Citi® Secured Mastercard® review: A bare-bones card for building credit

This card is great for helping people build or rebuild credit. You won’t earn any rewards, but that’s not the goal with a card like the Citi Secured Mastercard.

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Snapshot

3.0

Bankrate rating
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Bottom line

While the Citi Secured Mastercard has little in the way of perks and absolutely no rewards, it’s still a solid credit-building tool when used correctly. Its standard security deposit and competitive interest rate make it a good choice for people who want no distractions or temptations when repairing credit with a credit card.

Citi Image
Apply now

on Citi's secure site

Best for Citibank members

Citi® Secured Mastercard®

Rewards rate

N/A

Annual fee

$0

Intro offer

N/A

Regular APR

26.24% (Variable)

Recommended Credit Score

No Credit History 

Citi is an advertising partner

Citi® Secured Mastercard® Overview

Although it doesn’t earn rewards or carry special perks like some of the top secured cards, the Citi® Secured Mastercard® is an accessible entry-level credit card if you have limited or no credit history. It’s easy to build your credit with all three major credit bureaus for no annual fee — especially if you already have a banking relationship with Citi.

Since Citi determines your credit limit by looking at other financial indicators like income and debt, having a positive financial history with Citibank might help you qualify for a higher security deposit and credit limit. Plus, you can earn rewards with eligible Citibank accounts that you can later transfer to a reward-earning Citi credit card.

It’s worth noting that the Citi Secured card isn’t specifically marketed for those with bad credit, and you can’t apply if you’ve had any bankruptcy history in the last two years. Continue reading our Citi Secured Mastercard review to see if this is the best starter card for you.

What are the pros and cons?

Pros

  • No annual fee, so you don’t need to worry about additional costs
  • Only $200 minimum needed for the security deposit, which is standard among secured credit cards
  • Low ongoing APR compared to other secured cards, making it slightly cheaper if you carry a balance

Cons

  • Not many additional benefits, dropping it to middle-of-the-pack compared to other cards in its category
  • There are no rewards at all, so you can’t recoup the security deposit with cash back
  • A few competing secured cards offer better rates and benefits with fewer fees

A deeper look into the current card offer

Quick highlights

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $0
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 26.24 percent variable

Welcome offer

The Citi Secured Mastercard doesn’t currently offer a welcome bonus. Sign-up bonuses aren’t common for secured cards, but a few may provide introductory APR rates or other first-year offers.

Rewards

Like many secured cards, the Citi Secured Mastercard doesn’t earn rewards. This isn’t a deal-breaker though, since cardholders should use secured cards as stepping stones to bigger and better rewards cards.

Other cardholder benefits

Unfortunately, this card doesn’t carry extra perks aside from basic account management features and the Citi Entertainment program, which is available to nearly all Citi cardholders. These features add up to a perfectly serviceable experience while you shore up your credit score but. Alternatively, a student credit card may carry a stronger roster of benefits for someone enrolled in college.

Account management features

Features like automatic account alerts, auto-pay, choice of payment due dates and identity theft protections are standard perks you should look for on any card. These standard perks are all present on the Citi Secured Mastercard and can help you keep your credit score journey on track. You can also monitor your progress online with free access to your FICO score at any time.

Digital wallet access and contactless pay

Your Citi Secured card can join your digital wallet for easy access on and offline. Plus, the physical card comes with a contactless payment chip-enabled for quick, safe transactions.

Citi Entertainment

With Citi Entertainment, you gain access to exclusive travel, dining and entertainment events. If you’re already planning excursions in the future, Citi Entertainment is a great way to snag presale concert tickets and more before the general public can.

How the Citi Secured Mastercard helps build credit

Citi looks at areas of applicants’ finances like income and debt to determine credit limits. This bodes well for users who already practice good financial habits. For instance, a positive history of banking with Citibank could secure you a higher credit limit, which will make keeping your credit utilization low a lot easier.

Unfortunately, there isn’t a defined timeline for Citi’s card graduation process like you may find on other credit-building cards. However, the Citi Secured Mastercard terms state that Citi may upgrade your card by refunding your deposit at 18 months. Depending on where you are in your credit-building journey, a year and a half is plenty of time to demonstrate responsible use and boost your credit score through on-time payments and low credit utilization. However, you may have already built up enough credit by then to spring for a better card anyway.

