First Latitude Credit score Card Evaluate 2024: Professionals & Cons

• 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

Most reward bank cards pay you once 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’ll be able to redeem the factors for a bank card assertion credit score.

When you want a secured bank card, likelihood is you don’t have good credit score, or possibly 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.

The First Latitude bank card has some downsides you have to take into account.

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 can assist 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.

The First Latitude bank card has some excessive charges that you just would possibly keep away from when you take a look at your options. The charges embrace:

• $19.95 set-up payment that you have 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 when you 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

The cashback rewards are a pleasant incentive to pay your invoice, however you can’t money them in till you’ve 500 factors. This is the same as a $5 bank card assertion credit score.

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 selected credit score rating. Nonetheless, I might 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 value to pay to begin constructing your credit score when you don’t qualify for different options, as I focus on beneath.

The First Latitude bank card isn’t the worst bank card, nevertheless it’s not the very best, both. Listed here are some options to match it to.

The First Latitude bank card could provide help to construct credit score when you don’t have any but. Listed here are some frequent questions individuals ask in regards to the card.

The First Latitude bank card has numerous charges, and the annual payment instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place when you qualify for different secured bank cards, just like the Uncover it® secured bank card.

The bottom credit score restrict for the First Latitude bank card is $100, however when you can afford a better safety deposit, you get a better credit score line. They go as much as $2,000.

First, Latitude pays 1% money again once you make funds to your bank card. That is completely different than most bank cards, nevertheless it’s motivation to pay your invoice.

Sadly, First Latitude doesn’t supply any promotions for brand new bank card holders. The good thing about this card is you can begin constructing credit score.

Sure, First Latitude does a tough pull in your credit score. Nonetheless, they don’t require a minimal credit score rating, so it received’t matter. The draw back is that your credit score rating will drop just a few factors, however when you use your bank card accurately, it ought to enhance shortly once more.

You could full an software to find out when you qualify for the First Latitude bank card. They don’t supply a no-credit pull pre-approval.

Thankfully, 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.

You need to use the First Latitude bank card anyplace Mastercard® is accepted. This implies tens of millions of shops, eating places, and leisure institutions.

Sure, you can also make a money advance with the First Latitude bank card; nevertheless, the APR will increase to 29.49%, and there’s a payment of $10 or 3% of the quantity, whichever is larger.

The First Latitude bank card works when you don’t qualify for different secured bank cards with no charges that pay rewards.

In my First Latitude bank card evaluation, I found that the cardboard is barely good for these with no credit score or a rating that doesn’t permit them to qualify for every other card.

I encourage you to take a look at your options and examine your choices. Look not solely on the credit score line but in addition on the charges and different advantages every card provides.