First Latitude Platinum Credit Card full review
Learn how to apply for this card that could help restart a positive credit history, making it the much-needed purchase.
First Latitude Platinum Credit Card: A Credit Service for Those with No Credit History
If you’re looking to build a new credit history without having to provide proof of income or a positive credit history, the First Latitude MasterCard® Secured Credit Card is the perfect card for you.
This credit service reports your financial progress to the three main credit agencies (Experian, TransUnion, and Equifax) on a monthly basis.
By placing a security deposit, you can set the limit on your card, with the deposited amount serving as a guarantee for your obligations as a cardholder.
Read on to find out how you can acquire this card and take a step towards financial stability!
How Does the First Latitude MasterCard® Secured Credit Card Work?
The First Latitude MasterCard® Secured Credit Card is designed for individuals seeking financial independence and the opportunity to start a healthy credit history. It charges a small annual fee.
In addition to reporting to the three major credit bureaus, this service does not require a positive credit history or any credit history at all. It offers an easy joining process, making it accessible for everyone.
The credit card is accepted worldwide for online purchases, with fast delivery services. Your credit report begins from the moment you open your account, which only requires a refundable deposit ranging from $100 to $2,000.
If your application is approved, the deposited amount becomes your credit limit since it is a secured credit service. The First Latitude MasterCard® Secured Credit Card also charges a 3% foreign transaction fee.
In the first year, the card has an annual fee of $25, which increases to $35 in subsequent years. It does not offer an introductory APR rate on new purchases.
Benefits of the First Latitude Platinum Mastercard Secured Credit Card
Easy Membership
One of the key advantages of this card is its easy signup process. You don’t need a positive credit history; instead, your credit limit is determined by the deposit you make, which can be as low as $100.
This makes it easier for the card’s installments to fit into your financial routine, allowing you to start a new credit history that will be reported to the three major credit bureaus.
Acceptance Worldwide
The First Latitude MasterCard Secured Credit Card is accepted for online purchases globally and across the United States, ensuring you’re prepared for emergencies no matter where you are.
A $3 fee is charged for purchases made abroad.
Quick Credit Analysis Start
You won’t have to wait days or weeks for your credit report to be analyzed. As soon as you open your account, your information is forwarded to the credit agencies mentioned earlier. By paying your bills on time, you can continue to build your credit.
Pros and Cons of the First Latitude MasterCard® Secured Credit Card
Pros
- No consultation of prior credit history
- Credit reporting to the three major US credit bureaus (Experian, TransUnion, and Equifax)
- Accepted nationwide and worldwide for online purchases
- After six months of regular bill payments, you can apply for a second card!
Cons
- No rewards or cash back for purchases
- Annual fee of up to $35
- Maximum credit limit of $5,000
- A $3 fee is charged for transactions carried out abroad
How to Apply and Get a First Latitude MasterCard Secured Credit Card
Applying for the First Latitude MasterCard Secured Credit Card is simple and can be done through the official channels of the service, such as their website. You must be at least eighteen years old to apply.
Here, we’ll provide a detailed explanation of the purchase process that can make a difference in your life!
