First Latitude Credit Card Review 2023: Pros & Cons

• Low-security deposit beginning at $100
• Earn 1% again for every cost made
• No minimal credit score rating requirement
• Stories to all three credit score bureaus
• Has a excessive APR of 24.49%
• Fees a $19.95 set-up price
• Fees a $25 annual price the primary yr, then $35

Apply for the First Latitude Card

The First Latitude bank card is a secured bank card with fewer advantages than others, however right here’s what you’ll be able to stay up for with this card.

Not like most secured bank cards, the safety deposit is low with the First Latitude bank card. You want solely $100 to open a bank card. Now, this implies your credit score line is simply $100, but when that’s all it’s important to put towards it, you can begin constructing credit score with $1 at a time.

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 cost, you’ll earn 1% of the cost as cashback rewards. You may redeem the factors for a bank card assertion credit score.

Should you want a secured bank card, likelihood is you don’t have good credit score, or perhaps 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 purpose of a credit score constructing bank card is to report your exercise to the credit score bureaus.

Luckily, First Latitude reviews your historical past to all three credit score bureaus. Utilizing your bank card properly, making funds on time, and never overextending your credit score line may also help you construct credit score.

The First Latitude bank card has some downsides it’s essential to contemplate.

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 steadiness 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 may keep away from if you happen to take a look at your options. The charges embody:

• $19.95 set-up price that it’s essential 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 price of $25 for the primary yr; the price will increase to $35 yearly, even if you happen to don’t use the cardboard
• Money advance price equal to $10 or 3% of the quantity, whichever is larger
• Late cost price of $41
• Returned cost price of $30

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

The First Latitude bank card is greatest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a selected credit score rating. Nonetheless, I’d use it to construct credit score for the primary yr, pay my invoice off, and obtain my safety deposit again.

The charges are excessive however not extreme. The $19.95 set-up price 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 start out constructing your credit score if you happen to don’t qualify for different options, as I talk about beneath.

The First Latitude bank card isn’t the worst bank card, however it’s not the very best, both. Listed below are some options to check it to.

The Uncover it® secured bank card doesn’t have an annual or set-up price, and credit score traces begin at $200, with a $200 safety deposit.

The cardboard pays 2% again on gasoline and restaurant purchases as much as $1,000 per quarter and 1% on every part else. Uncover additionally matches your cashback earned for the primary yr, greenback for greenback.

The Capital One Platinum Secured bank card doesn’t have an annual price and permits safety deposits of $49, $99, or $200 for a $200 credit score line. It will depend on your credit score rating and qualifying components.

The APR on this card is excessive at 30.74% versus the First Latitude APR of 24.49%, however there are a lot decrease charges.

The Capital One Quicksilver Secured bank card additionally doesn’t have an annual price however requires not less than a $200 safety deposit. Cardholders earn an infinite 1.5% again on all purchases, however the APR, like on the Capital One Platinum card, is excessive at 30.74%.

The OpenSky® Plus Secured Visa® bank card doesn’t have an annual price and doesn’t require a credit score examine for approval. The minimal safety deposit is $300, they usually report back to all three credit score bureaus.

After six months, they’ll reassess to see if you happen to qualify for a better credit score line or if you happen to can graduate to an unsecured card.

The Avant bank card has a $39 annual price, affords an preliminary credit score line of $300, and has a excessive 31.24% APR.

The tradeoff is that you just don’t want a safety deposit, they usually robotically decide if you happen to can have a better credit score restrict once you use the cardboard. There aren’t any hidden charges, however they do a tough credit score examine to find out if you happen to qualify.

The UNITY Visa® Secured bank card shares info with the three credit score bureaus. The cardboard additionally has a $39 annual price and 17.99% APR. Nonetheless, they aren’t clear about how a lot is required for a safety deposit.

The First Latitude bank card could assist you to construct credit score if you happen to don’t have any but. Listed below are some frequent questions folks ask concerning the card.

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

You may log into your First Latitude bank card on the web site or obtain their cellular app to simply handle your account.

The bottom credit score restrict for the First Latitude bank card is $100, however if you happen to 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, however it’s motivation to pay your invoice.

Sadly, First Latitude doesn’t provide any promotions for brand spanking 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 a number of factors, however if you happen to use your bank card appropriately, it ought to improve rapidly once more.

You should full an software to find out if you happen to qualify for the First Latitude bank card. They don’t provide a no-credit pull pre-approval.

Luckily, 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 wherever Mastercard® is accepted. This implies tens of millions of shops, eating places, and leisure institutions.

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

The First Latitude bank card works if you happen to 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 simply good for these with no credit score or a rating that doesn’t enable them to qualify for another card.

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