There are a lot of different credit cards that are available in the market. Finding the right one among the lot can be pretty challenging. There are a lot of additional features that you need to look into, such as the rates, fees, and a lot of other things. Security deposits are another thing that customers look into when trying to get a credit card for themselves.
When trying to get a credit card, according to the security deposit, you need to find one with a low-security deposit. One credit card that offers a low-security deposit is the First Latitude Platinum Secured Card. If you want to know more about this card and how you can benefit from it, this review is perfect for you. Here, we have mentioned five essential things you should know about this card before getting it. So, let's jump right into this review.
What is the First Latitude Platinum Secured Card?
Before getting into the details about this credit card, you need to know more about its background. The First Latitude Platinum Secured Card is known for its lower-than-average minimum security deposit. The Synovus Bank uses this card. This perfect credit card is suitable for people who can't put a large amount of money on a credit card.
It credits that you usually need about $200 to $300 to open an account and as a security deposit. However, if you are getting the First Latitude Platinum Secured Card, you need a $100 minimum deposit. This can be very reasonable and affordable for a lot of people.
5 Things to Know About First Latitude Platinum Secured Card:
When you are getting the advantage of a low-security deposit, some flaws might come with it. But to better understand the credit card and how it works, let's look at some critical points.
No Credit needed to get the Card:
The first and most impressive thing about the First Latitude Platinum Secured Card is that you don't need credit. When you apply for credit cards, the companies look at how good your credit score is, and only then do they verify your application. But with the First Latitude Platinum Secured Card, you don't need to have a credit score, and even if your credit score is bad, this won't be a problem.
However, you must be at least 18 to apply for this card. Also, if it is essential that you are not a part of bankruptcy, you need to provide government documents to verify your identity. If you can do this, you can qualify for the First Latitude Platinum Secured Card.
Paying the Annual Fees:
Once your card is approved, you must start paying the annual fees. The fees for the first year will be $25, but after that, you need to pay $35 for every year. For some people, this annual amount is not too outrageous. However, there are some companies that offer the secured with zero annual fees.
The fees are deducted from your account as soon you open it. This means if you put down $200 in your account when you opened it, the annual fees will be deducted immediately, and you will be left with $175. After that, you need to pay your yearly fee every year to ensure you can utilize the service.
Other than this, there is a one-time program fee of about $19.95. This amount is also needed as soon as you open your account. You need to pay this amount within 30 days after your application for approval of the account.
Credit Limit is used as Security Deposit:
Since First Latitude Platinum Secured Card does not look into your credit history, they need something as security. The credit that you deposit in your account the first time is what they use as a security deposit in case the customers fail to pay their bills. This means the minimum $100 you deposit in your account will be the security deposit.
It is essential to know that the credit line can also increase as time goes by, but you have to follow a proper procedure. The maximum credit limit for this card can be $5000.
Get Your Rewards:
Another impressive thing about the First Latitude Platinum Secured Card is that you can redeem rewards here. However, how you earn the cashback is different here compared to other cards. Most credit cards give customers rewards when they make purchases; however, with the First Latitude Platinum Secured Card, you will get the rewards when you make the payments.
This is a fantastic way to motivate people to clear their payments on time as they will be rewarded, and their credit score will also rise. You can earn 1% of the cashback when you remove your payments. You can redeem the points when you have about 500 points, which is about $5.
No Upgrading:
One drawback of this card is that there is no path to upgrade. When customers have a secured card, they want to move to unsecured cards with low fees and better credit limits. However, this option is not available here. You can't update your card, but you can always fill out a form for another card you like.
Final Words:
The First Latitude Platinum Secured Card is a fantastic card that is perfect for people looking for cards with a low-security deposit. Another great thing about this card is that they have fewer annual fees than other cards in the market. There are also other benefits that you can get from having this card. Hence, we hope this review was beneficial for you and that you were able to learn new things about this credit card before getting one for yourself.
