A good credit card offers security, convenience, and financial empowerment for many consumers, but you may not be able to take advantage of these things if you have a poor credit rating. Any recent or serious credit issues may overshadow your improved money management capabilities, and you may find it nearly impossible to find a financial institution that will approve you for a card that offers credit and a way to improve your credit score with responsible card use. The Citibank secured credit card may be an ideal solution to this dilemma, and this innovative card offer may be just the opportunity you need to demonstrate your credit worthiness.
Unlike other large financial institutions that seem to have an unending supply of card offers, the Citibank secured credit card is unique for this industry leader. The card is designed specifically for individuals with low credit scores, and the approval process is relatively easy. While there is a modest annual fee associated with the card, the minimal requirements, high likelihood of being approved, and opportunity to upgrade make this an attractive card offer. After owning and using your Citibank secured credit card for eighteen months, you may be eligible for one of many unsecured cards offered by Citibank.
The deposit requirement for obtaining a Citibank Secured credit card is between two hundred and five thousand dollars, with the designated amount subsequently transferred into a Certificate of Deposit. The limit on your card will match the amount of money you have in your CD, and you may use your card up to the specified limit. While the Citibank secured credit card offers no annual rewards or balance transfer options, cardholders are given a grace period of twenty days on purchases. With its competitive annual percentage rate, using this card to its fullest advantage may have your credit profile looking better in no time.
Contrary to what you may assume, card ownership alone will not build or restore your credit. Your spending habits and repayment practices determine how your credit score changes. If you use your Citibank secured credit card regularly and make good payments by the due date, you may repair or establish your good credit history and ultimately increase your credit score. Your active card combined with a good repayment record may have you well prepared when the opportunity comes to switch to an unsecured credit card offered by Citibank.
While other financial institutions may offer secured cards with relatively high credit limits, the setup fees and amount of money required to be held as a security may leave little in terms of actual usable credit. Even with a low interest rate, a card like this may leave with you with little spending power and even less to show for your efforts. Even with consistent use and a good payment record, you may not have an opportunity to upgrade your secured card as you would with Citibank. The advantages with Citibank make this a clear choice for anyone who is serious about strengthening their credit profile.
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