First Latitude Secured Mastercard Review
Coming from a renowned and reputable Synovus Bank, Columbus, GA, The First Latitude Mastercard Secured Card offers a wide range of different benefits for all those who are looking to build their credit. Since Synovus Bank is one of the most trusted card issuers in the Southeastern states, their financial products are known to be beneficial to users. Each of their offerings is designed for different users, while their offerings are carefully tailored to cover the most demanding needs of cardholders. With that in mind, we’re going to share our honest review of their First Latitude Mastercard Secured Card so that you get a profound understanding of what this card has to offer and how it can benefit you, should you choose to apply.
- No Annual Fee! Build up your credit with responsible card use.
- Get Approved Fast. Just Click Below to Start the Process!
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- No Credit History or Minimum Credit Score Required for Approval
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- 24/7 Online Access to Your Account
First Latitude Secured Card is designed for all those users who are interested in building their credits while enjoying an array of additional benefits and rewards along the way. The card reports to major credit bureaus every month, which allows every new user to build and rebuild their credit and establish a new credit history. That opens a window of financial opportunities. What makes this card a bit different from other similar financial products on the market is its low requirements. Even people with a minimum credit score or no credit history can apply. Aside from the easy application, fees and rates are quite acceptable, which will be suitable for many different types of users. Those with excellent scores can benefit even more while those with poor credit get a new financial lifeline and support. It’s also a card with no annual fee.
Other key takeaways include up to $2,000 credit line, full Mastercard benefits, no credit check and credit reporting. Now, what makes this card really interesting is the bank’s level of transparency and willingness to help their users make the most out of every benefit. You can best see that in their effort to cut down on the additional costs imposed by third-parties payment vendors. To allow cardholders to go around these separate costs, the bank offers new users to open a bank account for paying their monthly dues. All this, combined with easy application and expedited processing, only make this card even more attractive. If you’re a rebuilder who can’t apply for other unsecured or secured cards, this Mastercard could be the best option for you.
Why We Like the First Latitude Secured Card
The First Latitude Mastercard is one of the most accessible secured credit cards recently. While people with any credit score can benefit from getting it, this card is simply designed to help rebuilders find their financial grounds again. There are two great benefits that this card has to offer to those who are in need of rebuilding their credits:
- No annual fees – this is actually a rare benefit as most card issuers have annual rates. That alone is an excellent way to save some money and practice responsible financial behavior. For the sake of comparison, the most common annual fees start at 20$ and go up to $50.
- No credit checks – the majority of card issuers always check credit reports and history before they approve new users, but the First Latitude Mastercard Secured Card skips credit checks and approves new users, even if they’ve been rejected by other unsecured and secured card issuers.
These two benefits alone are good enough reasons for any rebuilder to consider getting this card. With no minimum credit score requirement and three-bureau monthly reports, this card could be the financial solution that many cardholders need to build or rebuild their credit and improve credit history also, along the way. Just make sure you make timely payments, and you get a chance to make your credit score look good, both visually and on paper. If paying an APR and making a minimal deposit, don’t pose a problem for you, this card is for you.
- Minimum security deposit. While it’s true that users can count on useful benefits by applying for this card, it isn’t without its imperfections. Some things could be much better. First of all, people who are into rebuilding their credit won’t take kindly to the fact that the card requires a $200 minimum security deposit as security.
- Limited maximum. Then, there is also the fact that the initial credit line is equal to the minimum deposit. Since the credit line goes up to $2,000 and can’t be exceeded, many rebuilders might find this to be an issue in the long term.
- High-interest rate. The interest rate is rather high, and there’s no cashback, rewards program, or signup bonus. In comparison to some other credit cards, this doesn’t sound too good.
- No rewards. The First Latitude Mastercard Secured Card doesn’t cover the rewards on every purchase, either. These are all things that could be better, especially when your budget is running short, and you need to rebuild your credit score.
- Foreign transaction fee. There’s also a fee for all foreign transactions, while other fees include expedited telephone returns and late payments. Last on our list is the limited range of options when it comes to customer support. You can only contact customer support via snail mail or online.
The Card Designed for those Who
- need to rebuilding or building credit score,
- want to establishing credit history,
- are ok with making secured deposit,
- do not need physical bank presence,
- looking for a card to use everyday,
- and, are would like to use special Mastercard offers.
First Latitude Mastercard Costs and Fees
Having fees is a normal thing as there’s no card that comes free of charge. Read on to see what fees and rates this card includes. While Synovus Bank doesn’t have very high fees, the APR for the First Latitude Secured Card is rather a high one. However, they compensate for this by offering a card with no annual fee. The interest rate is also high, but there are no additional or hidden charges as well as surprise costs.
|MasterCard fees||Rates and charges|
|Foreign transactions fees|
Cash advance fee
Late payment fees
Returned payment fees
|APR for purchases|
APR for cash advances
Minimum interest charge
Expedited telephone payment
What are Qualification Requirements?
No annual fee and low application requirements are the best benefits this card has to offer. However, there are certain requirements and qualifications you must go through before you get approved. We already mentioned that every new applicant has to be 18 and above. All non-US residents or people in Wisconsin, New York, Iowa, and Arkansas are not allowed to apply for this card. Here are the requirements:
- Full name
- Contact information
- Your residential status
- You annual income
- Proof of source of income
- Employment information
- Your Social Security number
However, this option isn’t without a fee, so expect to pay this fee upfront, which allows you to prolong the time needed to make your deposit payment up to 90 days. The moment Synovus Bank receives your payment, your card is available to you within one business day.
How to Apply for First Latitude Mastercard
Applying for the First Latitude Secured Mastercard is an easy process, and the procedure is rather straightforward. There is only one way to apply, and that is online. The procedure is quick and easy. You’ll need a valid ID to apply, as well as leave your personal and contact information by answering a couple of questions. Use a valid email address to verify your application. There are 5 sections that require your attention:
- Personal info
- Contact details
- Finance and basic info
First Latitude Mastercard Competition
|Card Network||Annual Fee||APR||Credit Line||Review|
|First Latitude Secured||Mastercard||$0||25.99% (V)||$200 – $2,000||First Latitude Review|
|Sable ONE||Mastercard||$0||Prime + 6.99% (V)||$10 – $10,000||Sable One Review|
|Applied Bank Gold||Visa||$48||9.99% (F)||$200 – $5,000||Applied Gold Review|
|First Progress Elite||Mastercard||$29||19.99% (V)||$200 – $2,000||First Progress Review|
|Merrick Bank Secured||Visa||$36||17.45% (V)||$200 – $10,000||Merrick Bank Card Review|
|Chime Secured||Visa||$0||N/A||from $200|
The Bottom Line
The First Latitude Secured Card MasterCard comes from a reliable bank with countless satisfied customers and cardholders. It’s a secured Mastercard card that provides a nice range of useful benefits at affordable prices. Since the card comes from the Mastercard network, it’s accepted anywhere in the world, both online and in brick-and-mortar stores. With no annual fee, easy application, no credit history requirement, and low fees, this is rather an attractive card for all those who are into improving their credit score, building, or rebuilding their credit. If you’re looking for a card that could help you improve your credit history, this card could help as it reports to all three major credit bureaus.
Put simply, this is a great card that’s easily accessible to people with poor or bad credit or no credit history at all. If you’ve never used any of the Synovus Bank financial products, this card might be an excellent way to get you introduced to their amazing offer.