Plus, because this is a secured card, your credit activity is reported to the three major credit bureaus. Making on time payments and exercising financial responsibility can lead to credit recovery or help new users build credit. If you’re currently using a prepaid or a debit card, a secured card like the Citi Mastercard is a great option to start establishing credit history.

Rates and fees

The main appeal of the Citi Secured Mastercard is its low-cost, no-frills approach to credit building. There is no annual fee, and the $200 minimum security deposit may be less of a burden than the upfront cost of similar secured cards. Even the 26.24 percent (variable) ongoing APR is slightly lower than competing cards’ interest rates. It’s still well above the current average interest rate though, so make sure you don’t carry a balance.

Citi’s secured card also may not be the best to use abroad since it charges a 3 percent foreign transaction fee (after USD conversion). While exploring your credit card options, you should also take note of the 29.99 percent penalty variable APR and up to $41 late payment fee in case you miss a payment.

How the Citi Secured Mastercard compares to other secured cards

Though the Citi Secured Mastercard may be a good choice thanks to its bare-bones structure, some other secured credit cards carry fewer fees and more benefits — even rewards, in some cases.

Unless you’re already a loyal Citi customer, you might want to consider one of these alternatives.

Citi Image

Citi® Secured Mastercard®

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3.0
Apply now

on Citi's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended credit

No Credit History
Discover Image

Discover it® Secured Credit Card

Annual fee

$0

Intro offer

Cashback Match™

Rewards rate

1%–2%

Recommended credit

No Credit History
Capital One Image

Capital One Platinum Secured Credit Card

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended credit

No Credit History

Citi Secured Mastercard vs. Discover it® Secured Credit Card

If you must carry a balance from one month to the next, the Citi Secured barely edges out the Discover it Secured, making these two cards close contenders.

Where these two credit-building secured cards differ is in the perks. While the Citi Secured card has benefits standard for most secured credit cards, the Discover it Secured comes with cash back and a valuable welcome offer. Discover will match all the cash back you earn at the end of the first year with the account and you get one-time late payment forgiveness. The Citi Secured is the best card if you have no credit history, are loyal to Citibank and plan to use a secured credit card only for building credit instead of earning rewards.

If you want to earn modest cash back on the side while you build credit, the Discover it Secured outshines the Citi Secured Mastercard.

Citi Secured Mastercard vs. Capital One Platinum Secured Credit Card

Again, the Citi Secured Mastercard is a middle-of-the-road secured credit card option, just like the Capital One Platinum Secured. Both cards have no annual fee, no rewards and no introductory APR benefits. However, the Capital One Platinum Secured has a slightly higher variable APR of 28.49 percent, so if you’re someone who tends to carry a balance, the Citi Secured is the better option here.

That said, the Capital One Platinum Secured is more lenient with its credit limits. Applicants can put down a deposit as low as $49 to access a $200 credit limit with the opportunity for a credit limit increase after the six-month automatic account review. To serious credit-builders, this credit limit increase is a boon for keeping your credit utilization ratio under control without expensive deposits. For that reason, the Capital One Platinum Secured is a slightly better option, despite its slightly higher APR.

Best cards to pair with this card

Using more than one card when you’re building or rebuilding credit is generally not recommended. In this case, there is no best card to pair with the Citi Secured Mastercard. If you choose the Citi Secured card as your first credit card, you should pair it with a free credit-monitoring tool, like Experian, and connect your non-traditional accounts for reporting. Using Experian Boost or UltraFICO will link utility, subscription and certain rent payment accounts and report positive payments to aid you in improving your credit.

Bankrate’s Take — Is the Citi Secured Mastercard worth it?

The Citi Secured Mastercard offers an opportunity to build credit at a low cost. Its rates and fees beat out quite a few middle and lower-tier options, but the bare-bones Citi Secured is a few ranks shy of being crowned the top secured card.

It’s a good option if you bank with Citi and plan to get a Citi rewards card afterward, but the Citi Secured card’s penalty APR and lack of credit-building features make cards like the Discover it Secured Credit Card and the Capital One Platinum Secured Credit Card better overall choices.

Frequently Asked Questions