First Latitude Credit score Card Evaluate 2023: Professionals & Cons

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

Most reward bank cards pay you if you make purchases, however the First Latitude bank card rewards you for making funds as a substitute. 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.

In the event you want a secured bank card, chances are high 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 First Latitude bank card has some downsides it’s essential to think about.

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 will help you construct a credit score rating.

Ideally, you shouldn’t have a steadiness that exceeds 30% of your credit score line, which suggests 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 in case you take a look at your options. The charges embrace:

• $19.95 set-up charge 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 charge of $25 for the primary yr; the charge will increase to $35 yearly, even in case you don’t use the cardboard
• Money advance charge equal to $10 or 3% of the quantity, whichever is larger
• Late cost charge of $41
• Returned cost charge 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 charge 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 in case you don’t qualify for different options, as I talk about beneath.

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

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

The First Latitude bank card has a whole lot of charges, and the annual charge instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place in case 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 in case you can afford the next safety deposit, you get the next credit score line. They go as much as $2,000.

First, Latitude pays 1% money again if 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 gained’t matter. The draw back is that your credit score rating will drop a number of factors, however in case you use your bank card accurately, it ought to enhance shortly once more.

It’s essential to full an software to find out in case you qualify for the First Latitude bank card. They don’t supply a no-credit pull pre-approval.

Happily, 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 should utilize the First Latitude bank card anyplace Mastercard® is accepted. This implies thousands and thousands of shops, eating places, and leisure institutions.

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

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

In my First Latitude bank card assessment, I found that the cardboard is simply good for these with no credit score or a rating that doesn’t permit 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 additionally on the charges and different advantages every card presents.