First Latitude Secured Mastercard® Review

Navigating the world of credit cards can be daunting, especially for those with limited or poor credit history. The First Latitude Secured Mastercard® aims to provide a gateway for individuals looking to build or rebuild their credit. With a unique offering of 1% cash back on payments made towards the credit card account, this card sets itself apart from traditional secured cards. However, it comes with its own set of pros and cons that potential users should carefully consider. Below is an in-depth review of the First Latitude Secured Mastercard® to help you make an informed decision.

First Latitude Secured Mastercard® Key Takeaways

– Issuer: Synovus Bank
– Annual Fee: $39
– APR: 19.24% Variable
– Rewards: 1% cash back on payments made to the credit card account
– Credit Requirement: No credit history to poor (0-579)
– Additional Fees: Late Payment Fee up to $41, Return Payment Fee up to $30, Cash Advance Fee of $10 or 3% (whichever is greater), APR for Cash Advances 25.24% Variable
– Key Benefits: Cash back rewards, available to individuals with limited credit history
– Drawbacks: No balance transfers, foreign transaction fees

First Latitude Secured Mastercard® Pros and Cons

Pros

1. Credit Building Opportunity: Designed specifically for individuals with no credit history or poor credit scores, this card provides a stepping stone for building or rebuilding credit.
2. Cash Back Rewards: Unique among secured cards, it offers 1% cash back on payments made towards the credit card account, incentivizing timely payments.
3. Low Annual Fee: At $39 annually, the fee is relatively modest compared to other secured credit cards.
4. Easy Online Management: Users can manage their accounts and pay bills online through the issuer’s website.
5. Customer Service: Synovus Bank provides robust customer service options, including phone support.

Cons

1. High APR: With a 19.24% variable APR, carrying a balance can become costly.
2. Cash Advance Fees: The card has a cash advance fee of $10 or 3% of the cash advance amount, whichever is greater, coupled with a high 25.24% variable APR on cash advances.
3. No Balance Transfers: This card does not offer balance transfer options, limiting its utility for those looking to consolidate debt.
4. Foreign Transaction Fee: Fees for international transactions can add up, making it less ideal for travelers.
5. Limited Rewards: While the 1% cash back on payments is unique, it pales in comparison to rewards offered by unsecured cards.

First Latitude Secured Mastercard® Benefits

Credit Building

One of the primary benefits of the First Latitude Secured Mastercard® is its role in credit building. For individuals with no credit history or poor credit scores, obtaining a traditional credit card can be challenging. Secured credit cards, like this one, require a security deposit, which serves as collateral and typically determines the credit limit. This reduces the risk for the issuer and allows more people to qualify.
The First Latitude Secured Mastercard® reports to all three major credit bureaus (Equifax, Experian, and TransUnion). By making timely payments, users can gradually improve their credit scores. This reporting is crucial as it ensures that responsible usage of the card will positively impact your credit profile.

Cash Back Rewards

Cash back rewards on secured cards are rare, making the 1% cash back on payments a notable feature. This reward structure incentivizes users to make payments on time and reduce their balances, both of which are beneficial for credit building. While 1% may seem modest, it adds up over time, providing a small but tangible return on the effort to manage credit responsibly.

Affordable Annual Fee

The $39 annual fee is relatively low compared to other secured credit cards, some of which can charge upwards of $50 or more. This makes the First Latitude Secured Mastercard® a cost-effective option for those starting their credit journey.

Online Account Management

In today’s digital age, the ability to manage your account online is a significant convenience. The First Latitude Secured Mastercard® allows users to pay bills, track spending, and monitor their account from the issuer’s website. This feature helps users stay on top of their finances and ensures they can make timely payments, which is crucial for credit building.

Synovus Bank Customer Support

Synovus Bank, the issuer of the First Latitude Secured Mastercard®, is known for its customer service. Users can access support via phone, ensuring assistance is available when needed. Good customer service can be a lifeline for those new to credit cards, providing guidance and support in managing their accounts.

Conclusion

The First Latitude Secured Mastercard® offers a unique blend of benefits and drawbacks that make it suitable for specific users. Its primary appeal lies in its accessibility for individuals with no credit history or poor credit scores and the opportunity it provides to build or rebuild credit. The 1% cash back on payments is a rare and welcome feature among secured cards, providing an additional incentive for responsible credit management.
However, potential users should be aware of the card’s high APR and associated fees. Carrying a balance or taking out cash advances can quickly become costly. Additionally, the lack of balance transfer options and foreign transaction fees may limit the card’s appeal for some.
In summary, the First Latitude Secured Mastercard® is a solid option for those looking to establish or improve their credit. Its unique cash back rewards and low annual fee make it an attractive choice, provided users are mindful of the associated costs and fees. As with any financial product, it’s essential to assess your individual needs and circumstances before making a decision.