A secured credit card is a type of credit card that requires a cash deposit as collateral. The deposit amount typically equals the credit line.

The First Latitude Platinum Mastercard Secured Credit Card requires a minimum deposit of $100 to open the account. The deposit you make will serve as collateral for your credit line. The amount you deposit determines your credit limit, which can range from $100 to $2,000. If you make the minimum deposit of $100, your credit limit will be $100 (minus the $25 annual fee for the first year). After the first year, the annual fee will be $35. The deposit is fully refundable when you close the account, as long as you don’t have any outstanding charges or fees.

Many secured credit cards do not offer rewards, but the First Latitude Platinum Mastercard Secured Credit Card offers 1% cash back rewards on payments made to the account.

Yes, the card reports to all three major credit bureaus: Experian, Equifax, and TransUnion. How can I improve my credit score with a secured credit card?

The best way to improve your credit score with a secured credit card is to make small purchases and pay them off in full each month. This will demonstrate responsible use of credit and help build positive payment history. Additionally, keeping your credit utilization low (using less than 30% of your available credit) can also help improve your score over time.