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
• Studies to all three credit score bureaus
• Has a excessive APR of 24.49%
• Costs a $19.95 set-up price
• Costs a $25 annual price the primary yr, then $35

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

For those who 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 will need 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 will help 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 may keep away from in case you take a look at your alternate options. The charges embrace:

• $19.95 set-up price that you will need 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 in case you 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 finest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a particular credit score rating. Nevertheless, 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 begin constructing your credit score in case you don’t qualify for different alternate options, as I focus on under.

The First Latitude bank card isn’t the worst bank card, but it surely’s not one of the best, both. Listed below are some alternate options to check it to.

The First Latitude bank card might make it easier to construct credit score in case you don’t have any but. Listed below are some frequent questions individuals ask in regards to the card.

The First Latitude bank card has a variety of 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 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 once you make funds to your bank card. That is totally different than most bank cards, but it surely’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. Nevertheless, 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 couple of factors, however in case you use your bank card appropriately, it ought to improve rapidly once more.

You need 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.

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 should utilize the First Latitude bank card wherever 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; nonetheless, 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 in case 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 another card.

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