Citi Secured Mastercard Review 2023

The Citi Secured Mastercard is a no-frills secured credit card that, with responsible use, can help you build your credit history and improve your credit score.

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The Citi® Secured Mastercard® - Product Name Only is a secured credit card that gives those with limited credit history an option for building credit. Its lack of a rewards structure, however, means you'll want to graduate from this card as soon as possible.

Citi Secured Mastercard Review: Is the Citi Secured Mastercard the Best Credit Card for You?

The Citi® Secured Mastercard® - Product Name Only is a beginner credit card designed for those with limited credit history. This could mean someone just trying to break into the world of credit who is unable to be approved for one of the best credit cards — or someone who is no stranger to credit but is new to the US and needs help cultivating a credit score. 

This is a secured credit card, which means you'll have to deposit a chunk of cash to the bank upon account opening. The bank will extend to you a credit line equal to your deposit (minimum $200). If you decide to close your credit card, you'll get your deposit back.

There are two big downsides to this Citi® Secured Mastercard® - Annual Fee-annual-fee card.

First, the maximum amount of money you can deposit to open the Citi® Secured Mastercard® - Product Name Only is $2,500. That means you won't be able to receive a credit line higher than $2,500. Most other secured credit cards give you the ability to deposit up to $5,000. If you're after a higher credit line, this won't be the best card for you.

Second, you won't earn any rewards for your spending. This is well below average, even for a secured credit card. For example, the U.S. Bank Cash+® Visa® Secured Card - Product Name Only earns 5% cash back on your first $2,000 in combined spending each quarter in two categories you choose (then 1%):

• Fast food
• Home utilities
• TV/internet/streaming
• Department stores
• Cell phone providers
• Electronic stores
• Sporting goods stores
• Gyms/fitness centers
• Ground transportation
• Movie theaters
• Furniture stores
• Select clothing stores

You'll also earn 5% cash back on prepaid air, hotel, and car reservations booked through the U.S. Bank Rewards Travel Center. On top of that, you'll get 2% cash back on eligible purchases in your choice of one other category:

• Grocery stores and grocery delivery
• Restaurants
• Gas stations/EV charging stations

You'll earn 1% cash back on all other eligible purchases. That's quite a stark difference between what the Citi® Secured Mastercard® - Product Name Only puts in the store window.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Citi Secured Credit Card Rewards

This card does not come with a rewards program. You won't get a welcome bonus, and you won't get any return for your spending.

And that's fair enough — this card isn't targeted at those with the primary goal of earning lots of cash back and travel rewards. Those opening the Citi® Secured Mastercard® - Product Name Only are mostly concerned with building credit. That's the "reward" those with limited credit will get for opening this card.

Citi Secured Credit Card Benefits and Features

As you may expect, the Citi® Secured Mastercard® - Product Name Only doesn't have a host of mouthwatering benefits. It's a true starter credit card, so you'll find helpful features that are helpful to those just getting the hang of credit. You won't find a collection of statement credits, travel insurance, and other perks that more premium rewards credit cards offer.

Free FICO score

Most credit card issuers, including Citi, give you the opportunity to access your FICO score at no cost. This is a good way of keeping tabs on your credit score and how you're progressing with building your credit history.

Choose your payment due date

With the Citi® Secured Mastercard® - Product Name Only, you have a lot of control over when your bill will come due. This is especially helpful if you're not used to paying your credit card each month. It can be easy to swipe your card and find that you don't have enough money to pay it off at the end of your billing cycle. By simply moving your payment due date to shortly after payday, you can help to ensure you've got an influx of cash to pay your card.

Account alerts

For those not accustomed to the various responsibilities involved with holding a credit card, the Citi® Secured Mastercard® - Product Name Only will alert you to things like payment due dates, your card balance, and even when you swipe beyond your credit limit. You can set up both email and mobile phone alerts.

ID Theft Protection

Mastercard will alert you if it finds suspicious activity surrounding your credit cards. Its goal is to eliminate identity theft. You can enroll for free and the monitoring will begin immediately.

Citi Secured Credit Card Annual Fee and Other Costs

The Citi® Secured Mastercard® - Product Name Only does not charge an annual fee. However, you'll be subject to a Citi® Secured Mastercard® - Regular APR if you carry a balance. This is significantly higher than the current average credit card interest rate — but it won't matter as long as you pay off your credit card balance in full each month.

There are also fees for other activities, including:

• Foreign transactions: 3% of each purchase transaction in US dollars (if you're traveling overseas, consider using one of the best credit cards with no foreign transaction fees instead)
• Balance transfers: Either $5 or 5% of the amount of each transfer, whichever is greater
• Cash advances: Either $10 or 5% of the amount of each cash advance, whichever is greater
• Late payments: Up to $41
• Returned payments: Up to $41

How the Citi Secured Mastercard Compares

Citi Secured Mastercard vs other Citi credit cards

Citi Secured Mastercard vs other secured credit cards

*Eligible 5% categories on the U.S. Bank Cash+® Visa® Secured Card - Product Name Only include fast food, home utilities, TV/internet/streaming, department stores, cell phone providers, electronic stores, sporting goods stores, gyms/fitness centers, ground transportation, movie theaters, furniture stores, and select clothing stores.

***Eligible 2% categories on the U.S. Bank Cash+® Visa® Secured Card - Product Name Only include grocery stores and grocery delivery, restaurants, and gas stations/EV charging stations.

Citi Secured Credit Card Frequently Asked Questions

How does the Citi Secured Mastercard work?

Upon account opening, you must deposit money to the bank as a sort of collateral. The amount of your deposit will determine the size of your credit line. Then, if you are unable to pay your bill for some reason, the bank can simply use your deposit to pay the card off — guaranteeing that they won't lose money by taking a chance on extending credit to you. 

Does the Citi Secured Credit Card report to credit bureaus?

Citi will report your account activity to all three major credit bureaus. Over time, with responsible use, this can help boost your credit score.

Who is eligible for the Citi Secured Credit Card?

The Citi® Secured Mastercard® - Product Name Only is aimed at folks who are brand new to credit or want to improve their credit score. If you have a bad credit score because of past financial mishaps, you may not qualify for this card. For example, Citi says you must not have any pending bankruptcy, or bankruptcy history in the last two years, to be considered for the card.

Is the Citi Secured Mastercard good?

The Citi® Secured Mastercard® - Product Name Only is good at one thing: Helping someone with little to no credit build a credit history. However, because it doesn't earn rewards or offer an intro APR period, it's below average among secured credit cards.

How do you add money to the Citi Secured Mastercard?

The Citi® Secured Mastercard® - Product Name Only is not a prepaid card. In other words, it's a true credit card — not a debit card. You don't add money to the card.

What is the Citi Secured Mastercard minimum security deposit?

The minimum security deposit for this card is $200. That's lower than many competing secured credit cards which demand a $300 deposit.

Methodology: How We Reviewed the Citi Secured Mastercard

We've graded the Citi® Secured Mastercard® - Product Name Only against other secured credit cards to come up with our rating of 2.5 out of 5 stars. Based on factors like rewards rate, welcome bonus, and credit required to open the card, we've found that it grades subpar against competing cards.

Here's a closer look at how we rate credit cards at Insider.