contrast, rewards are the optional parameter to attract consumers. But unfortunately, the First Latitude Credit Card does not provide any reward feature at all. So, in some way, it causes the loss of interest for the consumers. It has no rewards program at all. Remember, secured cards like The First Latitude Card are to build credit; they are not the ultimate goal. After suitable months of making on-time payments with The First Latitude Card, Credit may have improved, that you can begin to apply for some of the top rewards credit cards.
Program Specs and Fees
As remark before, First Latitude Card charges no annual fee instead you have to deposit a security deposit. However, few other costs are associated with the card. The foreign transaction fee will be 3% of the transaction every time purchase outside the USA. You get a variable APR of 25.99% on the purchases. Which is considered relatively high compare to the other secured credit cards.
For late payments, the fee will be up to $4, returned payments will cost up to $29, and expedited telephone payment costs $10. Online customer support is only available for cardholders. Finally, To take advantage of the “Apply Now and Fund Later” option, First Latitude cardholders can prefer to pay a $29.95 fee. Basically, you’ll get up to 90 days after receiving card approval to provide your security deposit for this credit card.
Disadvantages of The First Latitude Platinum MasterCard® Credit Card
The First Latitude Credit Card has no rewards because its primary role is to build credit. There is no clear way to identify it as partially unsecured or wholly unsecured versions of the card. Moreover, in the fast-growing and digitalized world, it still has no mobile application. Which is not acceptable for most of the young consumers who are willing to build their credit. The card is not yet available in four states; New York, Iowa, Arizona, and Wisconsin.
Is The First Latitude Platinum MasterCard® Credit Card For You?
In any case, before you pick the First Latitude Card, compare its features with the other capital secured credit cards on the market. Maybe depending on your credit status, you may be able to qualify for a secured card that offers more credit limit increases or security deposit refunds, or possibly even have a rewards option. But if you are particularly looking for a credit card to build your credit, The First Latitude Credit Card is a suitable choice.