Platinum Secured Mastercard® from First Technology Federal Credit Union Review

In today’s financial landscape, credit cards are more than just a tool for convenience—they are gateways to financial independence, credit building, and a host of rewards and benefits. One such option that stands out in the market is the Platinum Secured Mastercard® from First Technology Federal Credit Union. This card aims to cater to individuals who are new to credit or have a poor credit history, providing them with a reliable means to build or rebuild their credit profiles. In this extensive review, we will dive deep into the features, benefits, and drawbacks of the Platinum Secured Mastercard®, giving you a comprehensive understanding of what this card can offer.

Platinum Secured Mastercard® Review

Overview

Issuer:
First Technology Federal Credit Union (First Tech)
Card Type:
Secured Credit Card
Annual Fee:
$0
APR:
14.25% – 18.00% Variable
Credit Score Requirement:
No Credit History to Poor (0-579)
Rewards:
1x point for every dollar spent on everyday purchases
Introductory Offers:
None
Foreign Transaction Fees:
None
Balance Transfer Fees:
Not available
Cash Advance Fees:
None
Late Payment Fee:
Up to $25
Return Payment Fee:
Up to $25
Benefits:
Credit building, no annual fee, no foreign transaction fees

Platinum Secured Mastercard® Key Takeaways

Credit Building Potential

The Platinum Secured Mastercard® from First Tech is specifically designed for individuals with no credit history or those with poor credit scores. As a secured credit card, it requires a security deposit, which essentially acts as your credit limit. This means that if you deposit $500, your credit limit will be $500. This setup makes it less risky for the issuer and provides an opportunity for you to build or rebuild your credit score.

Competitive APR

The card offers a variable APR ranging from 14.25% to 18.00%, which is relatively competitive compared to other secured cards in the market. However, it’s crucial to remember that carrying a balance can result in significant interest charges over time. Therefore, it’s always advisable to pay off your balance in full each month to avoid accruing interest.

No Annual Fee

One of the standout features of this card is the absence of an annual fee. Many secured credit cards come with an annual fee, which can be a burden, especially for those trying to build credit. With the Platinum Secured Mastercard®, you can focus on improving your credit without worrying about an additional yearly cost.

Rewards Program

The Platinum Secured Mastercard® offers a straightforward rewards program, providing 1x point for every dollar spent on everyday purchases. While this isn’t the most lucrative rewards structure, it is a nice bonus for a secured card aimed at credit building.

No Foreign Transaction Fees

For those who travel frequently or make purchases from international vendors, the absence of foreign transaction fees is a significant advantage. Many credit cards charge a 2-3% fee on foreign transactions, which can add up quickly. With the Platinum Secured Mastercard®, you can use your card abroad without incurring extra costs.

Limited Introductory Offers and Balance Transfer Options

One notable drawback of the Platinum Secured Mastercard® is the lack of introductory offers and balance transfer options. Many credit cards offer 0% APR for an introductory period or incentives like cash bonuses. Unfortunately, this card does not provide such perks, which might be a deal-breaker for some potential users.

Platinum Secured Mastercard® Pros and Cons

Pros:

– No Annual Fee: Enjoy the benefits of the card without worrying about an annual fee.
– No Foreign Transaction Fees: Make purchases abroad without incurring extra costs.
– Credit Building: Ideal for individuals with no credit history or poor credit scores.
– Low APR Range: Competitive APR range of 14.25% – 18.00% Variable.
– Rewards Program: Earn 1x point for every dollar spent on everyday purchases.

Cons:

– No Introductory Offers: Lacks 0% APR or sign-up bonuses.
– No Balance Transfer Options: Cannot be used for balance transfers.
– Security Deposit Required: Requires an upfront security deposit, which may be a barrier for some.
– Basic Rewards Structure: The rewards program is not as lucrative as other cards.

Platinum Secured Mastercard® Benefits

Credit Building

The primary benefit of the Platinum Secured Mastercard® is its potential to help you build or rebuild your credit. By making timely payments and maintaining a low balance, you can improve your credit score over time. First Tech reports to all three major credit bureaus—Experian, Equifax, and TransUnion—ensuring that your positive credit behavior is reflected in your credit reports.

No Annual Fee

With no annual fee, the Platinum Secured Mastercard® allows you to focus on credit building without the burden of an additional yearly cost. This is particularly beneficial for individuals who are just starting their credit journey and may not have the financial flexibility to pay an annual fee.

No Foreign Transaction Fees

For frequent travelers or those who make international purchases, the absence of foreign transaction fees is a significant advantage. You can use your Platinum Secured Mastercard® abroad without worrying about extra charges, making it a convenient option for global use.

Competitive APR

The variable APR range of 14.25% – 18.00% is relatively competitive for a secured credit card. While it’s always best to avoid carrying a balance, having a lower APR can save you money on interest charges if you do need to carry a balance from time to time.

Rewards Program

Earning 1x point for every dollar spent on everyday purchases is a nice bonus for a secured credit card. While the rewards structure is not as generous as some other cards, it still provides an incentive to use the card regularly and can add up over time.

Security and Protection

As a Mastercard, the Platinum Secured card comes with several security features and protections, including zero liability for unauthorized purchases, ID theft protection, and fraud monitoring. These features provide peace of mind and ensure that your financial information is secure.

Conclusion

The Platinum Secured Mastercard® from First Technology Federal Credit Union is a solid option for individuals looking to build or rebuild their credit. With no annual fee, no foreign transaction fees, and a competitive APR, it offers a cost-effective way to improve your credit score. The rewards program, while basic, is a nice addition that can provide some value for everyday spending.
However, it’s essential to consider the card’s limitations, such as the lack of introductory offers and balance transfer options. Additionally, the requirement for a security deposit may be a barrier for some individuals. Despite these drawbacks, the Platinum Secured Mastercard® remains a valuable tool for those committed to improving their credit.
Ultimately, the decision to apply for this card depends on your financial goals and needs. If you’re looking for a straightforward, no-fee secured credit card with a focus on credit building, the Platinum Secured Mastercard® from First Tech is worth considering. By using the card responsibly and making timely payments, you can take significant steps toward achieving a healthier credit profile.